Welding equipment is used to join two or more materials permanently, usually metals or thermoplastics. Many different energy sources can be used for welding including electric arcs, electric resistance, gas flames, lasers, friction, electron beams, molten metal baths, and ultrasound. The global welding equipment market is estimated to be valued at US$ 10,456.6 Mn by 2016 end and is expected to reach US$ 19,165.2 Mn by the end of 2024, expanding at a CAGR of 7.9% over the forecast period (2016–2024).
Growth in the automobile and construction industry – especially in emerging economies such as China and India – is expected to be the key factor driving demand for welding equipment globally. Industrialization and rapid urbanization in developing countries are factors leading to the rise in construction projects, which in turn is expected to result in high demand for welding equipment. Rapid growth in the transportation industry and an increasing demand from the oil and gas industry is also driving the growth of the global welding equipment market. Growth of the global welding products and equipment market is further expected to be fuelled by an increasing number of end-use applications that employ different types of welding techniques.
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Slow adoption of advanced welding technologies in developing countries such as India is a major restraint for the growth of the welding equipment market.
Increasing need for welding automation technology in fabrication is expected to be one of the major trends observed in the global welding equipment market in the coming years. In developed countries, demand for welding automation technology for fabrication and manufacturing purposes is increasing owing to a rising shortage of skilled labor.
Market forecast by segmentation
The global welding equipment market is segmented on the basis of Welding Technology (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, Others), Level of Automation (Manual, Semi-Automatic, Automatic), and Application (Automobile & Transportation, Building & Construction, Marine Application, Others). By welding technology, the arc welding segment is estimated to account for 47.6% value share of the overall welding technology segment by 2016 end, followed by the resistance welding segment with 20.4% share. The laser beam welding segment is expected to account for 17.3% value share by 2024.
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By level of automation, the automatic segment is expected to expand at a CAGR of 8.5% in terms of value over the forecast period while the semi-automatic segment is expected to expand at a CAGR of 7.3% in terms of value over the forecast period.
By application, the automobile & transportation segment is expected to expand at a CAGR of 8.1% over the forecast period while the building & construction segment is expected to register the fastest CAGR of 7.0% in terms of value over the forecast period.
On the basis of geography, the global welding equipment market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is estimated to account for 32.9% value share by 2016 end and is anticipated to remain dominant throughout the forecast period. Welding equipment market in this region is slated to be valued at US$ 6,587.5 Mn by 2024 end, expanding at a CAGR of 8.5% during the forecast period. MEA is expected to emerge as the most lucrative region in terms of CAGR over the forecast period. In terms of market value, the MEA welding equipment market is estimated to account for 8.1% share by 2016 end.
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Some of the leading companies operating in the global welding equipment market are – voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Fronius International GmbH, Rofin-Sinar Technologies, Sonics and Materials, Inc., Arcon Welding Equipment, DAIHEN Corporation, Amada Miyachi, Inc. and Nelson Stud Welding (Doncasters Group Ltd.)
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