January 02, 2024 08:09 ET | Source: Emergen Research Emergen Research
Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global metal cutting machine market is set for robust growth, with a market size of USD 5.96 Million in 2022, poised to register a revenue CAGR of 5.3% during the forecast period. Key factors propelling this growth include the rising wave of industrialization in emerging countries, the automotive sector's rapid expansion, and the increasing adoption of Industry 4.0. 3d Printing Filaments
The market has undergone significant transformation fuelled by technological advancements and a shift towards automation and precision. Notably, the adoption of Computer Numerical Control (CNC) technology is on the rise, enhancing flexibility and precision in metal cutting operations. Automation elements such as tool changers and robotic systems are increasingly integrated to boost productivity.
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Integration of the Internet of Things (IoT) and Industry 4.0 has facilitated predictive maintenance, real-time monitoring, and data analysis in the industry. The automotive and aerospace sectors, reliant on sophisticated cutting technology, are major consumers of metal cutting machines. Laser cutting technology has gained popularity in industries like automotive, electronics, and medical, owing to its adaptability.
However, the emergence of additive manufacturing and 3D printing poses a challenge to conventional machining techniques. Moreover, high competition, regulatory requirements, and initial investment costs are hindrances to the market's revenue growth. Price fluctuations in raw materials also impact manufacturing costs, making it challenging for producers to maintain consistent prices and profitability.
Product Insights: Laser Cutting Dominates, Waterjet Cutting on the Rise
In 2022, the laser cutting machine segment secured the largest revenue share, driven by its precision, adaptability, and efficiency. Laser cutting technology's ability to cut through various materials with minimal waste makes it a cornerstone in the market. Waterjet cutting machines, with their cold cutting process and material flexibility, are expected to witness the fastest revenue CAGR during the forecast period.
Tools Insights: Indexable Inserts Lead the Way
Among tools, indexable inserts take the lead with the fastest revenue CAGR. These inserts provide adaptability, cost-effectiveness, and increased tool life, reducing the need for complete tool replacement and minimizing expenses and downtime.
Application Insights: Automotive Dominates, Construction Gains Momentum
The automotive segment held the largest revenue share in 2022, emphasizing its crucial role in the metal cutting machine market. Metal cutting machines play a vital role in shaping and cutting modern materials to meet the automotive industry's lightweighting goals. The construction segment is poised to register the fastest revenue CAGR, driven by the machines' efficiency in fabricating structural steel parts for various projects.
Regional Insights: Asia Pacific Leads, North America Shows Promise
Asia Pacific accounted for the largest revenue share in 2022, propelled by rapid manufacturing expansion and technical advancements, particularly in China, Japan, South Korea, and India. North America is expected to register the fastest revenue CAGR, driven by continuous investments in R&D, especially in industries like automotive, aerospace, energy, electronics, and healthcare.
In conclusion, the global metal cutting machine market is on an upward trajectory, fueled by technological innovations, automation trends, and the growing demands of key industries. While challenges exist, the market remains resilient, offering opportunities for manufacturers to adapt and thrive in this dynamic landscape.
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Major Companies and Competitive Landscape
The global metal cutting machine market is fragmented, with large and medium-sized players accounting for most of the market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, and testing. Some of the major companies included in the global metal cutting machine market report are:
For the purpose of this report, Emergen Research has segmented global metal cutting machine market on the basis of product, tools, application, and region:
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