PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419094
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419094
Metal Cutting Machine Market size was valued at USD 5,930.4 Million in 2022, expanding at a CAGR of 5.2% from 2023 to 2030.
Metal cutting machines (MCM) are pieces of power-driven machinery that cut or remove portions of a workpiece to shape and size specifications. Waterjet, flame, plasma, and laser are a few typical product types. These devices are widely utilized in many different applications to cut a variety of ferrous and non-ferrous metals into final products with the required geometry.
Various factors including the expanding adoption of Industry 4.0 systems, the growing need for automated metal-cutting technology, and the rapidly expanding global building and construction sector, metal-cutting machines are in high demand. The increasing demand for metal goods across a range of industries has led to a steady growth in the market in recent years. Improvements in metal cutting technology have led to the development of more creative cutting tools, which have raised output, reduced waste, and improved the overall quality of metal goods. The market is expanding due to the rise in demand for metal-cutting equipment from different industries.
By facilitating real-time data interchange, industry 4.0 technologies like automation, data analytics, and the Internet of Things (IoT) are being used more frequently to maximize laser-cutting machine productivity and achieve optimal production. Manufacturers want to increase output, reduce downtime, and run their businesses more profitably, all of these factors are boosting the demand for metal-cutting machines.
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.2% over the forecast period (2023-2030)
The Global Metal Cutting Machine Market is segmented on the basis of Product, Application, Distribution Channel, and Region.
The market is divided into four categories based on Product: laser cutting machine, waterjet cutting machine, plasma cutting machine, and flame cutting machine. The laser cutting machine segment dominates the market. The high-power efficiency and precision in metal cutting is boosting segment growth.
The market is divided into six categories based on Application: automotive, defense & aerospace, construction, marine, electrical & electronics, and others. The automotive segment dominates the market and is likely to maintain its dominance during the forecast period. These machines are widely used to cut different interior and exterior components of vehicles.
The market is divided into two categories based on Distribution Channel: online and offline. The offline segment dominates the market and is likely to maintain its dominance during the forecast period. The larger network of offline channel partners selling components is contributing to segment growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market is formed by stiff competition, with some numbers of market players holding a sizable chunk of the industry. The manufacturers employ a range of tactics, such as acquisitions, joint ventures, product development, expansions into new markets, and mergers, to increase their market share and meet the evolving technological needs of diverse industries, including automotive, defense & aerospace, construction, marine, electrical & electronics, and others.
In February 2023, AMADA Co. Ltd. proclaimed the introduction of its NC equipment 'AMNC 4ie' for fiber laser cutting and press brakes.
The scope of this report covers the market by its major segments, which include as follows: