Industrial cutting processes have played a significant part in the overall manufacturing of products. From metal foundries to automobile manufacturing, the effectiveness of cutting technologies has been employed across multiple industrial verticals. Among which, plasma cutting methods have gained lucrative grounds in the global industrial landscape.
The advantage of using plasma cutting equipment in delivering high-quality cuts at less preparation time has driven their demand as an indispensable industrial equipment. The adoption of plasma cutting equipment has gained traction for their consistency in delivering clean cuts with negligible dross, and across a wide range of operating temperatures. However, complex operability of plasma cutting equipment is a key challenge inhibiting its adoption. Lack of skilled professionals, high maintenance costs and limited application scope are observed as key deterrents for the adoption of plasma cutting equipment.
During this forecast period, the global plasma cutting equipment market is assessed to expand at a moderate pace, reflecting a value CAGR of 4%. In the report, it has been estimated that the global sales of plasma cutting equipment will bring in revenues worth nearly US$ 795 Mn.
In the due course of the forecast period, the report has assessed that the global plasma cutting equipment market will witness a growing adoption of mechanized equipment. In 2017, over US$ 280 Mn worth of manual plasma cutting equipment were sold worldwide. However, their adoption is set to dwindle in the latter half of the forecast period. By the end of 2026, global sales of plasma cutting equipment will translate into revenues worth over US$ 445 Mn, registering a steady value CAGR over the forecast period. Operational advantages of mechanised plasma cutting equipment will continue to drive their demand in the upcoming years.
Heavy equipment fabrication applications of plasma cutting equipment to remain highly profitable.
Through 2026, majority of plasma cutting equipment manufacturers will be developing equipment that can serve a suite of cutting applications. Heavy equipment fabrication applications of plasma cutting equipment are expected to account for the largest cut of overall revenue pie. By the end of 2026, plasma cutting equipment worth over US$ 170 Mn will be used in fabrication of heavy equipment across the globe. The report also reveals that the demand for plasma cutting equipment in shipbuilding & off-shore industry will gain traction. Over the forecast period, the shipbuilding & off-shore applications of plasma cutting equipment are expected to reflect fastest revenue growth at a CAGR of 5.1%.
Key Stakeholders in Global Plasma Cutting Equipment Market
Leading manufacturers of plasma cutting equipment have been identified and profiled in this report, Companies namely, Colfax Corporation, Ador Elding Ltd., Flow International Corporation, Matheson tri-gas Inc., Lincoln Electric Company, Illinois Tool Works Inc., Barton International Inc., Linde group, GCE holding AB, and Fronius international GMBH have been recognized as key players in the global plasma cutting equipment market. In the years to follow, several manufacturers of plasma cutting equipment will be introducing high-speed cutting equipment. Moreover, new technologies will be incorporated by market players to extend their capabilities in procuring plasma materials, which will enable their products to facilitate excellent cut quality.
These insights are based on a report on Plasma Cutting Equipment Market by Persistence Market Research.