Asia leads cutting equipment market growth

The cutting equipment, accessories & consumables market by equipment is estimated to grow from USD 6.67 Billion in 2016 to USD 8.27 Billion by 2021, at a CAGR of 4.40%, according to MarketsandMarkets.

 

Factors such as increase in demand in Asia-Pacific and grow in demand from the end-use industries such as residential, commercial, institutional, infrastructure, industrial, and marine are some of the drivers for the growth of the cutting equipment, accessories, and consumables market.

 

The shielding segment dominated the market in 2015 and is projected to be the fastest-growing segment in the next five years, as a result of the rising demand for argon gas by the industries to meet the demand. Furthermore, the oxy-fuel segment is projected to be the second fastest-growing industry.

 

The plasma cutting technology is projected to grow at the fastest CAGR due to the growing demand from emerging countries such as China and India, which are ranked first and second respectively, in the cutting equipment, accessories, and consumables market. The second fastest growing sector is that of laser cutting.

 

The Asia-Pacific region leads the market due to its large population and its growing demands for better residential, commercial, institutional, and infrastructure spaces. As cutting equipment, accessories, and consumables have a widespread application in all these end-use industries, the Asia-Pacific region, which is witnessing major growth in these sectors as well, has become a large market for the cutting equipment, accessories, and consumables market. This is followed by North America, which is the next largest market for cutting equipment, accessories, and consumables.