Cutting Equipment Market is Growing Exponentially in Order to Gain More Demand by 2025
In terms of volume, the global cutting equipment market was pegged at over 3,400 thousand units in 2016 and is projected to reach 4,900 thousand units by 2025, exhibiting a CAGR of 3.93% over the forecast period. Rising demand for automatic cutting equipment in the manufacturing sector and increase in automobile sales are expected to be the key trends driving growth of the global cutting equipment market over the forecast period. Demand for cutting automation technology in manufacturing or industrial sector is expected to increase at a rapid rate, especially in developed regions, due to the shortage of skilled labor. Major companies in North America and Europe have already started using robotic cutting equipment for the production process in various sectors such as automotive, aerospace and energy to minimize the time taken for manufacturing and to reduce manpower, which in turn will reduce the overall cost of production in the long run. According to BBC press release on 25th May, 2016, Apple and Samsung supplier, Foxconn replaced 60,000 factory workers with robots. Amazon deployed 10,000 robots into the company’s warehouses by the end of 2014.
Rampant growth of end-use industries such as construction, automotive, shipbuilding & offshore, and general metal fabrication are projected to fuel growth of cutting equipment market mainly in Asia Pacific over the forecast period.
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By Equipment Type:
Mechanized type cutting equipment segment has the highest market share in global cutting equipment market in 2016. The main growth driver for the mechanized cutting equipment segment is growing manufacturing and steel industries. Steel is consumed in the construction industry, fabrication, and the manufacturing industry. Additionally, increasing use of power tools for DIY & household activities is a major factor projected to drive growth of the market in the foreseeable future. General metal fabrication segment was the dominant segment the end-user segment of the market.
By Technology Type:
In terms of technology, the plasma cutting segment is projected to exhibit a CAGR of 6.91% over the forecast period. The demand for plasma cutting equipment is growing worldwide on the back of increased adoption of automation for better quality, consistency, and less time requirement for production.
In 2016, Asia Pacific accounted for over 40% of the total market share generated by the plasma cutting machine, owing to the rising economy and the rapid growth in the infrastructure sector. The recent past has witness rapid increase in demand for plasma cutting equipment from sectors such as automotive, aerospace and defense, and industrial in the region. This is due to strict cutting tolerances and high accuracy required in these sectors to produce superior-quality products.
In near future, the laser cutting segment is expected to witness steady growth as it allows to cut various materials such as metallic, non-metallic, and synthetic materials of varying widths and provides highly accurate smoother edges. Moreover, the technology also drastically reduces human error and is less time consuming.
North America accounted for largest share in the global cutting equipment market due to high demand and consumption of cutting equipment in various industries. According to U.S. Cutting Tool Institute (USCTI) and AMT, U.S. manufacturers purchased US$ 196.23 million worth of cutting tools in August 2017, a 14.8% rise over from July and 11.6% more than the August 2016 consumption total.
Asia Pacific is projected to have the fastest growth, owing to a rapidly expanding industrial network in developing nations such as China and India in this region leading to higher demand for such tools
Major Market Players:
Major players in the cutting equipment market include Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (U.S.), Makita Power Tools India Pvt. Ltd. (India), ICS Cutting Tools, Inc. (U.S.), Hitachi Koki Co., Ltd. (Japan), J.C. Bamford Excavators Limited (U.K.), Klein Tools, Inc. (U.S.), Snap on (U.S.), Otto Baier GmbH (Germany) and Hilti Corporation (Liechtenstein).
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