Cutting Equipment Market Expected To Value US$ 5.84 Bn By 2024

Booming construction and automotive manufacturing will continue to sustain the
demand for cutting equipment; however, growing consumption by shipbuilding and
offshore sector will provide a boost to cutting equipment market growth over the next
few years.
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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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.”
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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.
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,
and TECHNICAL ARC LTD. Strategic M&A are currently trending among key
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
By equipment type, manual equipment segment will remain dominant over
mechanized equipment segment but the latter will display faster growth over 20162024, gaining around 340 BPS. By 2024 end, manual equipment sales revenues will
reportedly exceed US$ 3 Bn.
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.
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