Indian Machine Tool Manufacturers Association (IMTMA) recently organized the ‘International Seminar on Machining Technologies’ in conjunction with the IMTEX 2017 exhibition in January 2017. The seminar organized by the IMTMA will provide users and manufacturers of the machine tool with modern solutions for metal cutting that would enhance quality and finish of the machine-related components and productivity in addition to dipping costs. Increasing construction in sectors related to shipbuilding and offshore are further fuelling demand for cutting equipment market in the span of next seven years.
The global cutting equipment market is expected to witness a growth of less than 4.5% CAGR over the forecast period, 2016- 2024. The plasma cutting segment will retain dominance in terms of revenue and volume in the span of next seven days. Manual equipment among various types of equipment will retain dominance over the mechanized equipment segment, however it will represent relatively fast growth over the coming years.
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Various trends propelling growth of the cutting equipment market includes,
- Multi-purpose in Various Industries:
Cutting equipment techniques witness a significant demand for the manufacturing and fabrication purposes. Moreover, end users such as automotive, shipbuilding and offshore, and construction will further drive growth of the global cutting equipment market, particularly in the APAC region. In addition, increasing demand by the heavy vehicle fabrication and general metal fabrication sectors will further generate major revenues in the global market in the span of next seven years. Furthermore, renewable energy sector is likely to create various opportunities for the cutting equipment market in the coming years.
The cutting equipment market globally will reach around 4,600 thousand units, witnessing a growth of 3.4% CAGR over the coming years. Plasma cutting segment among other cutting technologies is likely to lead the global market due to successful combination with new techniques of automation and various benefitting parameters in the span of next seven years.
- Enhanced Technology to Impact Growth:
Along with relatively high speed and precision cuts, plasma cutting technology finds wide application due to relatively low cost in the coming years. Moreover, enhanced technologies used for laser cutting are relatively more reliable, stable and are known for exceptional quality of cutting in the coming years. Due to such factors, the market for cutting equipment will witness relatively new opportunities for growth of the market, particularly in regions that not using it extensively over the coming years.
The laser cutting segment will witness a growth of 4.4% CAGR in terms of revenue in the span of net seven years. The laser cutting segment will further hold a revenue share of 17.3%, and gain 10 BPS by the end of 2024. Moreover, the gain witnessed is mainly surge in demand for laser cutting technology in developed regions such as Japan, U.S. and Europe. In addition, enhanced features of technology and relatively high performance is further fuelling growth of the cutting equipment market in regions such as Japan, U.S. and Europe.
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- Regional Analysis:
Asia Pacific among other regions will represent a major regional market for cutting equipment, followed by North America and Europe in the span of next seven years. In addition, the cutting equipment in Asia Pacific will witness a growth of 5.2% CAGR, and will remain relatively fast growing region among others in the global cutting equipment market over the coming years. Moreover, the cutting equipment market in North America will witness a relatively high growth rate in terms of revenue as compared to the cutting equipment market in Europe. Asia Pacific will witness a stable growth, whereas other regional markets will witness a dip in terms of BPS in the span of next seven years.