The Welding Equipment Market is estimated to be valued at US$ 18.39 Bn 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 refers to devices that are used to join materials, usually metals or thermoplastics, by causing fusion. Some common welding techniques include arc welding, resistance welding, and gas welding etc. Welding equipment are used across industries such as automotive, aerospace, construction, shipbuilding and more. Welding equipment offer advantages such as precision joining, high joint strength, ease of automation and more. With growing manufacturing sector globally, demand for welding equipment is expected to rise substantially over the forecast period.
Market key trends:
One of the key trends driving the welding equipment market growth is increasing demand from automotive industry. Automotive industry is one of the largest end-users of welding equipment. The growing automotive production around the world is driving the demand for welding equipment from this industry. For example, according to International Organization of Motor Vehicle Manufacturers, global automotive production reached over 93 million units in 2020 and is expected to further rise going forward. Moreover, advanced welding technologies are being adopted by automotive OEMs to achieve precision in manufacturing complex car structures with lighter gauge metals. This is expected to positively influence the demand for advanced welding equipment over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements to set up manufacturing units and achieve economies of scale. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative component suppliers. Threat of new substitutes: Threat from substitutes is low as welding equipment have few close substitutes and switching costs are high. Competitive rivalry: Intense competition among existing players to gain market shares.
SWOT Analysis
Strengths: Technological advancements in welding equipment and wide application areas. Weaknesses: High initial capital investment and skilled workforce requirement. Opportunities: Growth in end-use industries and infrastructure development projects. Threats: Trade barriers and fluctuating raw material prices.
Key Takeaways
The Global Welding Equipment Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investments in industrial construction and infrastructure development projects across emerging economies. Major welding applications include material processing, aircraft components, automotive manufacturing, energy and shipbuilding.
Regional analysis Western Europe dominates the global welding equipment market currently, owing to extensive manufacturing activity and presence of major welding consumables vendors in the region. Asia Pacific welding equipment market is poised to witness fastest growth, expanding at a CAGR of over 12% during the forecast period. This can be attributed to ongoing infrastructure development projects and rising industrial automation in China, India and Southeast Asian countries.
Key players operating in the 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.
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian