Cutting Equipment, Accessories & Consumables Market is estimated to grow at a CAGR of 4.74% from 2020-2026

Published | 09 March 2020

According to BlueWeave Consulting, the global Cutting Equipment, Accessories & Consumables market has reached USD 7.58 Billion in 2019 and  Projected to reach 10.42 Billion by the year 2026, with a growing CAGR of 4.74% during the forecast period 2020- 2026. 

Cutting tool or equipment is a pointed tool that is installed on a machine tool and used for cutting. Cutting Equipment, also recognized as the cutter, in technical terms is equipment employed to eliminate material from the workpiece through shear deformation. Industrialization and manufacturing are vital obligations for the sustainable development of any economy, and Cutting Equipment, Accessories & Consumables plays a crucial role in it. Increasing demand for automation in the manufacturing industry and also an increase in the use of Cutting Equipment, Accessories & Consumables across various sectors such as electronics, defense, marine, construction, and aerospace is expected to boost the market growth.

Market growth is primarily driven by the growing demand from various end-user industries around the world. The use of plasma cutting has gained traction over a wide range of operating temperatures for their efficiency in providing clean cuts with minimal waste. However, a key challenge for inhibiting its adoption is the sophisticated operability of plasma cutting. The cutting technology for oxy-fuel is commonly used due to the quickness, comparatively low cost, and accurate cuts. As demand increases, advanced cutting technologies are evolving, and companies are investing more in R&D activities to gain a competitive gain in terms of manufacturing efficiency, product pricing, and product capabilities.

Growing industries is the driving factor for Global Cutting Equipment, Accessories & Consumables market

Cutting Equipment, Accessories & Consumables plays a vital role in the industrial growth and makes the processing of products more accessible. Cutting Equipment, Accessories & Consumables deployed through various industrial verticals, from metal foundries to automotive manufacturing.

Time efficiency and flexibility to drive the global demand for Cutting Equipment, Accessories & Consumables

Cutting Equipment, Accessories & Consumables offers various advantages, such as increased productivity, time-efficiency, and flexibility. Laser Cutting is on-demand for processing of materials, particularly in multiple applications such as aerospace, building, industrial machinery, automotive, and others. This is a crucial factor in the development of the Cutting Equipment, Accessories & Consumables market.

The Plasma technology segment is growing the Global Cutting Equipment, Accessories & Consumables market

Plasma is a widely used technology and is expected to overgrow. The benefit of using plasma cutting to produce high-quality cuts at a shorter preparation time has propelled their demand as an indispensable industrial tool. Heavy equipment fabrication uses of plasma Cutting Equipment; Accessories & Consumables is the main reason for its growth. Also, High-temperature plasma technology (T>2000oC), which fully decomposes organic and inorganic waste and does not release toxic substances such as Dioxin and Furan into the atmosphere. The content of NOx, SOx, and CO2 are lower than other combustion and gasification technologies due to the high temperature of Plasma and the unique structure of Plasma reactors.

North America is expected to grow at a remarkable rate in the Global Cutting Equipment, Accessories & Consumables market during the anticipated period.

North America, followed by Europe, is estimated to report significant revenue share over the forecast period, owing to lack of skilled labor and increased demand for Cutting Equipment, Accessories & Consumables in manufacturing and industrial automation across the various developed countries in these regions. Moreover, the Asia Pacific market is expected to grow at a very high CAGR over the forecast period due to the rapidly growing end-use industries such as automotive, construction, shipbuilding & offshore, and manufacturing. The area has the highest number of production facilities where the adoption of cutting machines is substantial. Because of its large manufacturing sector, China is projected to be the largest in the country.

Browse Detailed Table of Contents, “Cutting Equipment, Accessories & Consumables Market, By Technology (Laser, Plasma, Waterjet, Flame, and Others), By Cutting Equipment (Manual Cutting Equipment and Mechanized Cutting Equipment), By Accessories (Gas regulators, Gas flow meters, Gas filters, Check valves, Gas manifolds, and Others), By Consumables  (Shielding Gases and Oxy-fuel gases), By Application (Shipbuilding & Offshore, General metal fabrication, Automotive, Heavy Equipment Fabrication, Construction, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, And Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2020-2026”

AT https://www.blueweaveconsulting.com/cutting-equipment,-accessories-&-consumables-market-bwc19416

Cutting Equipment, Accessories & Consumables Market: Competitive Landscape

Notable players operating in the Cutting Equipment, Accessories & Consumables market are Jet Edge Inc., Ador Welding Ltd., Kennametal Inc., Koike Aronson Inc., Colfax Corporation, Koike Aronson, Hornet Cutting Systems, Dardi International Corporation, A Innovative International Ltd, Epilog Laser Inc., Amada Miyachi Company, Ltd., Flow International Corporation, WB Alloy Welding Products Ltd., Illinois Tool Works, OMAX Corporation, Hypertherm Inc., Amada Miyachi America Inc., DAIHEN Corporation, Wardjet Inc. and Other Prominent Players.