Growth of End-use Industries such as construction, Automotive And Shipbuilding are Projected to Fuel Growth of Cutting Equipment Market
The “Global Cutting Equipment Market, By Equipment Type (Manual and Mechanized), By Technology Type (Carbon arc cutting, Laser Cutting, Oxy-fuel cutting, Plasma cutting and Water jet cutting), By End-User industries (Automotive, Construction, General metal fabrication, Shipbuilding & Offshore, and Others), By Geography (North America; Europe; Asia-Pacific; Latin America; and Middle East and Africa) – Global Forecast to 2025″ in terms of volume, it is estimated to be valued at 3,400 thousand units in 2016 and expected to witness a CAGR of 3.93% over the forecast period (2017–2025), as highlighted in a report published by Coherent Market Insights.
A growing construction industry, new orders in manufacturing industries, and public expenditure from government will drive the market for cutting equipment, accessories, and consumables across the world.
Growth in the construction industry throughout the world, an uptick of consumer spending, full capacity utilization of the manufacturers, and an increase in automobile sales have played a huge role in providing the necessary momentum to the cutting equipment, accessories, and consumables market after the economic slowdown. Also, there is a growing demand for cutting equipment, accessories, and consumables from the wind energy sector.
Growing need for automation, increased demand for cutting equipment from end-user industries and demand for superior-quality products are major drivers for this market.
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Key Takeaways of the Cutting Equipment Market:The global cutting equipment market is projected to reach over 4,900 thousand units by 2025, in terms of volume.In terms of volume, the global cutting equipment market is projected to reach 4,900 thousand units by 2025, exhibiting a CAGR of 3.93% from 2017 to 2025.
Among equipment types, mechanized type cutting equipment segment accounted for the highest market share in global cutting equipment market in 2016. Increasing demand for automation and rapid industrialization in the emerging economies including China, Japan, and India are expected to drive growth of mechanized cutting equipment segment.
The plasma cutting segment is projected to exhibit a CAGR of 6.91% over the forecast period due to rising demand for plasma cutting equipment in automation to deliver superior quality, consistency in product line and less time consumption for production.
North America accounted largest market share in the global cutting equipment market and Asia Pacific region is expected to be the fastest growing market for cutting equipment due to rampant growth of end-user industries such as automotive and industrial sector in emerging economies such as China and India.
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The 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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