Welding Equipment Market to Approach US$ 19,200 Mn by 2024
The manufacturing and fabrication industries are evolving constantly. This is resulting in the companies seeking out new technologies to stay ahead of competitors.
Use of new materials in various industries is driving the need for welding automation. Companies are also moving towards acquiring new solutions to offer quality product and increase productivity.
In response to this, welding equipment manufacturers are bringing in advanced technologies to help companies’ better serve their customers. Manufacturers are developing welding solutions that can serve both small scale and large scale companies.
Modified short-circuit MIG is being integrated into welding machines, ensuring better control and to create high-quality and uniform welds.
New materials such as high strength steels, advanced high strength steels, and increased use of stainless steel and aluminum in fabrications are creating the demand for new welding technology as per the material being used. Hence, a welding system for specific materials is also being developed by manufacturers in the global welding equipment market.
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Rising trend towards automation is also resulting in the development automated welding equipment for wide range of application. Information management system for welding is also gaining popularity.
This system collects and provides information arc-on time, and performance based on voltage and amperage. This help companies to collect data on the performance of welding in real-time and track both quality and productivity.
Persistence Market Research report on the global welding equipment market expects the market to witness strong growth during the forecast period 2017-2024. The global market for welding equipment is estimated to reach close to US$ 19,200 Million revenue.
Arc Welding Technology to Lead the Global Welding Equipment Market
Based on the welding technology, arc welding technology is expected to see a significant growth in the market. By the end of 2024, arc welding technology is projected to surpass US$ 8,500 Million in terms of revenue.
Meanwhile, resistance welding is also projected to witness impressive growth during 2017-2024.
On the basis of a level of automation, compared to the manual welding equipment, automatic welding equipment is likely to register the highest growth during 2017-2024. Automatic welding equipment is expected to exceed US$ 13,000 Million revenue by 2024 end.
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Based on the application of welding equipment, automotive & transportation sector is expected to gain maximum traction in the global market for welding equipment. Towards 2024 end, the automotive & transportation sector is estimated to reach nearly US$ 3,800 Million revenue.
Asia Pacific to Lead the Global Welding Equipment Market Between 2017 and 2024
Asia Pacific is likely to dominate the global market for welding equipment during the forecast period. Asia Pacific is estimated to reach close to US$ 6,600 Million in terms of revenue.
Increasing infrastructure and construction activities in the countries like India and China are driving the demand for welding equipment.
Moreover, the automotive industry in Asia Pacific is also witnessing a substantial growth, thereby, fueling the demand for welding equipment. Growth in the steel industry owing to the increasing demand for steel in for product manufacturing in different industries is resulting in the growth of the welding equipment market in the region.
Key Players in the Global Welding Equipment Market
Some of the prominent players active in the global market for welding equipment are DAIHEN Corporation, Colfax Corporation, The Lincoln Electric Company, Fronius International GmbH, Obara Corporation, voestalpine AG, Arcon Welding Equipment, Panasonic Corporation, Sonics & Materials, Inc., Rofin-Sinar Technologies, Nelson Stud Welding (Doncasters Group, Ltd.), Amada Miyachi, Inc., and Illinois Tool Works, Inc.
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