Fr. Mrz 29th, 2024

Welding Equipment Market size is forecast to reach US$23.1 billion by 2027, after growing at a CAGR of 5.9% during 2022–2027. Welding is a process used to join the materials, such as thermoplastics or metals, by using high temperatures. Resistance welding is widely preferred in automotive, aerospace and industrial applications for joining of metals. Oxy fuel welding is the welding process that uses fuel gases and oxygen to weld or cut metals. Other welding technologies including electron beam welding, plasma arc welding, magnetic pulse welding and flux cored welding are gaining increased use in increased controlled environments such as usage of computer numeric control equipment. The rapid urbanization along with growing manufacturing sectors in emerging economies are driving the market growth for Welding Equipment during the forecast period. The growing demand from end-use industries such as automotive, construction, heavy industries, and manufacturing are driving the market growth for wielding products. Growing renovation activities in the construction industry are also supporting the market growth during the forecast period. The growing infrastructure activities in developing nations such as China, India, Japan, and Australia are also propelling the market growth during the forecast period. However, the lack of skilled workers and the environmental impact of welding gases are likely to hamper the market growth during the forecast period. The COVID-19 pandemic is impacting different industries; one of the few industries that were largely hit to some extent was the Welding Equipment industry. The demand for Welding Equipment also reduced as the majority of the Welding Equipment are linked to the end-use industries, which are also faced difficulties during the pandemic. The downfall in the construction and manufacturing industries and lack of workforce impacted the market negatively during the covid-19 crises.

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Welding Equipment Market Report Coverage

The report: “Welding Equipment Market — Forecast (2022–2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Welding Equipment industry.

By Product: MIG & TIG welders, Welding tables, Magnets, Clamps, Weld Tabs, Grinding wheels, Helmets and gloves, Wire [Solid Wires, Flux-Cored Wires, Saw Wires, Others], Electrodes & Filler Materials, and Others

By Technology: Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, and Others.

By End-use Industry: Transportation [Automotive, Aerospace, Railways, and Marine], Building & Construction [Residential Construction, and Commercial Construction], Heavy Industries [Power & Energy, Oil & Gas, Machinery Manufacturing, and Others], Mining, and others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Denmark, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (the Middle East and Africa)

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Key Takeaways

  • The Asia Pacific is expected to register the highest CAGR of 6.9% during the forecast period (2022–2027). Rapid urbanization and emerging economies are the major factors driving market growth.
  • Constant technological evolution to weld complex and large structures are supporting the market growth during the forecast period.
  • The manufacturers are involved in developing advanced Welding Equipment for various end-use industries. Investments in research and developments to enhance the capabilities of Welding Equipment are supporting the market growth.

Welding Equipment Market Segment Analysis — By Technology

The Arc welding segment accounted for more than 25.2% of the market share in 2021 and is estimated to grow significantly during the forecast period. Arc welding is used to weld metals in a wide range of thicknesses with good flexibility. The technology has the advantage of high heat concentration during the welding process. Arc welding is the widely preferred welding technology among end-user industries due to its low cost and the technology is used for a wide range of metal surfaces. Resistance welding technology is expected to grow at a high CAGR in the global Welding Equipment market during the forecast period 2022–2027. The technology is used for various welding processes such as spot welding, projection welding, and seam welding in the automotive sector. The rapid growth in the automotive sector is one of the major factors driving the market for resistance welding technology during the forecast period.

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Welding Equipment Market Segment Analysis — By End-Use Industry

The building & construction segment accounted for more than 27.5% of the market share in 2021 and is estimated to grow significantly during the forecast period. The growing construction activities in both developed and developing nations are supporting the market growth for the construction industry. Rapid industrialization in the Asia Pacific region is also driving the market growth during the forecast period. Welding Equipment are used to weld complex and large structures in the construction industry. The automotive and marine segments are also expected to hold a significant share in the end-user segment. The increasing importance of manufacturing high-quality automotive components and growing marine applications are positively driving the demand for Welding Equipment during the forecast period.

Welding Equipment Market Segment Analysis — By Geography

Asia Pacific region held the largest share in the Welding Equipment market in 2021 at 35.4%, owing to the presence of multiple end-use industries. The presence of developing nations such as China and India is driving the market growth in the region. The rapid expansion of the automotive industry along with the growing production of vehicles are driving the market growth. According to the data published by OICA, India produced more than 3.3 million vehicles in 2020. The rapid growth in population, growing number of working individuals, and growth in income levels are some of the major factors driving the regional market. The European region is also expected to hold a significant share in the global market. The presence of global automobile manufacturers such as BMW, Mercedes, Volkswagen, DAF Trucks, Daimler, and Fiat Chrysler Automobiles among others supporting the market growth during the forecast period.

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Welding Equipment Market Drivers:

Growing demand from the construction industry

The usage of Welding Equipment in the construction sector is increasing gradually to weld huge structures and metal products such as iron and steel. Over the past few years’ construction industry is growing significantly. The economic growth, investments in infrastructure projects, and technology advancements are boosting the industry. According to the data published by the U.S. Commerce Department, the U.S. construction spending is increased by 0.9 percent to US$1.4 trillion in 2020. According to the data published by the U.S. Census Bureau, approximately 1,760,000 new house permits are given in the United States in April 2021. According to IBEF analysis, the Indian real-estate sector is expected to reach USD650 billion by 2025 and Indian real-estate attracted US$5 billion institution investment in 2020. According to the Asian Times, the China government has allocated 33.83 trillion yuan (US$4.8 trillion) in the 2020 investment plan and “major infrastructure” projects development.

Growing Automotive Industry

Welding Equipment are used for welding different parts in the automotive sector. Welding is an important process used for bodywork and auto repair in the automobile industry. The commonly used welding techniques in the automobile industry include resistance spot welding, resistance seam welding, and metal inert gas (GMAW) among others. According to the data published by ACEA, approximately 18.5 million motor vehicles were produced in the European Union in 2019. They also mentioned about 10.8 million passenger cars are produced in the European Union in 2020. According to the data published by OICA, China produced 2.21 million heavy trucks in 2019 and 2.98 million heavy trucks in 2020.

Welding Equipment Market Challenges:

Shortage of skilled labor and high labor cost

The welding industry is highly dependent on skilled labor. According to welding industry experts, there is a shortage of skilled welders across the world. The high labor cost in the developed region such as North America and Europe is the major challenge facing by the welding industry. The majority of infra-project contractors are using welding and cutting tools and they are facing a shortage of skilled welding workforce in their operations. Infrastructure projects such as roads, railways, bridges, power, and shipping are highly dependent on metal joining technologies. According to the Indian Institute of Welding (IIW), there is a short supply of 1.2 million welding professionals including welders, cutters, fitters, and equipment operators, among others. They also mentioned the worker’s shortage in India may increase to 1.35 million in the next three years.

Welding Equipment Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Welding Equipment market. Major players in the Welding Equipment market are Voestalpine AG, Colfax Corporation, Illinois Tool Works Inc., The Lincoln Electric Company, HYUNDAI WELDING CO., LTD., OBARA CORP, Mitco Weld Products Pvt. Ltd., Kemppi Oy, Rofin-Sinar, Arcon Welding Equipment

Recent Developments

In November 2020, ESAB Welding & Cutting Products has introduced Shield-Bright NiCrMo-3, a 625-type electrode for manual and automatic flux-cored wide-weave welding of 9% nickel steel in the vertical-up (3G) position and using 75% argon/25% CO2 shielding gas.

In September 2020, Lincoln Electric introduced new GTAW (TIG) cut lengths with high silicon formulations using stainless steel alloys for the clean and high quality welding process.

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