global plasma cutting machine market
The global market for plasma cutting equipment is expected to be robust in the coming years. The current scenario looks like industries around the world are becoming more human with self-service tools, integrated workflows, and seamless virtual triage. In other words, workflows are optimized so that precision can be better worked on. Operational resilience could be built by creating a one-stop solution to improve driving results and uptime across all operations.
The prevailing importance of cutting operations as a key process in a number of industries has driven the demand for effective equipment and the introduction of advanced cutting technologies such as plasma cutting. In the recent past, several manufacturers of industrial cutting systems have got involved in the production of plasma cutting systems. The advantage of plasma cutters to provide excellent cut quality at high speeds is seen as one of the main reasons for their introduction.
In addition, these devices can provide clean cuts with negligible slag and over a wide operating temperature range. New plasma materials are being introduced to increase the efficiency of plasma cutting systems in large-scale cutting applications. However, high maintenance costs, the lack of qualified specialists and the increasing complexity in the procurement of raw materials have prevented the introduction of plasma cutting systems in all industries.
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Persistence Market Research has published an exclusive study on the world market for plasma cutting systems that provides comprehensive forecasts of how the introduction and manufacture of these systems will develop in the coming years. According to the report, the world market for plasma cutting systems is expected to grow at a moderate CAGR of 4% in the forecast period 2017-2026. At the end of this period, the global plasma cutting equipment market is estimated to be worth $ 795 million.
Global market for plasma cutting equipment
North America has the highest acceptance of plasma cutting systems
A regional analysis included in the report pinpoints North America as the most lucrative market for introducing plasma cutting systems. Over the years, the demand for plasma cutting equipment has grown in the US and Canada. The heavy metals industry in North America is experiencing robust growth due to changing trade policies and favorable industry regulations. In addition, quality control is a high priority in industrial cutting processes across North America.
The report estimates that the North American plasma cutting equipment market will be valued at nearly $ 240 million by the end of 2026. The report also estimates that several plasma cutting equipment manufacturers will expand their facilities in the Asia Pacific ex Japan (APEJ) region by the end of 2026. Manufacturing centers such as China and India will continue to drive the lucrative development of the APEJ market for the low-cost manufacture of plasma cutting systems.
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Marine and offshore applications of plasma cutting equipment to reflect rapid sales growth
During the forecast period, it was estimated that applications of plasma cutting systems in heavy machinery production will generate the highest sales on the world market. In 2017, plasma cutting systems valued at over US $ 115 million for heavy metal manufacturing were sold worldwide.
The report also shows that applications of plasma cutting systems in the automotive and transportation industries will have a significant share in world market values throughout the forecast period. However, shipbuilding and offshore plasma cutting applications will see the fastest revenue growth over the forecast period with an estimated CAGR of 5.1%.
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This press release was published on openPR.