Market Size of Cutting Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cutting Equipment Market Analysis
The cutting equipment market is currently pegged at a value of around USD 7 billion and is expected to register a CAGR of greater than 5% during the forecast period.
- The COVID-19 outbreak had a significant negative impact on the cutting equipment business. The absence of capital equipment investment, worker migration, interrupted supply chains, and other issues affect the automotive, construction, manufacturing, and other industries, which results in inconsistent orders from original equipment manufacturers. It has slowed down factory operations in the United States, Germany, China, India, and other nations. Negative demand has resulted in the construction, automotive, and other industries.
- The growth of the market is primarily driven by the increasing demand from several end-user industries, such as automotive, aerospace, and others, across the world. Oxy-fuel cutting technology is widely used due to its high speed, relatively low cost, and precision cuts. Owing to the growing demand, advanced cutting technologies are evolving, and companies are investing more in research and development (R&D) activities to gain a competitive advantage in terms of manufacturing efficiency, product pricing, and product capabilities.
- Furthermore, the market is also driven by the growing demand for fabricated metal products, the development of heavy industrial equipment, advancements in manufacturing processes, and the adoption of the latest technologies. Additionally, the demand for automated equipment is also increasing due to the shortage of skilled personnel in some of the regions studied.
- Major companies in several developed countries have started using robotics (industrial cutting robots) for their manufacturing processes to reduce their dependency on manpower. The metal fabrication market may be less prone to wild fluctuations than other industries, which will allow these conventional cutting processes to grow moderately. Since cutting machines are a sub-segment of the machine tool market, the growth of the machine tool market is a positive sign for the current market studied.
- China is the global leader in the machine tool market. Worldwide, the machine tooling sector represented a major share in terms of production volume when compared to forming technology. Nowadays, laser cutting is commonly used to cut ceramics. Ceramics play an important role in many industries owing to their thermal conductivity and electrical insulation. This kind of property has made ceramics useful for different applications.
