Cutting Equipment Market-Outlook, Insights and Revenue Opportunities
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.
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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.
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.
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