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Cutting equipment are the part of machine tools that are utilized to remove excess material from work piece with cutting medium. These equipment are specifically utilized across boring, slotting and lathe machines.
The global cutting equipment market is anticipated to witness strong growth attributed to increasing demand across automotive, shipbuilding and other heavy engineering applications. The market is also driven by factors such as, aggressive utilization of fabricated metal products, advancement in manufacturing processes and development of heavy industrial equipment. As the demand is growing, advanced cutting technologies such as, plasma, water-jet, oxy-fuel and others have evolved. It is because, the developing countries are experiencing heavy requirement of cutting equipment as infrastructural activities are booming. Plasma and laser cutters are utilized in cutting different widths of non-metallic, synthetic and metallic materials for high-accuracy and smooth cutting edges.
Additionally, the market participants such as, AMADA WELD TECH, Koike Aronson, Inc. and others are investing in research & development (R&D) activities and emphasizing on deploying robotic cutting equipment in order to minimize the production time & manpower utilization and maximize the product capabilities. In several developed countries, the manufacturers have started to demonstrate industrial robotic cutting equipment in their manufacturing processes. This in turn, is fuelling the market growth.
Conversely, the global cutting equipment market has been drastically affected by the COVID-19 pandemic. The automotive, construction, manufacturing and other industries faces challenges including, lack of investment on capital equipment, migrating labours, disrupted supply chain and others thereby inconsistency in the orders from original equipment manufacturers (OEMs). It has knotted down the factory activities across the U.S., Germany, China, India and other countries. It has resulted in negative demand across automotive, construction and other industries. The China The China Passenger Car Association (CPCA) stated that car sales in China dropped down by 92% in the 1st half of February 2020. However, with preventive steps taken by the manufacturers coupled with governmental bodies support, the long-term growth trajectory seems positive with robust expansion prospects in the future ahead.
Key Market Driver -
• Accelerated building refurbishment projects • Rising demand for programmed cutting equipment in automation and fabrication sector
Key Market Restraint -
• High operating Cost
Key players operating in the global cutting equipment market are 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.
North America is estimated to capture highest market share in 2020. It is attributed to excessive demand for cutting equipment across industries. These equipment compliments the customization across shipbuilding, automotive and other high-end industries. In February 2021, The Association For Manufacturing Technology (AMT) and U.S. Cutting Tool Institute (USCTI) stated that the U.S. cutting tool consumption totaled nearly USD 157.3 million in December 2020, up by 4% from November 2020.
Asia Pacific is anticipated to exhibit highest CAGR owing to, the expanding industrial network and fast-track automotive manufacturing. Additionally, the developing economies in this region have low operating cost that attracts business from manufacturing companies. India, China and ASEAN countries are expected to witness highest growth in the forecast period.
The Europe is one of the developed markets for cutting equipment as most of the manufacturers emphasize on technically advanced cutting equipment. Therefore, it shows substantial growth in the forecast period.
The Middle East & Africa is witness strong growth owing to, the growing industrialization across oil & gas, shipbuilding, construction and power & energy sectors. Additionally, market participants are finding this region to be potential to expand their business portfolio. Whereas South America is projected to witness steady growth.
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