New advancement and Developments propel the Growth of Global Cutting Equipment Market
n 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.
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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