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. 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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Key Trends and Analysis of the Global Cutting Equipment Market:
- In the automotive sector, key manufacturers are focusing on adopting several cutting technologies to achieve high quality edges and cuts. As the global automotive industry is witnessing a positive trend, the scope for cutting equipment in this industry is also growing. Cutting equipment are used for several operations in the automotive industry, such as fabricating automotive car parts, frames, etc. Furthermore, laser cutting is used at various stages of automotive manufacturing. Therefore, the ever changing landscape of the automotive industry is driving cutting equipment manufacturers to develop special cutting tools. For instance, in January 2019, Hoffmann Group, a Germany-based machine tools provider, launched three new innovative cutting tools at the 19th Indian Metal-cutting Machine Tool Exhibition (Imtex). The three tools launched at Imtex were cutters for titanium processing and carbide barrel milling cutters.
- Among equipment type, mechanized cutting equipment segment accounted for the highest market share in the global cutting equipment market in 2018. Increasing demand for automation and rapid industrialization in emerging economies such as China and India are expected to drive growth of the mechanized cutting equipment segment.
- Among technology type, the plasma cutting segment is expected to witness significant growth over the forecast period, owing to increasing demand for plasma cutting equipment in automation to deliver superior quality, consistency in product line, and less production time.
Key Takeaways of the Market:
- On the basis of geography, the global cutting equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. According to ’ analysis, North America held a dominant position in the global cutting equipment market in 2018, owing to high demand for cutting equipment in the U.S. from different end-use industries such as automotive, aerospace, and others. According to , U.S. light vehicle sales increased by 17.46 million units in 2016, and 2018 is marked the 4th year with over 17 million light vehicle unit sales. Asia Pacific is expected to be the fastest growing market for cutting equipment, owing to rampant growth of end-use industries such as automotive in emerging economies such as China and India. For instance, in January 2019, India-based Five Star Printing Machinery launched D1060S, an automatic die-cutting machine at PrintPack India 2019.
- Some of the major players operating in the global cutting equipment market include Robert Bosch GmbH, Stanley Black & Decker, Inc., Makita Power Tools India Pvt. Ltd., ICS Cutting Tools, Inc. , Hitachi Koki Co., Ltd. , J.C. Bamford Excavators Limited, Klein Tools, Inc., Snap on, Otto Baier GmbH, Hilti Corporation among others.