Extensive Use of Cutting Equipment
Increasing demand of fabricated metal sheets in the manufacturing industry requires better cutting equipment with better finishing operations. Also, the machines used in industrial manufacturing sector incorporate state-of-the-art technologies to maintain high precision and quality as the industry require high value outputs. The automobile sector also requires cutting tools for generating teeth on gears. Further, the exponential boom in the Unmanned Aerial Vehicle (UAV) manufacturing industry is also projected to positively impact the market growth over the forecast period.
Advancement in Automation
Automatic bending equipment can increase the production of components through its fast and easy to use bending quality. The application of smaller bars of automated cutting system can significantly produce more tonnage of fabricated metal pieces and also perform cutting and bending in a single process. Increasing accuracy and speed of equipment can reduce man hours, labor and scrap, thus resulting in enhanced production. Increasing focus on advanced metal cutting equipment is estimated to boost the market growth over the forecast period.
Minimal Surface Defects
Cut and bend equipment exhibit a high degree of reliability and efficiency while performing their cutting operations. As compared to electrical equipment, they produce less thermal and mechanical stress. Further, they do not result in the formation of Heat Affected Zones (HAZ) that could result in metallurgical defects over the surface of material. Additionally, improved design of cut and bend equipment is anticipated to propel the growth of the market.
Cut and bend equipment require high initial setup cost and regular maintenance which further results in increased operational cost. Additionally, availability of additional resources such as nonstop power supply while setting up these machines is also needed for cutting operations. The automated cutting equipment has higher cost as compared to semi-automatic ones. Also, they are bulkier due to in-built components needed for automatic functions which is further estimated to hamper the market growth over the forecast period.
The cut and bend equipment market is anticipated to record a CAGR of around 9.26% over the forecast period. The market is segmented by product type into mesh cutting and bending, cutting and shaping, straightening; by operation mode into semi-automatic and automatic; by end user into construction/engineering contractors, manufacturing, steel, and wire/mattress. Cutting and shaping segment is projected to capture the largest market share owing to improvement in the machine by replacing conventional stirrup machines with high strength stirrup machines.
Get more information on this report: Download Sample PDF
Our-in depth analysis of the cut and bend equipment market includes the following segments:
By Product Type
By Operation Mode
By End user
On the basis of regional analysis, the cut and bend equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific market is anticipated to capture the largest market share in the cut and bend equipment market owing to growing infrastructure and construction activities encouraging the market growth. Industrial product manufacturers are focusing on advanced technology products due to rapid adoption of Industrial Internet of things (IIoT) in the region. With increasing awareness for better infrastructure and rising government initiatives, Asia Pacific region is expected to hold a significant revenue share by 2027.
The cut and bend equipment market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.