According to the report titled ‘Global Metal Fabrication Equipment Market Size study, by Type (Cutting, Machining, Welding, Bending and Others), by Application (Job Shops, Automotive, Aerospace & Defense, Mechanical Application and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global metal fabrication equipment market was valued at USD 73.8 billion in 2019 and is projected to reach USD 100.2 billion mark by the year 2027, growing at an yearly rate of 3.9% throughout.
 

Surging rate of machining and metal fabrication to meet the ever-increasing demands from automakers as well defense & aerospace sector, coupled with advancements in technology, and growing focus on Industry 4.0 implementation are factors bolstering the growth of global metal fabrication equipment market. ‘
 

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Additionally, a rise in number of smart factories with incorporated IoT and automation will create positive business scenario. According to a report by Digital Transformation Institute - Capgemini, 43% of manufacturers across the world have smart factories, while 33% are outlining the smart factory initiative, while remaining 8% will do so in succeeding 3-5 years.
 

For the unversed, metal fabrication is a procedure that involves shaping of metals by bending, cutting, milling, forming, welding, stamping, machining and assembling.
 

Rise in global population, utilization of goods with improve lifestyles, along with speedy urbanization, and increasing dependency on machines which will thus facilitate worldwide metal fabrication equipment market growth.
 

On the other hand, inadequacy of raw materials and their unstable pricing patterns are key challenges impacting the global metal fabrication equipment market outlook negatively.
 

Based on type, the marketplace can be segmented into machining, welding, bending, cutting, and others. Various application areas of metal fabrication equipment include automotive, aerospace & defense, job shops, mechanical application and others.
 

Speaking geographically, Asia Pacific held the majority market share in the recent past and is poised to showcase similar growth trends over 2020-2027. Swift adoption of advanced technologies across manufacturing sites in emerging economies like India, Indonesia, and China, along with matured industrialization in developed nations like Japan and South Korea are providing the impetus for regional industry growth.
 

 IPG Photonics, Jenoptik AG, Messer Cutting Systems GmbH, Colfax Corporation, OMAX Corporation, Jet Edge Inc., Bystronic Laser AG, The TRUMPF Group, and AMADA Group are the major companies that form the competitive landscape of global metal fabrication equipment industry.