Cutting Equipment Market Global Outlook, Research, Trends And Forecast To 2029

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Cutting Equipment Market
Cutting Equipment Market 

Cutting equipment is a category of machine tools used to use a cutting medium to remove extra material from a work item. These tools are used primarily with lathe, boring, and slotting machines. Therefore, key players are concentrating on deploying robotic cutting equipment for the production process in various industries such as automotive, aerospace, and energy in order to decrease the dependence on manpower and to minimise the production time, which in turn lowers the overall cost of production over time. For instance, in 2017, Shuztung Machinery, one of the industry's top manufacturers of diverse machinery and automation equipment, unveiled the TIG welding robot and RLS-1000, a 3D laser cutting device (GTAW).

The Cutting Equipment Market was estimated to be worth more than 3,400 thousand units in 2016 and is projected to grow to 4,900 thousand units by 2025, with a CAGR of 3.93% during the forecast period (2019-2027).

Over the projected period, factors such as rising vehicle sales and rising demand for automatic cutting equipment in the manufacturing sector are anticipated to propel market expansion for cutting equipment globally. Additionally, the demand for cutting-edge automation technologies in the manufacturing and industrial sectors is anticipated to rise quickly, particularly in developed nations, due to a lack of skilled workers.

Furthermore, the worldwide Cutting Equipment Market is anticipated to increase over the projected period due to the rapid expansion of end-use sectors like construction, automotive, shipbuilding & offshore, and general metal fabrication. The global construction sector will rise by 85% to $15.5 trillion worldwide by 2030, according to the Institution of Civil Engineers (ICE), an independent professional body for civil engineers in the U.K. This growth will be led by nations like China, the U.S., and India.

The Cutting Equipment Market is anticipated to experience a high CAGR in terms of technology over the forecast period. The need for greater quality, consistency, and shorter production times in end-use sectors is driving the demand for plasma cutting equipment globally. Due to its rapid infrastructure growth and economic development, Asia Pacific accounted for over 40% of the market share generated by the plasma cutting machine segment in 2018. Due to its great accuracy in producing superior-quality products, plasma cutting equipment has recently seen an increase in demand in the region from a variety of industries, including automotive, aerospace and military, and industrial.

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