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
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.
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