The North America Metal Fabrication Equipment Market would witness market growth of 7.08% CAGR during the forecast period (2021-2027).
Metal fabrication is one of the dangerous tasks since it involves a high risk of life. Labors who handle this heavy equipment, work under extreme heat conditions to melt metals and inhale dangerous chemical and gas fumes during this process. But the usage of correct equipment can help in minimizing safety risks and enhance the efficiency of the manufacturing business. In addition, equipment manufacturers are consistently developing the latest tools and equipment to improve the metal fabrication procedure and hence, support the production of any company.
Steel is one of the byproducts extracted from mines. Mining is the most crucial and complicated process that includes a lot of hard work, several tools, and machinery, which are developed by using metal fabrication tools. The equipment utilized in mining includes trucks, draglines, loaders, and shovels. Such equipment is made by utilizing fabricated steel sections like beams, rails, rods, pipes, grading, and fittings.
The U.S. mining industry includes the detecting of resources for beneficiation, extraction, and processing of naturally formed solid minerals from the earth. There are several metals and other minerals extracted in the US that form a crucial source of raw materials for the U.S. building and chemical industries. All these metals and resources are used for the production of electronics and consumer products. For instance, approximately 65 minerals are needed to make a modern computer as stated by the US Department for Energy.
The USA market dominated the North America Cutting Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3.95 billion by 2027. The Canada market would showcase a CAGR of 7% during (2021 - 2027). Additionally, The Mexico market is experiencing a CAGR of 9.1% during (2021 - 2027).
Based on Type, the market is segmented into Cutting, Welding, Bending, Machining, and Other Types. Based on Application, the market is segmented into Job Shops, Automotive, Aerospace and Defense, Mechanical Components, and Other Applications. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Metal Fabrication Equipment Market is Estimated to Reach USD 103.43 billion by 2027 at a CAGR of 9.62%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bystronic Laser AG, IPG Photonics Corporation, Colfax Corporation, TRUMPF GmbH + Co. KG, Amanda Holdings Co. Ltd., Jenoptik AG, Jet Edge International, OMAX Corporation (Hypertherm), and Messer Cutting Systems GmbH.
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