Global Cutting Equipment Market to Grow at 3.4% CAGR

(Newswire.net — June 23, 2017) New York City, New York — Cutting automation technology witness growing demand for manufacturing and fabrication process due to lack of skilled labour. Leading companies operating in developed countries such as Europe and North America are increasingly adopting cutter robots for manufacturing process in order to reduce dependency on manpower as it adds to the overall production cost. Moreover, cutting robots are being increasingly adopted in various developing countries as well.

The global cutting equipment market will reflect a passive CAGR growth of less than 4.5% over the forecast period, 2016 – 2024. According to a report compiled by the Persistence Market Research, the global cutting equipment market will register 3.4% CAGR growth in terms of volume.

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Factors Impacting Growth of the Global Market

Cutting equipment will witness an upsurge in demand due to growing automotive and construction industries. Additionally, an increasing need for development of infrastructure particularly in emerging countries is likely to fuel growth of the global cutting equipment market. Moreover, an increasing need for services such as repair and maintenance along with uninterrupted power and energy supply will contribute towards the market growth.

Growing need for mechanized equipment and informative manual for various types of materials will further boost demand for cutting equipment globally. Surge in demand for cutting equipment among heavy vehicle fabrication and general metal fabrication sectors will fuel revenue growth of the global market. In contrast to this, sluggish adoption of enhanced cutting equipment technology is likely to inhibit growth of the global cutting equipment market.

Plasma cutting Segment to Remain Dominant

The plasma cutting segment will witness a growth of 5.1% CAGR in terms of revenue, and will remain dominant throughout 2024. This segment will witness positive growth in price-sensitive regions including MEA and APAC during the predicted years. The laser cutting segment will witness a growth of 4.4% CAGR in terms of revenue, and will gain 10 BPS in 2024 over 2016. The oxy-fuel cutting segment is likely to register a growth of 4.0% in terms of market value. In contrast to this, the waterjet segment will lose 110 BPS in 2014 as compared to 2016. As adoption of enhanced technology in China, India, South Africa and Brazil is witnessed to be slow, the cutting equipment market is expected to exhibit steady growth.

North America to Witness Highest Revenue Growth

APAC will witness a growth of 5.2% CAGR, and remain the largest market for cutting equipment through 2024. This region will witness relatively fast growth during the predicted years. The global cutting equipment market in North America will witness a relatively high growth in terms of revenue as compared to the markets in Europe. While regional markets will witness a dip in terms of BPS, APAC is likely to witness moderate growth during the predicted years.

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Market Players

Leading players operating in the global cutting equipment market include DAIHEN Corporation, Illinois Tool Works, HYPERTHERM INC., DAIHEN Corporation, Amada Miyachi America Inc., GCE HOLDING AB, KOIKE ARONSON INC., TECHNICAL ARC LTD., GENTEC (SHANGHAI) CORPORATION, and Amada Miyachi America Inc. Colfax Corporation and The Lincoln Electric Company will account for major revenue shares throughout 2024.