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The plasma cutting machine market size is estimated to grow at a CAGR of 5.62% between 2023 and 2028. The market size is forecast to increase by USD 539.92 million. The growth of the market depends on several factors such as the enhanced accuracy of cutting machines in cutting operations, the high demand for plasma cutting machines from shipbuilding sector, and the high growth potential in emerging economies.
The report includes a comprehensive outlook on the Plasma Cutting Machine Market, offering forecasts for the industry segmented by End-user, which comprises automotive, aerospace and defense, industrial construction, electrical equipment, and others. Additionally, it categorizes Type into portable and stationary, and covers Regions, including APAC, Europe, North America, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Plasma Cutting Machine Market Forecast 2024-2028
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Special-purpose machines such as CNC cutting machines can cut a wide range of materials, such as plastic, foam products, wood, rubber, and stainless steel, and produce high-quality cuts. These factors make them the preferred profiling method in end-user industries such as automotive, aerospace, electronics, and others. The heat-cutting process in plasma-cutting machines is used for profiling metal parts. In order to achieve optimal cuts and accuracy, CNC cutting machines use a precision plasma system.
Moreover, such a system uses a variety of gases, such as nitrogen, oxygen, or a mix of hydrogen, nitrogen, and argon, to generate the most precise and accurate cuts. The plasma-cutting machine market players are launching high-precision plasma systems in order to cater to the needs of different end-users. Thus, such developments and benefits are expected to drive the growth of the global plasma cutting machine market during the forecast period.
Partnerships and strategic alliances help the players in the global plasma cutting machine market to gain higher market shares, achieve product feature enhancements, and expand their geographic reach and product portfolios. Additionally, market players are also acquiring other market players to widen their product offerings and increase the distribution of their product lines across the world.
Furthermore, the market is also witnessing acquisitions that allow vendors to enhance their product reach. For instance, on March 7, 2023, ESAB acquired Swift-Cut, a global provider of CNC plasma cutting systems. The increase in M&A activities and strategic alliances is resulting in a rise in investments and innovations in the global plasma cutting machine market, which is subsequently supporting the growth of the market during the forecast period.
Plasma cutting technology offers several advantages when compared with the gas cutting technique; however, the initial investment plays a key role in choosing the type of equipment that end-users need to purchase and install. For instance, the initial investment in installing a plasma cutting machine is approximately six times higher than that of a gas cutting machine.
In addition, retrofitting plasma cutting machines cost 1.5 times more than gas cutting machines. Hence, the high-cost factor discourages many manufacturing industries from opting for plasma cutting machines and choosing other alternatives for metal-cutting technologies. Thus, such factors may impede the growth of the market during the forecast period.
The?automotive segment?will contribute a major share of the market. The automotive industry is the primary user of plasma cutting machines, where these machines are used for cutting the metal parts needed in almost every system in automotive vehicles, ranging from fuel delivery systems to airbag components.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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