The global plasma cutting equipment market is expected to experience strong growth in the coming years. The current scenario is such that industries around the world are becoming more human with self-service tools, integrated workflows and transparent virtual sorting. In other words, the workflows are optimized, so that the precision could be better worked on. Operational resilience could be enhanced by creating a single solution to improve driving results and availability throughout operational procedures.
The predominant importance of cutting operations as a key process in a range of industries has resulted in the demand for efficient equipment and the adoption of advanced cutting technologies such as plasma cutting. In the recent past, several manufacturers of industrial cutting equipment have embarked on the production of plasma cutting equipment. The advantage of plasma cutting equipment in providing excellent cut quality at high speeds is considered a key factor for their adoption.
In addition, this equipment can provide clean cuts with negligible slag and over a wide range of operating temperatures. New plasma materials are introduced to increase the efficiency of plasma cutting equipment in large scale cutting applications. However, high maintenance costs, lack of skilled professionals, and increasing complexity of raw material sourcing have deterred the adoption of plasma cutting equipment in all industries.
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Persistence Market Research has published an exclusive study of the Global Plasma Cutting Equipment Market, which offers a comprehensive forecast on how the adoption and manufacture of this equipment will develop in the coming years. According to the report, the global plasma cutting equipment market is expected to grow at a moderate CAGR of 4% during the forecast period, 2017-2026. At the end of this period, it has been estimated that the global plasma cutting equipment market will reach a valuation of US $ 795 million.
global plasma cutting equipment market
North America Reports Highest Adoption of Plasma Cutting Equipment
Regional analysis provided in the report predicts that North America is the most lucrative market for adoption of plasma cutting equipment. Over the years, the demand for plasma cutting equipment in the United States and Canada has matured. Heavy metal industries in North America are experiencing robust growth due to changing trade policies and favorable industrial regulations. Additionally, quality control is a high priority in industrial cutting processes across North America.
The report estimates that by the end of 2026, the North American plasma cutting equipment market will be worth nearly $ 240 million. The report also estimates that by the end of 2026, several manufacturers of plasma cutting equipment will expand their facilities in the Asia-Pacific region outside Japan (APEJ). Manufacturing centers such as China and India will continue to drive the profitability of the APEJ market for the cost-effective manufacture of plasma cutting equipment.
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Plasma Cutting Equipment Shipping and Offshore Applications to Reflect Rapid Revenue Growth
During the forecast period, it has been assessed that the heavy duty equipment manufacturing applications of plasma cutting equipment will result in the highest amount of revenue in the global market. In 2017, more than $ 115 million in plasma cutting equipment was sold worldwide for the manufacture of heavy metals.
The report further reveals that the automotive and transportation applications of plasma cutting equipment will have a considerable share in the global market values throughout the forecast period. However, shipbuilding and offshore plasma cutting equipment applications will register the fastest revenue growth at an estimated CAGR of 5.1% during the forecast period.
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