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Global Cutting Equipment Market Size was valued at USD 4.7 Billion in 2022. The Cutting Equipment market industry is projected to grow from USD 4.8 Billion in 2023 to USD 10.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2023 - 2032). The growth of heavy engineering applications, aggressive usage of fabricated metal products, and development of heavy industrial equipment, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In the automotive, shipbuilding, and other heavy engineering industries, there will likely be a major increase in the need for cutting equipment. The market is also impacted by advancements in heavy industrial machinery and the aggressive use of products made of fabricated metal. Cutting technologies including plasma, water-jet, oxy-fuel, and others have developed as demand has increased. Cutting equipment is greatly needed in growing nations because to the rise in infrastructure-related operations. Different thicknesses of synthetic, metallic, and non-metallic materials can have extremely accurate, smooth cutting edges made using plasma and laser cutters.
Automobile companies are using a range of cutting techniques to produce high-quality edges and cuts. As the global car industry grows, opportunities for cutting equipment in this industry are increasing. In the automobile sector, cutting tools are employed in a variety of methods to produce frames, car parts, and other goods. Laser cutting is used during several stages of an automobile's manufacturing process. The dynamic climate of the automotive industry puts pressure on equipment manufacturers to meet criteria and provide specialized cutting tools.
The utilization of cutting and bending machines in manufacturing industries including automotive, aerospace, electrical & electronics, marine & construction is expected to propel worldwide market growth over the forecast period. Similar to this, it is projected that sales of cutting and bending equipment will rise in the upcoming years as a result of the burgeoning sheet metal fabrication industry brought on by the increased demand for sheet metal in sectors like aerospace and automotive.
Cutting machines are unavoidably used in industrial development and the production of metal, and their sales have greatly expanded. Metal fabrication is the process of making structures out of raw metal materials by cutting, bending, welding, and molding. The growth of the automobile, aerospace, building, and energy industries depends on the extremely cyclical metal fabrication sector. Thus, driving the Cutting Equipment market revenue.
The global Cutting Equipment market segmentation, based on Cutting Technology, includes plasma, laser, waterjet, and carbon- arc. Over the course of the forecast period, the laser cutting segment is anticipated to rule the market. Over the course of the forecast period, the plasma cutting segment is anticipated to display a sizable CAGR in terms of value. Over the forecast period, the plasma cutting segment is anticipated to expand at a good clip in cost-sensitive regions like APAC and MEA. During the forecast period, the carbon arc segment is anticipated to grow at a listless CAGR. The delayed adoption of this technology in developing nations like India, China, Brazil, and South Africa is the main cause of this reduction.
The global Cutting Equipment market segmentation, based on End User, includes automotive, metal fabrication, construction, aerospace and defense, shipbuilding, and others. The automotive industry was in first place in 2022. This may be related to the rising demand for cars as well as the expanding use of bending and cutting machinery in the booming automotive industry. In the automotive business, which covers everything from designing, developing, producing, and manufacturing automotive cars and all of their parts and components, cutting and bending equipment are used in a variety of ways. The laser cutting machine is one of the tools that is most frequently used during various stages of automotive manufacturing to ensure the reliability and safety of the finished product.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Cutting Equipment Market dominated this market in 2022 (45.80%). It is a result of the enormous demand for cutting equipment among enterprises. This equipment complements the customizing in the shipbuilding, automotive, and other high-end industries. According to a research released in February 2021 by the Association for Manufacturing Technology (AMT) and U.S. Cutting Tool Institute (USCTI), the United States consumed cutting tools worth over USD 157.3 million in December 2020, an increase of 4% from November 2020. Further, In the North American area, the U.S. Cutting Equipment market had the biggest market share, while the Canada Cutting Equipment market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Cutting Equipment market accounted for the healthy market share in 2022. Europe is one of the developed markets for cutting equipment since the majority of producers lay a great emphasis on cutting equipment that is technically sophisticated. Therefore, it suggests quick growth during the predicted period. Further, In the European region, the German Cutting Equipment market had the biggest market share, and the U.K. Cutting Equipment market had the quickest rate of growth.
The Asia Pacific Cutting Equipment market is expected to register fastest growth rate from 2023 to 2032. the accelerating rate of auto production and the expanding industrial network. The cheap operational costs of the emerging countries in this region also attract business from manufacturers. The ASEAN, China, and India nations are anticipated to experience the highest growth during the forecast period. Moreover, In the Asia-Pacific region, the Indian Cutting Equipment market had the quickest rate of growth while China's Cutting Equipment market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Cutting Equipment market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Cutting Equipment sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Cutting Equipment industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Cutting Equipment sector. Major players in the Cutting Equipment market, including 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, are attempting to increase market demand by investing in research and development operations.
Lincoln Electric Holdings Inc. (Lincoln Electric) creates, develops, and manufactures products for welding, cutting, and brazing. The company offers a variety of welding products, including arc welding power sources, wire feeding systems, plasma cutters, robotic welding packages, fume extractor equipment, integrated automation systems, fluxes, consumable electrodes, and welding accessories. The company also offers CNC plasma and oxy-fuel cutting systems, as well as regulators and torches for oxy-fuel welding, cutting, and brazing. Among the industries served by Lincoln Electric are the automobile, oil and gas, building and infrastructure, and shipbuilding. It operates throughout the Americas, Europe, Asia-Pacific, Middle East, and Africa. The headquarters of Lincoln Electric are located in Cleveland, Ohio, in the United States. The "Torchmate 4510" CNC plasma cutting machine was introduced by the Lincoln Electric Company in December 2020 to increase customers' production capabilities for metal cutting procedures. The above machine can support metal sheets up to 1" thick and 5x10 in size when it has the "Optional FlexCut 125 power supply" installed.
Messer Cutting Systems is a global provider of cutting-edge technology. The company provides services to the metalworking sector, which sets international standards. The company, which founded the sector, offers complete solutions and places a strategic emphasis on its customers and customer-driven innovation. The company operates in more than 50 countries with over 900 employees dispersed over 5 main locations with production plants. In addition to oxyfuel welding, cutting, brazing, and heating plant and equipment, the company also offers oxyfuel plasma and laser cutting systems. These systems range from hand-guided machines up to specialist machines for shipbuilding. Environmental equipment for the systems, together with spare parts, maintenance, and modernization services, round out the program. Its software solutions improve manufacturing and operational processes. In February 2022, Flame Technologies, Inc. (Flame Tech), a US-based manufacturer of products for the oxyfuel market, was acquired by Messer Cutting Systems through a connected company. Messer Cutting Systems strengthens its position as a top supplier of pre-heating, steel mill, and oxygen fuel solutions on a global scale with Flame Tech.
· 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
July 2022: A new ergonomic design is present in Lincoln Electric's lightweight, dual-input voltage POWER MIG 215 MPi multi-process welder, which is currently on the market.
June 2020: Cutting tools are being provided by CERATIZIT S.A. to "McLaren Racing" for the creation of artificial ventilators. The company is providing drilling equipment, AluLine end mills, CCR-AL Circular Line end mills, and WTX-Ti drills for the manufacture of ventilators.
· Plasma
· Laser
· Waterjet
· Carbon-arc
· Automotive
· Metal Fabrication
· Construction
· Aerospace and Defense
· Shipbuilding
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 4.7 Billion |
|
Market Size 2023 |
USD 4.8 Billion |
|
Market Size 2032 |
USD 10.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
9.60% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Cutting Technology, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
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 |
|
Key Market Opportunities |
Advancement in manufacturing processes |
|
Key Market Dynamics |
Increasing demand across automotive, shipbuilding and other heavy engineering applications, aggressive utilization of fabricated metal products, and development of heavy industrial equipment |
The global Cutting Equipment market size was valued at USD 4.7 Billion in 2022.
The global market is projected to grow at a CAGR of 9.60% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the 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
The Laser Cutting Technology dominated the market in 2022.
The Automotive End User had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65303
Published on :
Sep 2023
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