Cutting Equipment Market Grows

A growing construction industry, new orders in manufacturing industries, and public expenditure from government will drive the market for cutting equipment, accessories, and consumables across the world.

The global market for cutting equipment, accessories, and consumables is projected to rise from $6.67 billion in 2016 to $8.27 billion by 2021, at a CAGR (compound annual growth rate) of 4.40%. These tools are ones that get used on the jobsite regularly.

Growth in the construction industry throughout the world, an uptick of consumer spending, full capacity utilization of the manufacturers, and an increase in automobile sales have played a huge role in providing the necessary momentum to the cutting equipment, accessories, and consumables market after the economic slowdown.

The mechanized cutting equipment segment holds a large marketshare and is expected to gain maximum traction during the forecast period. There are several drivers in the market. There is promising growth in the global steel industry and a growing automobile industry. Industrial development in the Middle East and Africa will also help market gain.

Some obstacles for the market are the cost factor and technical know-how issues and a lack of development of cost-effective technologies. There is an increasing demand for mechanized cutting in developing economies. Also, there is a growing demand for cutting equipment, accessories, and consumables from the wind energy sector. As this market posts growth throughout the next few years, it gives way to favorable outcomes for other construction sectors and the industry as a whole.

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