by The global Welding Equipment Market is estimated to be valued at US$ 18.39 Bn or Billion in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Welding equipment are used to join materials through fusion welding process. Arc welding equipment segment holds the largest share in the welding equipment market, as arc welding process is widely used in various industries such as automotive, construction, oil & gas, etc. owing to its advantages such as versatility, reliability, efficiency and relatively low cost.
Market key trends:
One of the key trend gaining traction in the welding equipment market is advanced welding technologies. Manufacturers are focusing on development of advanced welding technologies such as laser beam welding, electron beam welding, friction stir welding etc. which provide advantages such as higher strength of weld, improved weld quality, reduced heat input and distortion. For instance, laser beam welding technology provides benefits such as narrow and deep weld seams, high welding speeds and precision. Introduction of such advanced welding technologies is expected to drive the demand for welding equipment during the forecast period.
Market key trends:
The global welding equipment market has been witnessing rising demand from end-use industries such as automotive, metal fabrication, aerospace & defense, and construction among others. Heavy investments in infrastructure development and rising automotive production are some of the key factors driving the growth of the welding equipment market. Additionally, the increasing demand for lightweight and high-strength steel from the automotive industry has encouraged manufacturers to focus on advanced welding technologies such as laser welding.
SWOT Analysis
Strengths: The welding equipment market benefits from its wide applications in various end-use industries. Moreover, technological advancements in welding equipment improving efficiency and productivity are a key strength.
Weaknesses: High initial investments and maintenance costs associated with sophisticated welding equipment are some weaknesses. Lack of skilled welders can also hamper market growth.
Opportunities: Growth opportunities lie in increasing demand from the automotive industry for advanced welding technologies. Emerging markets also present lucrative opportunities.
Threats: Volatility in raw material prices and growing adoption of 3D printing pose threats to the welding equipment market.
Key Takeaways
The Global Welding Equipment Market Size was valued at US$ 18.39 Bn in 2023 and is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period 2023 to 2030, due to increasing investments in the infrastructure and automotive industries. Asia Pacific accounts for a major regional market share with China representing the largest welding equipment market globally.
Regional analysis: Asia Pacific dominates the welding equipment market led by China. The region accounts for over 35% of the global demand attributable to the ongoing infrastructure developments and expanding automotive industry in the region. China is estimated to account for over 30% of the Asia Pacific welding equipment demand.
Key players: Amada Miyachi, Inc., Arcon Welding Equipment, Colfax Corporation, DAIHEN Corporation, ESAB Welding & Cutting Products, Fronius International GmbH, Illinois Tool Works, Inc., Nelson Stud Welding (Doncasters Group, Ltd.), Obara Corporation, Panasonic Corporation, Rofin-Sinar Technologies, Sonics & Materials, Inc., The Lincoln Electric Company, and Voestalpine AG.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
