The global manual cutting equipment market is expected to grow at a moderate growth rate, says Transparency Market Research (TMR). Companies present in the manual cutting equipment market are putting efforts to diversify their product portfolio through research and development activities.
They are also getting into mergers and acquisitions with other players in the market that will help them gain larger number of customers and increase their geographical reach. The report also covers the various aspects of the market, which include product synopsis, innovations, financials, development, and business strategies by the players in the market. Some of the key players in the market are Lincoln Electric Company, Colfax Corporation, Matheson tri-gas Inc., Fronius international GMBH Illinois Tool Works Inc., Gentec, Messer group, Air Liquide, Linde group, and GCE holding AB.
According to report, the manual cutting equipment market is estimated to reach a market valuation of US$ 2.2 bn by the end for forecast period 2017 to 2026. The market is expected to rise at 3.0% of CAGR during same course of time. Under the application category, others segment have the largest market share and is leading the market. However, during the forecast tenure automotive and transportation segment is projected to expand at 3.8% of CAGR. As per the regional analysis, North America is estimated to lead the market with high market valuation. Asia Pacific is expected to attain the second position after North America. Combined regional growth for these two regions is estimated to reach up to US$ 0.6 bn by end of the forecast period.
Increasing Demand for Repair and Maintenance Activates to Boost Market
During the last few years, construction sector and automotive industry have increased the demand for manual cutting equipment. In addition, rising need for maintenance and repair activities have grown the demand for the manual cutting equipment. Higher use of this equipment in renewable energy sector and in oil and gas industry pushed the demand further for this market.
Considering other factor, resulting in the growth of manual cutting equipment market are increasing per capita income in the middle-income group, which has grown the purchasing power of the consumers. Moreover, the significance of manual cutting equipment is seen in automobile manufacturing industry, construction activities, and in production of crude steel, propelling the need for manual cutting equipment market.
High Cost of Cutting Equipment to Restrict Market Growth
On the other hand, there certain factors that may hamper the growth of the manual cutting equipment market. High cost of cutting equipment is one of the major concern that is expected to restrict the market. Moreover, difficulty faced at the time of setting up the cutting equipment may also restrict the market to grow at its full potential.
However to minimize these restraints players are putting efforts to provide better product offerings. They are equally putting efforts in research and development activities that will help in getting new products in the global manual cutting equipment market.