Prevalent significance of cutting operations as a key process in a range of industries has driven the demand for effective equipment and the adoption of advanced cutting technologies such as plasma cutting. In the recent past, several manufacturers of industrial cutting equipment have forayed into production of plasma cutting equipment. The advantage of plasma cutting equipment in delivering excellent cut quality at high speeds is observed as a key driver for their adoption.
Moreover, these equipment can deliver clean cuts with negligible dross and across a wide range of operating temperatures. New plasma materials are being introduced to increase the efficiency of plasma cutting equipment in large-scale cutting applications. However, high maintenance costs, lack of skilled professionals, and increasing complexities in procurement of raw materials have deterred the adoption of plasma cutting equipment across industries.
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Persistence Market Research has published an exclusive study on the global market for plasma cutting equipment, which offers comprehensive forecast on how the adoption and manufacturing of these equipment will evolve in the years to come. According to the report, the global market for plasma cutting equipment is expected to expand at a moderate CAGR of 4% over the forecast period, 2017-2026. By the end of this period, it has been estimated that the global plasma cutting equipment market will touch a valuation of US$ 795 Mn.
North America to Register Highest Adoption of Plasma Cutting Equipment
A regional analysis provided in the report foresees North America as the most lucrative marketplace for adoption of plasma cutting equipment. Over the years, the demand for plasma cutting equipment in the US and Canada has matured. Heavy metal industries in North America are witnessing robust growth due to changing trade policies and favorable industrial regulations. Moreover, quality control is highly prioritized in industrial cutting processes across North America.
The report estimates that by the end of 2026, North America’s plasma cutting equipment market will be worth nearly US$ 240 Mn. The report also estimates that by the end of 2026, several plasma cutting equipment manufacturers will be expanding their facilities in the Asia-Pacific excluding Japan (APEJ) region. Manufacturing hubs such as China and India will continue to propel the lucrativeness of APEJ market for cost-effective manufacturing of plasma cutting equipment.
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Shipping & Offshore Applications of Plasma Cutting Equipment to Reflect Rapid Revenue Growth
Over the forecast period, it has been assessed that heavy equipment fabrication applications of plasma cutting equipment will translate into highest amount of revenues in the global market. In 2017, more than US$ 115 Mn worth of plasma cutting equipment were sold across the globe for heavy metal fabrications.
The report further reveals that automotive & transportation applications of plasma cutting equipment will have a considerable share on the global market values throughout the forecast period. However, shipbuilding and offshore applications of plasma cutting equipment will register fastest revenue growth at an estimated 5.1% CAGR over the forecast period.
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