Manual Cutting Equipment Market Forecasted to Grow at 5.1% CAGR, Reaching US$ 2.8 billion by 2031 – TMR Study

Wilmington,USA,2024-Mar-11 — /EPR Network/ —The global Manual Cutting Equipment market, valued at US$ 1.8 billion in 2022, is expected to witness robust growth with an estimated Compound Annual Growth Rate (CAGR) of 5.1% from 2023 to 2031. Analysts attribute this growth to the expanding manufacturing and steel sectors and the increasing demand for portable and handheld tools. This comprehensive market research study aims to provide insights into key aspects of the market, including market size, growth trends, key players, competitive landscape, consumer behavior, emerging technologies, regulatory environment, and future outlook.

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Market Overview

Manual cutting equipment encompasses tools and devices used for cutting various materials manually, without the aid of automated systems or power sources. These tools find applications in industries such as manufacturing, construction, automotive, and arts and crafts. Various types of manual cutting equipment include plasma, oxy-fuel, laser cutting, waterjet cutting, and carbon arc cutting.

Key Drivers of Market Growth

The growth in manufacturing and steel sectors globally is a significant driver for the development of the manual cutting equipment market. Manual cutting tools are employed in industries to achieve quick, cost-effective, and accurate cutting. Additionally, the surge in demand for portable and handheld tools is contributing to market growth. The adoption of new technologies, such as waterjet cutting, carbon arc cutting, and laser cutting, in the automotive sector further boosts the market landscape.

Market Challenges and Opportunities

While the manual cutting equipment market is witnessing substantial growth, the rise in the trend of automation poses a challenge. Automation, with its remote monitoring and control capabilities, is gaining traction, particularly in large-scale manufacturing sectors. However, there is an opportunity for manual cutting equipment to cater to specific situations or smaller-scale operations, providing quick, cost-effective, and accurate cutting solutions.

Regional Dynamics

North America held the largest share in the manual cutting equipment market in 2022. Factors such as increased demand for cutting equipment, the rise in popularity of DIY trends, consumer preference toward independent services, shortage of skilled labor, and high labor costs contribute to the market dynamics in the region. Additionally, the modern trend of nuclear families in the U.S. has led to significant household ownership, boosting the demand for manual cutting tools for various activities.

Analysis of Key Players

Key players in the manual cutting equipment market are actively investing in research and development to expand their product portfolio. Companies such as Enovis, GENSTAR TECHNOLOGIES, Messer Group, Matheson Tri-gas Inc., Lincoln Electric Company, Illinois Tool Works Inc., Air Liquide, Linde Group, GCE Holding AB, and Fronius International GmbH are leading the market. These companies focus on integrating the latest technological advancements into their offerings to cater to a wide range of end-users.

Key Developments

Recent key developments in the manual cutting equipment industry include Messer Cutting Systems’ acquisition of Flame Technologies, Inc., strengthening its position as an international solution provider. The Lincoln Electric Company introduced the ‘Torchmate 4510,’ a CNC plasma cutting machine, to enhance production capabilities across metal cutting operations.

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Future Outlook and Recommendations

The future outlook for the manual cutting equipment market is optimistic, driven by the growth in manufacturing sectors and the ongoing demand for portable tools. Stakeholders seeking to enter, expand, or optimize their presence in the market should consider investing in research and development, strategic partnerships, and the development of innovative cutting tools. Recommendations include a focus on technological advancements and customization to meet evolving consumer demands.

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