CUTTING EQUIPMENT MARKET ANALYSIS

Cutting Equipment MarketSize and Trends

Cutting Equipment Market – Market Insights

In terms of volume, the global cutting equipment market was pegged at over 3,400 thousand units in 2016 and is expected to reach 4,900 thousand units by 2025, exhibiting a CAGR of 3.93% over the forecast period (2019-2027). Growing demand for automatic cutting equipment in the manufacturing sector and an increase in automobile sales are factors that are expected to drive growth of the global cutting equipment market over the forecast period. Moreover, owing to a shortage of skilled labor, demand for cutting automation technology in manufacturing or industrial sectors is expected to increase at a rapid pace, especially in developed regions. Therefore, key players are focusing on deploying robotic cutting equipment for the production process in various sectors such as automotive, aerospace, and energy in order to reduce the dependency on manpower and to minimize the production time, which in turn reduces the overall cost of production in the long run. For instance, in 2017, Shuztung Machinery, one of the leading manufacturers of various machinery and automation equipment, launched 3D laser cutting equipment, RLS-1000 and the TIG welding robot, which is also known as Gas Tungsten Arc Welding (GTAW).

Furthermore, extensive growth of end-use industries which include construction, automotive, ship-building & offshore, and general metal fabrication, are expected to drive growth of the global cutting equipment market over the forecast period. According to the Institution of Civil Engineers (ICE), an independent professional association for civil engineers in the U.K., the global construction industry will grow by 85% to $15.5 trillion worldwide by 2030, which is driven by countries such as China, U.S., and India.