The global metal cutting machine market size is expected to reach USD 9.74 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.9% during the forecast period. Rising demand from various application industries for cutting components with high precision and edge quality are expected to drive the market growth.
The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.
Advancements in manufacturing processes and growing demand for the latest technologies are likely to drive the market growth. Moreover, rising demand for advanced metal cutting machines that offer increased performance and throughput coupled with the ability to cut thicker cutting ranges improved parts edge quality, and high cutting speeds are likely to drive the market growth.
Factors including widening skills gap coupled with limited skilled workers and increasing focus of application industries on automation to improve the production performance and efficiencies are likely to drive the demand for NC and CNC metal cutting machines that offer flexibility, thereby driving the overall market growth.
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The outbreak of the COVID-19 pandemic, is, however, expected to have a negative impact on the manufacturing sector in several countries owing to the lockdown restrictions. This, in turn, is likely to hinder the growth of the market for metal cutting machines in 2020, which is anticipated to have a cascading effect on overall growth during the forecast period.
Metal Cutting Machine Market Report Highlights
- The laser cutting machine product segment accounted for a revenue share of 61.6% in 2020 on account of the ability of the product to cut a wide range of ferrous and non-ferrous metals with high-quality and precision
- The demand in the aerospace and defense application segment is anticipated to expand at a CAGR of 6.1% from 2020 to 2027 owing to rising military budgets and passenger traffic which is likely to boost the production of defense and commercial aircrafts
- The metal cutting machine demand in Europe accounted for a revenue share of 24.6% in 2020, on account of robust automotive and manufacturing sectors coupled with a surge in industrial automation, and growing technological innovations
- The demand for metal cutting machine in South Korea is expected to witness a CAGR of 6.0% owing to the growing demand from automotive, marine, and electronics & electrical application industries
- In April 2020, TRUMPF launched the TruLaser Tube 3000 fiber, a laser tube cutting machine that offers a cost-effective option for medium to low capacity utilization and covers wide range applications including round tubes, flat steel bars, and profiles
The global metal cutting machine market size was valued at USD 6.17 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027. Rising demand for highly-efficient metal cutting machines from various application industries, including automotive, aerospace and defense, electronics, and marine, is expected to be the key driving factor over the forecast period. The metal cutting machines are extensively used in various application industries to cut different types of ferrous and non-ferrous metals to produce a finished product of desired geometry. It provides multiple advantages to the finished products, including surface texture or finish, closer dimensional accuracy, complex shaping, and required size. Growing demand for advanced mechanized metal cutting machines is likely to propel the market growth over the forecast period.
The U.S. dominated the North America metal cutting machine market owing to the robust product demand from the defense and aerospace and automotive industries. The ongoing technological innovations and the surge in military expenditure are likely to drive the market over the forecast period. Leading defense and aerospace players in the country are employing additive manufacturing technology to design and produce complex components that reduce the weight of the aircraft.
Increasing investments within the defense and aerospace industries, coupled with the growing demand for a wide range of consumer electronics on account of rising disposable incomes are expected to favor the market growth over the coming years. Moreover, increasing demand for the latest technologies coupled with advancements in manufacturing processes is anticipated to further propel the market growth in the forthcoming years.
Sheet metal cutting is an essential process in several industries, including aerospace, automotive, marine, construction, and electronics. Ongoing advancements in digital technology, most notably in embedded systems coupled with innovation focus on additive manufacturing, smart robotics, and computerized monitoring and control, are some of the key trends in the market.
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The global outbreak of the COVID-19 pandemic has created a war-like situation across the globe. The governments in several countries were forced to implement lockdown measures which had stopped most of the non-essential operations in their respective countries. The aforementioned measures halted the manufacturing activities; which is expected to have a negative impact on the demand for metal cutting machines over the forecast period.
The global market comprises of both global and regional players engaged in the designing, manufacturing, and distribution of various types of metal cutting machines. Key players aim to widen their presence and achieve optimum growth in the market through various strategies such as partnerships, acquisitions, agreements, and capacity expansion. The buyers in the market are also encouraged by the increasing need for innovative mechanized metal cutting machines to reduce safety and health issues for machine operators. The competitive environment is quite intense, with several players providing energy-efficient and customized metal cutting machines at competitive prices. Some of the prominent players in the metal cutting machine market include:
· AMADA Co., Ltd.
· Colfax Corporation
· Bystronic Laser AG
· Koike Aronson, Inc.
· Nissan Tanaka Corporation
· Lincoln Electric Holdings, Inc.
· Water Jet Sweden AB
· Flow International Corporation
· Coherent Inc.
· Messer Cutting Systems.
· Omax Corporation
· Boye Laser Applied Technology Co., Ltd.
· Han’s Laser Technology Industry Group Co., Ltd.
Grand View Research has segmented the global metal cutting machine market on the basis of product, application:
Metal Cutting Machine Product Outlook (Revenue, USD Million, 2016 - 2027)
· Laser Cutting Machine
· Waterjet Cutting Machine
· Plasma Cutting Machine
· Flame Cutting Machine
Metal Cutting Machine Application Outlook (Revenue, USD Million, 2016 - 2027)
· Aerospace & Defense
· Electronics & Electrical
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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