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Enhancing Competitiveness: Innovative Multi-Purpose Welder Launches Drive Growth in Cutting Equipment, Accessories & Consumables Market
Cutting Equipment, Accessories & Consumables Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Cutting Equipment, Accessories & Consumables industry. This report on Cutting Equipment, Accessories & Consumables market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The cutting equipment, accessories & consumables market size has grown strongly in recent years. It will grow from $8.74 billion in 2023 to $9.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to growth in manufacturing and fabrication industries, expansion of automotive and aerospace manufacturing, increased infrastructure development and construction activities, focus on automation and efficiency in metalworking processes, adoption of advanced materials in manufacturing. The cutting equipment, accessories & consumables market size is expected to see strong growth in the next few years. It will grow to $11.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
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Key Market Players:
Colfax Corporation, GCE Group AB, Gentec Corp., Hypertherm Inc., Illinois Tool Works Inc are prominent players in the cutting equipment, accessories & consumables industry.
Market Drivers:
According to the Cutting Equipment, Accessories & Consumables Market Report 2023 by The Business Research Company, the key factors driving the growth of the cutting equipment, accessories & consumables market, includes the growing need for automation. Automation refers to the use of largely automatic equipment in a system of manufacturing or production. Automation includes the ability to remotely monitor and control cutting equipment. This is especially valuable for large-scale industrial applications, allowing for efficient maintenance and troubleshooting. For instance, in 2022, according to the McKinsey Global Industrial Robotics survey, industrial companies are set to spend heavily on robotics and automation with automated systems will account to 25% of capital spending in companies over the next five years.
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Market segments for cutting equipment, accessories & consumables include:
1) By Type: Manual Cutting Equipment, Mechanized Cutting Equipment, Other Type
2) By Technology: Carbon Arc Cutting, Plasma Cutting, Oxy-Fuel Cutting, Laser Cutting, Water Jet Cutting
3) By End-User: Construction, Heavy Metal Fabrication, Shipbuilding And Offshore, Automotive, Other End-User
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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