Coherent Market Insights

Welding Equipment Market To Surpass US$ 37.10 Bn By 2030

Welding Equipment Market To Surpass US$ 37.10 Bn By 2030 - Coherent Market Insights

Publish In: Jul 27, 2023

Global Welding Equipment Market is expected to Exhibit a CAGR of 10.54% During the Forecast Period (2023 - 2030), Owing to the rapid growth of the construction industry across the globe.

Global Welding Equipment Market, By Level of Automation (Manual, Semi-automatic, Automatic), By Welding Technology (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, Others), By Application (Automobile & Transportation, Building & Construction, Marine Application, Others) and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa) - Global Forecast to 2030, is expected to be valued at US$ Billion by 2030, exhibiting a CAGR of 10.54% during the forecast period (2023 - 2030), as highlighted in a report published by Coherent Market Insights.

Welding is a fabrication process that involves the application of heat to melt and fuse materials together, usually metals. Various welding processes exist, including arc welding, gas welding, laser welding, and resistance welding. Welding equipment includes welding machines, consumables (electrodes, filler materials, etc.), protective gear (helmets, gloves, etc.), and other accessories. The market has witnessed considerable growth over the past years owing to the increasing need for welding equipment in a variety of industries, including shipbuilding, offshore exploration, oil & gas, aerospace, automotive, construction, and energy. The demand for welding equipment is also being fueled by consumers' preference for automated devices over manual ones. The majority of the demand for welding equipment is tied to end-use businesses such as automotive, aerospace, transportation, and construction, which are also experiencing operational difficulties due to the pandemic.

Global Welding Equipment Market– Drivers

Increasing Demand for Lightweight Materials

The need for lightweight materials, such as aluminum and composites, in industries like automotive, aerospace, and shipbuilding, drives the demand for specialized welding equipment. These materials require specific welding techniques and equipment to ensure proper joining and structural integrity. For Instance, in 2020, Ford Motor Company, one of the world's leading automotive manufacturers, introduced the all-new Ford F-150 pickup truck. This vehicle featured a significant amount of lightweight materials, including high-strength aluminum alloys in its body structure. The shift from traditional steel to aluminum alloys reduced the vehicle's weight by approximately 700 pounds, resulting in improved fuel efficiency and increased payload capacity.

Automotive and Transportation Industry

The automotive and transportation industry is a significant driver for the global welding equipment market. The demand for vehicles, including cars, trucks, and trains, necessitates the use of welding equipment for manufacturing and repair processes. For instance, in 2020 and 2021, the electric vehicle (EV) industry witnessed significant growth, with several automakers introducing new EV models and expanding their production capacities. This surge in EV production created a demand for specialized welding equipment capable of joining lightweight materials used in electric vehicle manufacturing, such as aluminum and advanced high-strength steel.

Global Welding Equipment Market – Opportunities

Automotive Industry Growth

The automotive industry continues to evolve, with an emphasis on electric vehicles (EVs), autonomous vehicles, and lightweight materials. These trends drive the demand for welding equipment for the production of EV components, assembly of advanced vehicle structures, and joining lightweight materials like aluminum and composites.

Technological Advancement

The ongoing advancements in welding technologies and equipment offer opportunities for market players. Innovations such as laser welding, friction stir welding, and hybrid welding processes continue to expand the capabilities and applications of welding equipment, driving demand in various industries.

Adoption of Industry 4.0

The implementation of Industry 4.0 concepts, including the Internet of Things (IoT), data analytics, and cloud computing, presents opportunities in the welding equipment market. The integration of IoT capabilities into welding machines enables real-time monitoring, predictive maintenance, and remote control, enhancing operational efficiency and productivity.

Global Welding Equipment Market– Restraints

Impact of Substitutes

Some welding applications can be replaced by alternative joining methods, such as adhesive bonding, fasteners, or advanced composite materials. These substitutes offer advantages like lightweight construction, faster assembly, and flexibility. The availability of alternatives can limit the growth potential of the welding equipment market in certain applications and industries.

Trade Barriers and Tariffs

Trade barriers, import/export restrictions, and tariffs imposed by governments can impact the global welding equipment market. Such barriers can increase the cost of imported equipment, disrupt supply chains, and affect market dynamics, particularly for international manufacturers and suppliers.

Slow Adoption in Traditional Industries

Certain traditional industries, such as small-scale manufacturing, construction, and repair services, may have a slower adoption rate of advanced welding technologies due to factors like limited resources, resistance to change, and reliance on conventional methods. This can limit the market growth potential in these sectors.

Global Welding Equipment Market-Trends

Energy-efficient Welding Equipment

Energy efficiency has become a key consideration in the welding equipment market. Manufacturers are developing energy-efficient welding machines that consume less power and produce minimal waste heat. This equipment not only contributes to cost savings but also aligns with sustainability goals and environmental regulations.

Lightweight Materials and Dissimilar Material Joining

With the growing demand for lightweight materials like aluminum, composites, and high-strength steels, there is a need for welding techniques and equipment that can effectively join dissimilar materials. The market is witnessing innovations in welding technologies to accommodate the challenges posed by dissimilar material joining, ensuring strong and reliable bonds.

Automation and Robotics

The integration of automation and robotics in welding processes is a prominent trend in the industry. Robotic welding systems offer advantages like increased productivity, consistent weld quality, and improved workplace safety. The demand for robotic welding solutions is rising as industries seek to optimize their operations, reduce labor costs, and mitigate the shortage of skilled welders.

Global Welding Equipment Market- Impact of Coronavirus (Covid-19) Pandemic

The global welding equipment market, like many other industries, has experienced a significant impact from the Coronavirus (COVID-19) pandemic. The outbreak of the virus and subsequent lockdown measures implemented by governments worldwide disrupted the global supply chains, manufacturing operations, and demand for welding equipment. During the initial phases of the pandemic, numerous manufacturing facilities were forced to shut down or operate at reduced capacities to comply with lockdown restrictions and ensure the safety of their workforce. This led to a decline in the production and installation of welding equipment across various industries, including automotive, construction, aerospace, and oil and gas.

Furthermore, the pandemic-induced economic uncertainties resulted in a decrease in investments and capital expenditure by businesses. Many construction projects were put on hold, and infrastructure development slowed down, impacting the demand for welding equipment in these sectors. Additionally, the automotive industry witnessed a significant downturn as consumer spending decreased, leading to a decline in the demand for welding equipment used in vehicle manufacturing.

Global Welding Equipment Market: Competitive Landscape   

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.

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Key Takeaways

Global Welding Equipment Market was valued at US$ 16.82 Billion in 2022 and is estimated to reach US$ 37.10 Billion by 2030 exhibiting a CAGR of 10.54% between 2023 and 2030.

Global Welding Equipment Market- Recent Developments

In July 2020, Lincoln Electric, a manufacturer of welding products, welding consumables, and arc welding equipment added a new range of Ranger 260MPX. This range has a compact design and digital interface with low carbon footprints.

In February 2021, Lincoln Electric, (design, development and manufacture of arc welding products, automated joining, assembly and cutting systems) introduced the new Vantage 441X, the furthest down the line expansion to its Vantage line of diesel motor driven welder/generators. This generator has features that make it easier to keep welding at its best on the job site.

In December 2020, Lincoln Electric introduced a VRTEX OxyFuel Cutting feature that combines welding and cutting by allowing users to practice torch cutting safely and virtually in collaboration with The Harris Products Group, a Lincoln Electric company, and the cutting leader.

In November 2020, ESAB and YASKAWA, a leading robot and robot system company, announced a global cooperation agreement to jointly develop and market a line of pre-engineered robotic welding systems called XCellerator. Yaskawa will design and build the XCellerator systems, which will be sold by ESAB through its global distribution network.

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