The “Global Welding Equipment Market, by Level of Automation (Manual, Semi-Automatic, and Automatic), by Welding Technology (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, and Others), by Application (Automobile & Transportation, Building & Construction, Marine Application, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Global Forecast to 2027”, is expected to grow at a CAGR of 7.9% during the forecasted period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Welding equipment is used to join two or more materials, typically metal, by using heat to melt the parts together and allow them to cool causing fusion. There are numerous welding equipment used such as helmet, gloves, angle grinder, wire brushes, electrode tip cleanser, linesmen cutting pliers, and more. On the basis of level of automation, the global welding equipment market is segmented into manual, semi-automatic, and automatic. Moreover, on the basis of application, the global welding equipment market is segmented into automobile & transportation, marine, building & constructions, and others.
The global welding equipment market was valued at US$ 12,034.81 Mn in 2018 and is expected to grow at a CAGR of 7.9% during the forecasted period (2019-2027)
Development of innovative welding techniques for various end-use applications is expected to boost the global welding equipment market growth during the forecast period
Welding technique is used in a variety of industries for numerous applications. For instance, ultrasonic welding technique is used to join plastics and dissimilar materials in all major industries such as electronics, automobiles, toys, textiles, medical devices, packaging, and more. On the contrary, friction stir welding (FSW) finds applications in aerospace, fabrication, robotics, automotive, etc. Moreover, electron beam welding is majorly used in packaging, aerospace, and electronics industry. This, in turn, is expected to propel the market growth over the forecast period.
Incorporation of efficient robotic welding systems is expected to offer lucrative growth opportunities for market players in the near future
Advanced computer technologies such as AI, computer-aided design, and remote control have been increasingly adopted in various industries. This is done to speed up the process of fusing and imparting better finish with precision to welds. Moreover, various industries are adopting smarter and more efficient robotic systems, in order to attain higher accuracy, manual errors, and labor costs. These factors are expected to offer new opportunities for key market players during the forecast period.
Lack of skilled labors in emerging economies is expected to restrain the global welding equipment market during the forecast period
There are certain welding techniques such as laser beam welding, ultrasonic welding or electron beam welding that requires highly skilled workforce. Moreover, it requires special tools that need to be operated by only trained individuals. Unavailability of trained and skilled labor force in emerging economies such as South Africa, India, and China is expected to hinder the market growth over the forecast period.
Major companies in the market are involved in research and development activities, in order to develop novel products and techniques. For instance, the Lincoln Electric has developed and patented the Surface Tension Transfer (STT) welding technique that helps to achieve good weld penetration with low heat input. Moreover, many companies are introducing new products series with the integration of new technology in existing products. For instance, in 2014, Fronius International GmbH launched TPS 600i, a new high-performance manual welding product. TPS 600i is used in heavy steel construction, repair works and welding of thick wires.
Developed countries across the world such as the U.S., Canada, and Western European Countries are focused on development of renewable energy infrastructures such as solar farms and wind farms. Such infrastructure require constant repair maintenance activities, which in turn, is expected to boost the demand for welding equipment in the near future. Moreover, heavy thickness metal parts and advanced high-strength steel is being used in these infrastructures, which increases the demand for welding equipment.
Key players operating in the global welding equipment market are 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.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.