Automotive Industry Today
Global Cutting Equipment Market is Expected to Expand US$ 5,842 Mn by 2024 End
Persistence Market Research’s newly published market report outlook, “Cutting Equipment Market: Global Industry Analysis and Forecast, 2016-2024,” examines the global market for cutting equipment and offers critical market insights estimated for the next eight years.
Over 2016-2024, Persistence Market Research expects the market for cutting equipment to witness passive growth at a CAGR of less than 4.5%. By 2024 end, the US$ 4.17 Bn market is likely to reach US$ 5.84 Bn. The volume CAGR of the market is estimated at 3.4%. The report analyzes the market in depth to forecast the market condition over the eight-year assessment period.
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Key Driver Highlights: Adoption by End-use Industries Persists
Flourishing construction and automotive industries will remain one of the key forces driving the demand for cutting equipment. Growing need for infrastructure development, especially in emerging economies, is another important factor fueling the market. Incessant demand for energy and interrupted power is also identified to be a key factor propelling the demand for cutting equipment. Repair and maintenance applications in industrial end-users will provide a strong impetus.
Sustained consumption by general metal fabrication and heavy vehicle fabrication sectors will continue to generate major revenues to global market. Renewable energy sector will create a host of opportunities. Moreover, innovation in manual and mechanized equipment for cutting particular types of materials is also expected to foster the market during the period of forecast. Widespread acceptance of cutting robots across developed countries is another major factor foreseen to accelerate the growth of cutting equipment market in near future.
“Slower adoption of advanced technology cutting equipment will remain a longstanding roadblock, limiting the market growth in next eight years.”
- Persistence Market Research
Regional Highlights: APAC Monopolizes with over 46% Value Share by 2024 End
Asia Pacific is anticipated to remain the largest regional market for cutting equipment, followed by Europe and North America. While APAC will demonstrate a moderate CAGR of 5.2% over 2016-2024, it will remain the fastest growing region for cutting equipment. The North American market will witness a relatively higher growth rate compared to that of the European market, in terms of value. Steady growth will prevail in APAC, whereas other regional markets are expected to witness a slight decline in terms of BPS over the assessed period.
Competitive Landscape Highlights: Lincoln and Colfax Continue to Lead
While The Lincoln Electric Company and Colfax Corporation will continue to account for the maximum revenues in the global market for cutting equipment, some other leading players in the competitive landscape include Illinois Tool Works, DAIHEN Corporation, HYPERTHERM INC., GCE HOLDING AB, Amada Miyachi America Inc., KOIKE ARONSON INC., GENTEC (SHANGHAI) CORPORATION, and TECHNICAL ARC LTD. Strategic M&A are currently trending among key players.
Segmentation Highlights: Plasma Cutting Segment Holds Dominant Segment Position
Based on cutting technology, plasma cutting segment will remain dominant in terms of value and volume. Attributed to multiple beneficial parameters and successful combination with new automation techniques, this segment will continue to lead the market over the next few years. It will be the fastest growing segment as well, closely followed by oxy-fuel cutting and laser cutting segments. While plasma cutting segment is estimated to capture over 35% value share in 2024, oxy-fuel cutting segment will possibly account for over 31% share – despite a slight decline through 2024. Laser cutting segment will experience steady growth throughout the assessment period.
By equipment type, manual equipment segment will remain dominant over mechanized equipment segment but the latter will display faster growth over 2016-2024, gaining around 340 BPS. By 2024 end, manual equipment sales revenues will reportedly exceed US$ 3 Bn.
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On the basis of end-use, general metal fabrication segment is likely to surpass the revenues of US$ 1.8 Bn by 2024 end, accounting for a share of over 32%. Heavy equipment fabrication is projected to remain the second largest end-use segment with around 20% market value share in 2024. Construction and shipbuilding & offshore are identified to be the next key segments in cutting equipment market. Persistence Market Research predicts the fastest CAGR of 4.7% for shipbuilding & offshore segment, between 2016 and 2014.