The Welding Equipment Market is estimated to be valued at US$ 18.39 Bn or Mn 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 machinery used in welding processes to join metallic parts together through the use of heat, pressure or both. Some common welding equipment includes manual welding equipment, semi-automatic welding equipment and automatic welding equipment. Welding equipment finds applications across various end-use industries such as automotive & transportation, building & construction, marine applications and others. Technological advancements in welding processes as well as materials have led to increased demand for sophisticated welding equipment.
Market Dynamics:
The growth of the global welding equipment market is driven by expanding infrastructure activities, growing automotive industry and increasing demand from shipbuilding industry. According to World Bank estimates, the global infrastructure investment needs to grow by $94 trillion between 2016 and 2040. Increasing investments towards development of transportation, energy and utilities infrastructure will necessitate extensive usage of welding equipment. Furthermore, growth in the automotive industry, driven by rising vehicle production and sales is augmenting market growth. According to International Organization of Motor Vehicle Manufacturer’s, over 96 million vehicles were produced globally in 2021. Welding finds widespread application in vehicle manufacturing for joining various metallic components. Also, growing seaborne trade activities and rising shipbuilding contracts from countries such as China, South Korea and Japan are fueling adoption of welding equipment in shipbuilding and marine industry. However, availability of alternative joining technologies such as adhesive bonding poses a challenge for welding equipment market.
Segment Analysis
The global welding equipment market can be segmented into arc welding equipment and resistance welding equipment. Arc welding equipment dominates the market with over 60% share as it is more versatile and finds widespread applications across industries such as automotive, metal fabrication, and construction. Resistance welding equipment holds the remaining market share and finds usage in mass production lines for high volume joining operations.
PEST Analysis
Political: Governments across regions are focusing on infrastructure development plans for smooth economic growth which is positively influencing the welding equipment market. Economic: Growth in industrial sectors such as automotive, construction is driving the demand for welding equipment for manufacturing and assembly operations. Social: Evolving trends of automation and skill development in welding technologies are gaining traction. Technological: Developments in welding technologies and advanced equipment featuring new welding processes are enhancing productivity and efficiency.
Key Takeaways
The Global Welding Equipment Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing manufacturing activity globally. The Asia Pacific region dominated the welding equipment market in 2023 with over 40% share, led by China, India and Japan. Europe and North America held significant market shares as well.
The Asia Pacific region is projected to maintain its lead as the fastest growing region during the forecast period due to growing manufacturing output from China, India, Indonesia and Vietnam. Government initiatives to promote local manufacturing will further support growth.
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. The players are adopting organic and inorganic growth strategies to expand their product portfolio and geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it