Latest News- Plasma Cutting Machine Market: Automotive is expected to lead the End-user segment during 2024-2028
The Plasma Cutting Machine Market is being driven by Enhanced accuracy of cutting machines in cutting operations
The Plasma Cutting Machine Market is expected to grow at a CAGR of 5.62% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 539.92 million. Strategic partnerships and alliances are instrumental in driving growth in the global plasma cutting machine market. These collaborations enable market participants to broaden their product offerings, expand geographic reach, and enhance product features. Mergers and acquisitions (M&A) are also prevalent, with vendors acquiring competitors to strengthen their market position and extend their distribution networks. For instance, ESAB's acquisition of Swift-Cut, a leading CNC plasma cutting systems provider, on March 7, 2023, is a testament to this trend. This wave of M&A activities and strategic alliances is fueling investments and innovations in the global plasma cutting machine market, thereby propelling its growth during the forecast period.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Automotive, Aerospace and defense, Industrial construction, Electrical equipment, Others) Type (Portable, Stationary) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Plasma Cutting Machine Market Research Report
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The Plasma Cutting Machine Market involves the use of Plasma arc technology to cut metal and conductive materials, utilizing high-speed gas streams and nozzles. Single and dual flow designs are available, with shielded and unshielded options. Automatic control systems enhance efficiency, while plasma-operated cutting tools integrate with automation and robotic technology in metal fabrication. Global supply chains and infrastructure projects in manufacturing, construction, and transportation sectors benefit from programmed instructions using CNC technology and infrastructure development, including roads, bridges, and railways.
The Plasma Cutting Machine Market is a significant segment of the larger Global Industrial Machinery Market, encompassing businesses involved in the production of industrial machinery and components. This market category includes presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market research, the expansion of industrial output in process and discrete industries, driven by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries, will fuel the growth of the global industrial machinery market. This trend will consequently boost the demand for Plasma Cutting Machines, as they are essential tools for metal fabrication in various industries. Technavio's analysis calculates the size of the global industrial machinery market based on the combined revenue generated by manufacturers of machinery and components used in industrial settings. The Plasma Cutting Machine Market is further segmented into Single Flow and Dual Flow configurations, Shielded and Unshielded processes, Automatic Control and Manual Control systems, and Plasma, High Speed Stream, and Gas Stream types, each catering to specific industrial requirements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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