Cutting Equipment Market to grow by USD 2.534 billion from 2023 to 2027 | Increasing focus on automating the metal cutting process boosts the market growth- Technavio

NEW YORK, Sept. 5, 2023 /PRNewswire/ -- The cutting equipment market size is expected to grow by USD 2.534 billion between 2022 and 2027. However, the growth momentum of the market will be progressing at a CAGR of  5.52% during the forecast period. The growing focus on automating the metal-cutting process drives the cutting equipment market growth during the forecast period.  There is a significant mechanization of the metal-cutting process, and several manufacturers in the market are undertaking various initiatives for the development of automated cutting equipment. Additionally, there is an increasing integration of all manufacturing processes fuelled by the rising need to meet market expectations for raised flexibility and personalization of product design and dimensions throughout the cutting process. In addition, there is an increasing adoption of robots across several manufacturing facilities to improve the laser-cutting process.  Some of the key applications of robotics in the metalworking industry include cutting, cleaning various materials, marking, and drilling. Furthermore, the main advantage of an automated system when compared to a manual cutter is that it allows the cutting operation to be performed without the guidance of an operator and takes much less time, coupled with a reduction of raw material wastage. These crucial processes that need an expert operator and which eliminate possible errors and enhance overall consistency and efficiency are controlled and managed by computer numerical control (CNC).  Also, there is an increase in demand for automated cutting machines across various end-user industries due to factors such as the standardization of cutting equipment and the flexibility in the usage of automated solutions. Hence, such factors are positively impacting the cutting equipment market growth. Therefore, it is expected to drive the cutting equipment market growth during the forecast period. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report

The market is segmented by end-user (automotive, aerospace and defense, metal fabrication, electrical and electronics, and others), technology (laser cutting, plasma cutting, water jet cutting, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the cutting equipment market: Amalgamations Group, Berkenhoff GmbH, ESAB Corp., FANUC Corp., Gedik Holding, Illinois Tool Works Inc., IPG Photonics Corp., Jenoptik AG, Jinan Senfeng Laser Technology Co. Ltd., Koike Aronson Inc., KYOCERA Corp., Laserline GmbH, Mitsubishi Electric Corp., Plansee SE, Sandvik AB, Schlatter Industries AG, The Lincoln Electric Co., TRUMPF SE Co. KG, AMADA Co. Ltd., and DMG MORI Co. Ltd.
• Cutting Equipment Market is fragmented in nature.
• Market to observe 5.0% YOY growth in 2023.

Key Segments:

The market share growth of the automotive segment in the global cutting equipment market will be significant during the forecast period. There is an increasing adoption of cutting machines and equipment across the automotive industry, where it is extensively used to cut metal parts deployed in almost every system of automotive vehicles. The application of these cutting machines and equipment in the automotive industry can range from fuel delivery systems to airbag components. Additionally, there is rising use of laser systems by vehicle manufacturers for different applications, including headliners, carpets, trunk liners, metal gaskets, decorative brackets, fittings, and fuel systems. In addition, the demand for lightweight metal parts, such as aluminum and titanium, in passenger vehicles is fuelled by factors such as advancements in technology, the implementation of stringent emission norms, and the increasing demand for fuel efficiency. Moreover, the continuous advancements in technology in automotive design and technology are also fuelling the demand for cutting equipment. A majority of modern vehicles are manufactured in a complex, lightweight construction, and advanced materials such as high-strength steel and composites are extensively used. As a result, such a design needs precise cutting techniques to ensure assembly accuracy and maintain material integrity. The increasing focus on better efficiency is also positively impacting the demand for cutting equipment. The main advantages of cutting equipment are that it enables fast cutting operations, enhances throughput, minimizes lead times, and improves overall efficiency. Hence, such factors are expected to fuel the growth of the automotive segment, which in turn will drive the global cutting equipment market growth during the forecast period. Get a glance at the market contribution of the segments, Request a Sample  

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Table of Contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by  End-user

Market Segmentation by Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio