Seattle, WA -- (SBWIRE) -- 11/14/2019 -- A cutting equipment or cutting tool, in the context of machining, is any tool that is used to remove some material from the work piece by means of shear deformation. Cutting may be achieved by single-point or multipoint tools. In terms of volume, the global cutting equipment market was pegged at over 3,400 thousand units in 2016 and is expected to reach 4,900 thousand units by 2025, registering a CAGR of 3.93% over the forecast period (2019-2027).

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Increasing demand for automatic cutting equipment in the manufacturing sector and growing automobiles sales are expected to drive growth of the global cutting equipment market over the forecast period. Moreover, demand for cutting automation technology in manufacturing or industrial sectors is expected to increase, owing to shortage of skilled workers especially in developed regions. Thus, key players in the market are involved in deploying robotic cutting equipment for the production process in various sectors such as automotive, aerospace, and energy, in order to reduce the dependency on manpower and to minimize the production time, which in turn reduces the overall cost of production in the long run. For instance, in 2017, Shuztung Machinery, one of the leading manufacturers of various machinery and automation equipment, launched 3D laser cutting equipment, RLS-1000 and the TIG welding robot, which is also known as Gas Tungsten Arc Welding (GTAW).

Furthermore, extensive growth of end-use industries such as construction, automotive, ship-building & offshore, and general metal fabrication, are expected to drive growth of the global cutting equipment market over the forecast period. According to the Institution of Civil Engineers (ICE), an independent professional association for civil engineers in the U.K., the global construction industry will grow by 85% to $15.5 trillion worldwide by 2030, which is driven by countries such as China, U.S., and India.

North America cutting equipment market accounted for the largest share in 2018
Among regions, North America accounted for the largest share 2018 in the global cutting equipment market. This is owing to high demand for cutting equipment from various industries. According to the U.S. Cutting Tool Institute (USCTI) and the Association for Manufacturing Technology (AMT), U.S. cutting tool consumption totaled $213.4 million in May 2019.

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Furthermore, Asia Pacific cutting equipment market is expected to witness significant growth during the forecast period. This growth is attributed to a rapidly expanding industrial network and growing automotive industries in emerging economies such as China and India. According to Coherent Market Insights, in 2018, the passenger vehicle production in India reached 4.06 million units, which was 3.96 million units in 2017.
On the basis of technology, the plasma cutting segment is estimated to exhibit a CAGR of 6.91% over the forecast period. The demand for plasma cutting equipment is growing worldwide owing to growing automation in end-use industries for better quality, consistency, and less production time.

In 2018, Asia Pacific accounted for over 40% of the total market share generated by the plasma cutting machine segment, owing to economic development and rapid growth in the infrastructure sector. Recently, the region has witnessed increasing demand for plasma cutting equipment from various sectors such as automotive, aerospace and defense, and industrial, owing to high accuracy to produce superior-quality products.

Furthermore, on the basis of technology, laser cutting segment is expected to witness significant growth, as laser cutters can be used for cutting various metallic, non-metallic, and synthetic materials of different widths, and provides accurate and smoother edges. For instance, in March 2019, AMADA Holdings Co., Ltd. announced plans to expand its module production facility for manufacturing core modules of fiber laser cutting machines at Fujinomiya Works for sheet metal processing machines. Moreover, the technology reduces human errors and is less time consuming.

Moreover, on the basis of equipment type, the mechanized segment accounted for the highest market share in the global cutting equipment market in 2018. The main growth driver for the mechanized segment is growing steel and manufacturing industries. Steel has many applications across a wide range of industries such as construction, fabrication, and manufacturing. Moreover, increasing use of power tools for household and do-it-yourself (DIY) activities are expected to boost growth of the global cutting equipment market over the forecast period.
On the basis of end-use industries, general metal fabrication segment held dominant position in the global cutting equipment market.

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Competitive Landscape
Major players in the global cutting equipment market include Robert Bosch GmbH, Stanley Black & Decker, Inc., Makita Power Tools India Pvt. Ltd., ICS Cutting Tools, Inc. , Hitachi Koki Co., Ltd. , J.C. Bamford Excavators Limited, Klein Tools, Inc., Snap on, Otto Baier GmbH, and Hilti Corporation

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