The global cutting equipment market was valued at US$ 3162.6 million in 2018, and is expected to reach US$ 6793.8 million by 2027, exhibiting a CAGR of 8.91% over the forecast period 2019-2027, according to the Global Cutting Equipment Market Report, By Equipment Type (Manual, and Mechanized), By Technology Type (Carbon Arc Cutting, Laser Cutting, Oxy-fuel Cutting, Plasma Cutting, and Waterjet Cutting), By End-user Industries (Automotive, Construction, General Metal Fabrication, Heavy Equipment Fabrication, Shipbuilding & Offshore, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Global Forecast to 2027, published by Coherent Market Insights.
The growing construction industry across the globe, increasing consumer spending, full capacity utilization by manufacturers, and increasing automobile sales have played a huge role in providing the necessary momentum to the of global cutting equipment market. Rising need for automation in end-use industries, and demand for superior-quality products are also the key drivers for growth of the global cutting equipment market.
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