Pune, India, June 20, 2022 (GLOBE NEWSWIRE) -- The Cutting Equipment Market size will witness an appreciable gain on the back of rising demand from the shipbuilding and automotive sectors. Stakeholders are likely to exhibit traction for the equipment owing to the use of fabricated metal products and the growth of heavy industrial equipment. Industry players are likely to inject funds into cutting-edge technologies, including waterjet, plasma and oxy-fuel. Fortune Business Insights™ has delved into these inputs in an upcoming research report, titled, “Cutting Equipment Market, 2022-2029.”
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Leading Companies Profiled in the Cutting Equipment Market:
- Illinois Tool Works Inc. (U.S)
- Lincoln Electric Company (U.S.)
- Colfax Corporation (U.S.)
- OMAX Corporation (U.S.)
- OTTO BAIER GmbH (Germany)
- Koike Aronson, Inc. (U.S.)
- DAIHEN Corporation (Japan)
- HOLLFELDER-GÜHRING GmbH (Germany)
COVID-19 Impact-
Post-COVID-19 Outlook to be Robust with Investment in Automotive Sector
Cutting equipment suppliers grappled with the crisis emanating from the COVID-19 pandemic. So much so that demand from the automotive and aerospace sectors plunged dramatically in 2020. Meanwhile, industry players expect post-COVID situations to encourage investments in the landscape. With a rise in shipbuilding and construction activities, major players could redefine the global landscape over the next few years. Moreover, the surge in the defense budget and soaring automotive production will add fillip to the industry landscape.
Segments-
Plasma Cutting Technology to be Sought-after with Soaring Demand for Cost-efficient Technologies
In terms of cutting technology, the market is segmented into waterjet, plasma, carbon-arc and laser. Based on the end-user, the industry is segregated into metal fabrication, automotive, aerospace and defense, construction, shipbuilding and others. With respect to region, the market covers Europe, North America, Asia Pacific, the Middle East & Africa and South America.
The plasma cutting technology segment will account for a considerable share owing to easy availability and demand for low-cost equipment.
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Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2021 |
| Historical Year | 2018 – 2020 |
| Forecast Year | 2022 – 2029 |
| Segments Covered | By Cutting Technology, By End-User, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Illinois Tool Works, AMADA WELD TECH, The Lincoln Electric Company, Colfax Corporation, Koike Aronson, Inc., GCE Group, Ador Welding Ltd., OMAX Corporation, Hypertherm, Inc., Jet Edge, Inc., DAIHEN Corporation, V.V Mineral, OTTO BAIER GmbH, ICS Cutting Tools, Inc., Snap-on Incorporated, CERATIZIT S.A., Opta Group LLC., WB Alloys Welding Products Ltd, Kennametal Inc., Samtectools, HOLLFELDER-GÜHRING GmbH and others |
| Heat Recovery Systems Market Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Report Coverage-
The research report provides a comprehensive view of factors reshaping the industry dynamics, including opportunities, drivers, restraints and trends. The primary sources are used to validate assumptions and findings to provide a bird-eye-view of the global market. The report also includes secondary resources, including press releases, annual reports, journals and white papers. Furthermore, quantitative and qualitative analyses have been sought to offer a granular view of the market.
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Drivers and Restraints-
Strong Demand from Automotive and Construction Sectors to Boost Innovation
Cutting equipment has become trendier in the automotive sector, with laser cutting gaining prominence in automotive manufacturing. With changing landscape, equipment manufacturers are likely to bank on advanced cutting tools. Besides, expansion of residential buildings will foster cutting equipment market share during the assessment period. A notable uptick in building refurbishment projects, coupled with the demand for programmed cutting equipment in the fabrication and automation sector, will drive the industry growth. Additionally, research and development activities on using robotic cutting equipment will play an invaluable role in reducing production time. However, high operating costs may prompt equipment manufacturers to rethink their strategies.
Regional Insights
Rising Footfall of Cutting Equipment in the U.S. to Augment North America
The U.S. and Canada have emerged as happy hunting grounds for leading companies gearing to expand their penetration. Stakeholders expect strong demand from the shipbuilding and automotive industries to provide impetus to the North America market revenue. For instance, In February 2021, the Association for Manufacturing Technology (AMT) and U.S. Cutting Tool Institute (USCTI) asserted that nearly USD 157.3 million of cutting tools were consumed in the U.S. in December 2020, up by 4% from November 2020. Current regional trends indicate industry players will further their investments in North America.
Asia Pacific cutting equipment market growth will observe a notable uptick against the backdrop of rising construction and shipbuilding activities. Moreover, a boost in automotive production in China and India has encouraged cutting equipment manufacturers to expand their footprint. A notable rise in the manufacturing plant will further add fillip to the regional growth. Major companies are likely to focus on distribution channels and inject funds into waterjet, laser and plasma technologies.
Competitive Landscape-
Major Players Invest in Technological Advancements to Tap into Markets
Leading industry players are poised to invest in product rollouts, technological advancements and R&D activities during the assessment period. With rising investment in advanced technologies, major players are likely to focus on innovations to expand penetration.
- December 2020: The Lincoln Electric Company rolled out a CNC Plasma Cutting Machine ‘Torchmate 4510,’ to boost production capabilities across the metal cutting portfolio.
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