Cutting Equipment Market to expand at a CAGR of 5.2% by 2024

By VikasBahurupi1    8 / Nov / 2018    In Category Business

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Advancements in Cutting Equipment Critical for Growth of Global Market

Cutting equipment plays a critical role in infrastructure development around the world. Technological advancements have shaped a critical aspect of cutting equipment – enable precision cutting at a quick pace.

From lathes & grinds to modern day laser & plasma cutting equipment, cutting equipment technology has witnessed a sea change. In this article, we will take a look at three cutting equipment technologies that have been used extensively in construction and industrial applications.

Market Segmentation

By Equipment Type: Manual, Mechanized; By Cutting Technology - Plasma cutting, Oxy-fuel cutting, Laser cutting, Waterjet cutting, Carbon arc cutting; By End Use Industry - Construction, Heavy metal fabrication, Shipbuilding & offshore, Automotive, Others; By Type – Equipment, Consumables/Accessories; By Region - 
North America, Latin America, Europe, Asia Pacific, Middle East and Africa

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Laser Cutting

Carbon dioxide lasers are extensively used in industrial cutting, welding, engraving, and heat treatment.Laser cutting is an affordable technology, and it does away with the need for machining.

Laser cutting is usually preferred over plasma cutting, especially during cutting steel and aluminium sheets. Unlike traditional methods, laser beams do not wear out during the cutting process, enabling quality precision levels. Use of laser technology is also growing in industrial applications, owing totheir efficiency and quick speed than other cutting methods.

Plasma Cutting

Plasma cutting doesn’t have as high tolerance levels as laser cutting; however, it is still an ideal fit for tube cutting and outdoor signs. The cost of plasma and laser varies, and the former remains an efficient model for 2D and 3D cutting tasks. Bevel cutting and cutting of gratings is widely done using plasma cutting.

Oxy-fuel Cutting

Oxy-fuel cutting uses a mixture of gases, including oxygen, hydrogen, gasoline, and propane to use thermal cutting in industrial applications. Oxy-fuel is widely used in industrial applications, owing to its benefits, such as low cost equipment, portability, and mechanized operations.

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State of the Market

The global cutting equipment market was valued at US$ 4 billion in 2016, and it is projected to grow at a CAGR of 4.3% during the period 2016-2024 to reach US$ 6 billion in revenues.

Demand for plasma cutting equipment is anticipated to grow at 5.1% CAGR during the period 2016-2024. Plasma cutting remains a preferred cutting technology in developing countries, owing to its low cost. Demand for laser cutting equipment is expected to increase at 4.4% CAGR, whereas demand for oxy-fuel cutting technology will grow at 4% CAGR.

Waterjet cutting technology, although quite popular among end-use industries in developed countries, will lose market share owing to its declining use among industries in Asia Pacific.

Asia Pacific remains key to the global demand for cutting equipment, owing to the high number of industries in the region. It is projected that the region will account for over 40% revenue share of the market by 2024-end. APAC is projected to grow at a CAGR of 5.2% during the period 2016-2024, whereas markets in North America and Europe will witness sluggish growth during the forecast period.

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Leading cutting equipment companies, including The Lincoln Electric Company, Illinois Tool Works, HYPERTHERM INC., KOIKE ARONSON INC., Amada Miyachi America Inc., DAIHEN Corporation, GENTEC (SHANGHAI) CORPORATION, GCE HOLDING AB, and TECHNICAL ARC LTD. and Colfax Corporation, are focusing on consolidating their position in developing countries of Asia Pacific.