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The Market is segmented by Technology (Laser, Plasma, Waterjet, Flame, and Others), by End-user (Automotive, Fabrication and Industrial Machinery Manufacturing, Marine and Aerospace & Defense, Construction, and Rest of the Market) and by Geography - Growth, Trends, and Forecast (2019-2024)
Fastest Growing Market:
The cutting equipment market is expected to register moderate growth during the forecast period (2019-24). The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, aerospace and others, across the world. Oxy-fuel cutting technology is widely used due to high speed, relatively low cost, and precision cuts. Owing to the growing demand, advanced cutting technologies are evolving, and companies are investing more in the research and development (R&D) activities to gain a competitive advantage in terms of manufacturing efficiency, product pricing, and product capabilities. Furthermore, the market is also driven by the growing demand for the fabricated metal products, development of heavy industrial equipment, advancement in the manufacturing processes, and adoption of the latest technologies. Additionally, the demand for automated equipment is also increasing due to the shortage of skilled personnel in some of the regions studied. Major companies in several developed countries have started using robotics (industrial cutting robots) for their manufacturing processes to reduce dependency on manpower.
The metal fabrication market may be less prone to wild fluctuations than other industries, which will allow these conventional cutting processes to grow moderately. For instance, in India, the annual growth rate of fabricated metal products production followed a negative trend during the period 2013-15. Whereas, after 2015, the production rate witnessed a positive trend with lesser growth rates. Following two years of quiet moderation, the worldwide production of machine tools underwent explosive growth in 2017. Since cutting machines are a sub-segment under the machine tools market, the growth of the machine tool market is a positive sign for the current market studied. China is the global leader in the machine tool market. Worldwide, the machine tool cutting sector represented a major share in terms of production volume when compared to forming technology. Nowadays, Laser cutting is commonly used to cut ceramics. Ceramics play an important role in many industries owing to its thermal conductivity and electrical insulation. This kind of properties has made the ceramics to use for different applications.
A complete background analysis of the cutting equipment market, which includes an assessment of the sector and contribution of sector in the economy, market overview, market size estimation for key segments, key regions and emerging trends in the market segments, market dynamics, and key production and consumption statistics are covered in the report.
|Fabrication and Industrial Machinery Manufacturing|
|Marine and Aerospace & Defense|
|Rest of the Market|
|Middle East and Africa|
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In automotive industry, manufacturers are adopting several cutting technologies to get high quality edges and cuts. The scope for cutting equipment in this industry is growing as the global automotive industry is witnessing a positive trend. Cutting equipment has a significant share in the automotive industry and are used for several operations to fabricate automotive car parts, frames, etc. Laser cutting is used at various stages of automotive manufacturing. The ever changing landscape of the automotive industry is putting pressure on equipment manufacturers to meet the requirements and creating special cutting tools.
Despite some headwinds, automotive industry is look bright globally. U.S. light vehicle sales peaked in 2016 with 17.46 million and 2018 marked the fourth straight year with over 17 million unit sales. According to industry sources, global light vehicle production units have been remarkable and it is only continue to grow. APAC is expected to register the highest growth rates in terms of production volumes followed by North America. This scenario is expected to create demand for the cutting equipment and other related machines associated with manufacturing process.
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According to analysis, Asia-Pacific (APAC) is estimated to grow faster than other regions during the forecast period. The region has the highest number of manufacturing plants where adoption of cutting machines is substantial. China is expected to be the major country in the region owing to its vast manufacturing sector. Additionally, automotive is one of China's pillar industries, and it continues to be the largest vehicles market in the world. The country’s total automotive production reached 27.8 million units in 2018, which is far ahead of major markets like the United States (11.3 million units), Japan (9.7 million units), and Germany (5.1 million units).
Coming to ASEAN, the manufacturing sector has been one of ASEAN’s key economic growth drivers. Economies in this region have low operating costs, which attract many businesses from larger manufacturing bases. In recent times, China has seen rising wages and tighter regulations, which has led to an increase in operating costs as it shifts towards the higher value manufacturing. In order to replace the role that PRC once played, companies are looking to the ASEAN region for lower-value production networks which have also been largely integrated into global manufacturing value chains. As per the analysis, cutting equipment manufacturers should align their distribution channels to focus on the growing markets by serving the emerging manufacturing sectors to increase their sales.
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The cutting equipment market is fairly fragmented in nature with the presence of large global players and small and medium sized local players with quite a few players who occupy the market share. When analyzing major countries’ manufacturing establishments, it is revealed that many of the global companies have footprint in the major countries. Detailed analysis of major companies, which include company overview, financials, products offerings, recent developments, etc. are covered in the report.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Current Market Scenario
4.2 Market Dynamics
4.3 Porter's Five Forces Analysis
4.4 Industry Value Chain Analysis
4.5 Global Manufacturing Sector (Overview, Trends, R&D, Key Statistics, etc.)
4.6 Key Government Regulations and Initiatives for Manufacturing Sector
4.7 Metal Working Industry Snapshot (Overview, Key Metrics, Developments, etc.)
4.8 Technology Snapshot
4.9 Insights on Cutting Tools and Tool Holders
4.10 *List not Exhaustive
5. MARKET SEGMENTATION
5.1 By Technology
5.2 By End-user
5.2.2 Fabrication and Industrial Machinery Manufacturing
5.2.3 Marine and Aerospace & Defense
5.2.5 Rest of the Market
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration, Major Players)
6.2 Company Profiles
6.2.1 The Lincoln Electric Company
6.2.2 Messer Cutting Systems
6.2.3 Genstar Technologies
6.2.4 Colfax Corporation
6.2.5 Linde Group
6.2.7 Ador Welding Ltd
6.2.8 GCE Group
6.2.9 DAIHEN Corporation
6.2.11 Amada Miyachi
6.2.12 Koike Aronson, Inc
6.2.14 TRUMPF GmbH + Co. KG
6.2.15 Bystronic Laser AG*
6.2.16 *List not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8.1 GDP Distribution, by Activity-Key Countries
8.2 Insights on Capital Flows-Key Countries
8.3 Economic Statistics-Manufacturing Sector, Contribution to Economy (Key Countries)
8.4 Global Manufacturing Industry Statistics*
8.5 *List not Exhaustive
** Subject to Availability