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Cutting Equipment, Accessories & Consumables Global Market Report 2024 - By Size, Drivers, Trends, Demand, Forecast To 2033
Key Growth Drivers:
Steel and Manufacturing Industry Flourish: The burgeoning growth in global steel and manufacturing industries is a significant catalyst propelling the cutting equipment market. These industries, involved in converting iron ore into various grades of steel, leverage cutting equipment, accessories, and consumables to achieve precise and efficient cutting, contributing to increased demand. In June 2021, the American Iron and Steel Institute reported raw steel production of 1.84 million net tons, with an 83% capability utilization rate, underscoring the pivotal role of cutting equipment in these sectors.
Automation Revolutionizes Cutting Technology: The escalating demand for automation is set to drive the growth of the cutting equipment, accessories & consumables market. Automation, characterized by the use of highly automated equipment, allows for remote monitoring and control of cutting equipment. Industrial companies are anticipated to heavily invest in robotics and automation, with automated systems projected to constitute 25% of capital spending over the next five years, according to the McKinsey Global Industrial Robotics survey in 2022. This robust investment is expected to fuel the market further.
Explore the Global Cutting Equipment, Accessories & Consumables Market with a Detailed Sample Report:
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Major Market Players:
Leading companies shaping the cutting equipment, accessories & consumables market landscape include Colfax Corporation, Hypertherm Inc., Lincoln Electric Holdings Inc., and other industry stalwarts. These players contribute significantly to the market's growth through their innovations and strategic initiatives.
Trends and Innovations:
Advanced Cutting Technologies Take Center Stage: The adoption of cutting-edge cutting technologies, particularly plasma and laser cutting, is gaining prominence in the market. Market players are focusing on implementing innovative technologies to achieve precise dimensions with exceptional accuracy. Notably, Rollomatic introduced the LaserSmart 810XL in October 2022, designed for larger-diameter PCD tools and other ultra-hard materials, showcasing the industry's commitment to advanced cutting solutions.
Multi-Purpose Welders for Versatility: Major companies are introducing innovative products like multi-purpose welders to gain a competitive edge. Lincoln Electric, for instance, launched the POWER MIG 215 MPi multi-process welder, offering versatility in performing MIG, TIG, Stick, and Flux-Cored welding. These machines cater to a variety of welding applications, making them ideal for diverse industrial needs.
Regional Dynamics and Market Segmentation:
Asia-Pacific emerged as the largest region in the cutting equipment, accessories & consumables market in 2023, with North America anticipated to exhibit the fastest growth in the forecast period.
The cutting equipment, accessories & consumables market covered in this report is segmented -
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
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Cutting Equipment, Accessories & Consumables Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Cutting Equipment, Accessories & Consumables Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cutting equipment, accessories & consumables market size, cutting equipment, accessories & consumables market drivers and trends, cutting equipment, accessories & consumables market major players, cutting equipment, accessories & consumables market competitors' revenues, cutting equipment, accessories & consumables market positioning, and cutting equipment, accessories & consumables market growth across geographies. The cutting equipment, accessories & consumables market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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