Adoption of mechanized cutting equipment is gaining foothold the world over
Increasing demand for mechanized cutting equipment in fabrication is expected to be one of the major trends fueling growth of the global cutting equipment market in the near future. In developed countries, due to the shortage of skilled labor, the demand for cutting automation technology for fabrication and manufacturing purposes is on a rise. Major companies in several developed countries in North America and Europe have started using cutting robots for their manufacturing processes in order to reduce dependency on manpower. Increasing labor costs in turn increase overall manufacturing cost of products, especially in developed countries. This trend is also gaining popularity in some developing countries.
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Automotive, construction, manufacturing and shipbuilding industries to propel growth, especially in the APAC region
The global cutting equipment market was estimated to be valued at more than US$ 4,000 Mn by 2016 end and is expected to reach nearly US$ 6,000 Mn by the end of 2024, registering a CAGR of 4.3% over the forecast period. The global cutting equipment market is anticipated to represent incremental opportunity of nearly US$ 2,000 Mn between 2016 and 2024. Rapid growth of end-use industries such as construction, automotive, shipbuilding & offshore, and manufacturing is expected to drive global growth of the cutting equipment market, especially in the APAC region over the assessment period. In terms of volume, the global cutting equipment market was estimated to reach more than 3,000 thousand units by 2016 end and is anticipated to increase to nearly 4,600 thousand units by 2024, exhibiting a CAGR of 3.4% over the assessment period.
Global Cutting Equipment market forecast, by Cutting Technology
Oxy-fuel cutting segment was estimated to account for over 30% share of the overall cutting technology category by 2016 end while the plasma cutting segment is expected to witness a robust growth rate over the forecast period
Global sales revenue of the cutting equipment market is expected to register stable growth during the forecast period. Growing deployment in end-use industries such as shipbuilding & offshore and automotive is expected to augment market growth
In terms of value, the plasma cutting segment is expected to exhibit a CAGR of 5.1% over the forecast period. In cost-sensitive regions such as APAC and MEA, the plasma cutting segment is estimated to grow at a good pace over the forecast period. In terms of value, the plasma cutting segment is expected to dominate the market over the forecast period
The laser cutting segment is estimated to register a CAGR of 4.4% in terms of value followed by the oxy-fuel cutting segment with a CAGR of 4.0% in terms of market value during the forecast period
The waterjet segment is expected to lose 110 BPS over the forecast period to account for 10.5% value share by 2024. This decline is primarily due to slow adoption of this technology in developing countries such as India, China, Brazil, and South Africa region
The laser cutting segment is expected to gain 10 BPS over the forecast period to account for 17.3% value share by 2024. This gain is primarily due to increasing demand for laser cutting technology in developed regions such as Europe and countries such as Japan and the U.S., owing to its high performance and advanced technology features
The final report is a milieu of crucial information fetched through extensive research. Both primary and secondary research has played a crucial part in gauging the evolving market behavior within the forecast period. The global cutting equipment market is mature and each cutting technology type has its own specific qualities that makes it popular amongst the major end users present in the market.
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Plasma cutting technology is widely used due to relatively low cost, high speed and precision cuts. Advanced cutting technologies like laser cutting are stable, reliable and known for excellent cut quality. This will open newer avenues of growth for the market even in regions that are presently not extensively using it.
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A captive of cost
The market expansion of the global cutting equipment market is somewhat walled by high prices. Mechanized equipment is highly priced and most of the manufacturers are based across Europe and North America. The use of advanced cutting technologies is comparatively slow in the Asian markets.
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