New York, Jan. 13, 2021 (GLOBE NEWSWIRE) — Rising adoption of industry 4.0 in the automotive industry is a significant factor influencing growth of the metal cutting machine market.
Market Size – USD 6,256.4 Million in 2019, Market Growth – at a CAGR of 5.3%, Market Trends – Growth of the building and construction industry
The global metal cutting machine market is forecast to reach USD 9,492.8 Million by 2027, according to a latest report offered by Reports and Data. Demand for metal cutting machines has been inclining significantly in the recent past, and this can be attributed to rising adoption of industry 4.0 across traditional manufacturing and industrial practices. Also known as the Fourth Industrial Revolution, Industry 4.0 involves the deployment of automation and advanced technologies, and effective processes in the industrial sector. The ongoing factory automation trend is fueling demand for and deployment of more innovative and advanced technologies in manufacturing processes, in order to enhance productivity and improve product quality and workforce management. Also, quality assurance is a significant aspect in the manufacturing sector, which requires efficient functioning of equipment and machinery. When a machine malfunctions or functions inefficiently, the quality of output metal products suffers. Industry 4.0 offers a real-time quality assurance of the metal cutting machines, thus driving the market growth.
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Metals used in the building & construction industry are required to be cut and fabricated according to specific dimensions. Metal cutting is a function of forming and fabricating metal as per the prerequisite specifications laid out in the architectural plans. In the construction sector, metal can be required to be cut for various applications, including structural supports (pipes, I-beams, or holes), roofing (such as thin sheet metal for air-conditioners), and embellishments among others.
The COVID-19 impact:
The COVID-19 pandemic has severely impacted industrial activities and operations, as well as economic conditions of countries globally. The metal cutting machine industry has also been majorly impacted as a result of disruption of worldwide supply chains and shutdown of metal and metallurgy production facilities. Besides, the forced lockdown and movement restrictions had resulted in a shortage of workforce to operate metal cutting machines.
Metal Cutting Machine Market By Product Type (Laser Cutting Machine, Waterjet Cutting Machine, Plasma Cutting Machine, Flame Cutting Machine), Industry Vertical (Automotive, Aerospace & Defense, Building & Construction, Electronics & Electrical, Marine), Distribution Channel (Online, Offline), and Region Forecast To 2027, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/metal-cutting-machine-market
Further key findings in report
- Laser cutting machines do not need tool change for each cutting job and the same setup can cut varying shapes and material thicknesses. Besides, complex cuts can be easily made with these metals cutting machines. Superior precision is a significant advantage of laser cutting over other cutting methods.
- The primary advantage driving the growing use of metal cutting machines in the electronics industry is the ability to cut minute and complex parts. As electronic parts continue to get smaller, electronics product manufacturers are progressively shifting from conventional methods of metal cutting to innovative technologies such as laser cutting.
- The metal cutting machine market in Asia Pacific accounted for largest revenue share in 2019. Dominance of the Asia Pacific market is due to increasing growth of end-user industries such as automotive, aerospace, building & construction, and marine. Furthermore, presence of leading metal cutting machine manufacturers in the region is supporting market growth.
- Major players are focusing on various strategies to expand production capacity, entering into strategic agreements and partnerships, and mergers and acquisitions. In June 2020, Sandvik announced its acquisition of the cutting tools business unit of QUIMMCO Group, which is a private firm providing integral machining solutions.
List of Top Companies Profiled in this Metal Cutting Machine Market Report are:
- Colfax Corporation
- Koike Aronson Inc.
- Flow International Corporation
- Omax Corporation
- Bystronic Laser AG
- Nissan Tanaka Corporation
- Coherent Inc.
- Amada Co. Ltd.
- and Lincoln Electric Holdings Inc.
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For the purpose of this report, Reports and Data has segmented the global metal cutting machine market on the basis of product type, industry vertical, distribution channel, and region:
- Product Type Segment Outlook (Revenue, USD Billion; 2020–2027)
- Laser Cutting Machine
- Waterjet Cutting Machine
- Plasma Cutting Machine
- Flame Cutting Machine
- Industry Vertical Segment Outlook (Revenue, USD Billion; 2020–2027)
- Aerospace & Defense
- Building & Construction
- Electronics & Electrical
- Distribution Channel Segment Outlook (Revenue, USD Billion; 2020–2027)
- Regional Outlook (Revenue, USD Billion; 2020–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
- North America
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