Welding Equipment is Estimated To Witness High Growth Owing To Rapid Industrialization

The welding equipment market is estimated to be valued at US$ 18.39 Bn or 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:

The welding equipment market consists of products used for the welding process. Welding is the process of joining materials, usually metals or thermoplastics, by causing coalescence. This is done by heating the materials to suitable temperatures that produce a bonding between them with or without the application of pressure or using a filler material. Welding is used in various industries such as automotive, construction, fabrication shops, and oil & gas. Key products include arc welding equipment, resistance welding equipment, laser beam welding equipment, and oxy-fuel welding equipment. Arc welding is commonly used for steel structures in construction, ships, pipelines, motor vehicles, and repair and fabrication activities. Resistance welding finds applications in the automotive industry for body panel fabrication and assembly. Laser beam welding is utilized for precision applications such as in electronics and medical devices manufacturing. Oxy-fuel welding is employed for pipes, tanks, boilers, structural steel components and repair works.

Market Dynamics:
The welding equipment market is mainly driven by rapid industrialization and infrastructure development activities across the globe. Growth of end-use industries such as construction, automotive, fabrication, aerospace, and shipbuilding is fueling the demand for welding equipment. Construction sector utilizes welding equipment in fabricating structural steel components used in bridges, buildings, industrial structures. Automotive industry uses resistance welding equipment for body panels and assembly operations. Fabrication shops employ arc welding in welding steel materials. Oil & gas industry uses welding technology for production, transportation, and distribution of oil and gas. Moreover, growing demand for repair and maintenance activities is also supporting the growth of the welding equipment market. Laser beam welders are gaining popularity in precision applications due to advantages such as low heat input and high-quality finish. However, availability of low-cost alternatives and shortage of skilled welders can hamper the market growth. Innovation in welding processes and development of smart welding solutions also presents growth opportunities over the forecast period.

SWOT Analysis

Strength: Welding equipment offers durable and versatile joining solutions for different end-use industries. The equipment is suitable for high precision welding applications and delivers consistent weld quality. Welding technology allows for minimal wastage of materials during fabrication.

Weakness: Frequent maintenance and repair services are required for welding equipment to ensure optimal performance. Skewed technological knowledge among welders pose challenges in handling advanced welding machinery.

Opportunity: Growing infrastructure development and investment in process industry verticals offer significant opportunities for welding equipment vendors. Adoption of robotics and internet of things in welding equipment is opening new avenues of growth.

Threats: Trade restrictions and geopolitical uncertainty affects the global supply chain of welding equipment industry. Fluctuating raw material prices poses risks to equipment manufacturers.

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.

 

Read more: https://www.rapidwebwire.com/welding-equipment-market-share-analysis/

Comments

Post a Comment

Popular posts from this blog

Customer Relationship Management Market Growth Accelerated by Omnichannel Experience

 Customer relationship management (CRM) solutions help organizations track customer interactions with sales and marketing teams across email, social media, phone calls, and other channels. CRM software provides sales representatives a 360-degree view of customer profiles and purchasing behavior to deliver personalized experiences. Furthermore, it streamlines marketing campaigns and automates workflows to enhance sales productivity. Advantageous features include contact management, customer support ticketing, reporting and analytics. The global customer relationship management market is estimated to be valued at US$ 81.87 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key trends driving growth in the customer relationship management market is the rising demand for omnichannel experience. Omnichannel CRM platforms allow businesses to provid...
Read more

Vegan Yogurt Market is Poised for Growth Driven by Rising Health Consciousness

Image
Vegan yogurt is a dairy-free alternative to conventional yogurt made from plant-based milk such as soy, almond, oat, coconut or rice. It provides similar texture and taste to dairy yogurt but without any animal products.Vegan yogurt offers several health advantages over dairy yogurt as it is devoid of lactose, cholesterol and saturated fats. The growing number of people adopting vegan and flexitarian diets has driven the demand for plant-based dairy alternatives like vegan yogurt. The global vegan yogurt market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031. Key Takeaways Key players- Met Fods, Cocos Organic, Hain Celestial, EasiYo Product Limited, Danone, General Mills Inc., Stonyfield Far, Inc., Daiya Foods Inc.m Good Karma foods, Inc.m Hudson River Foodsm NANCY'S, Kite Hill, COYO Pty lTd., Nush Foods, Chobani, LLC, Barambah Oraganics Pty Ltd., Blue Diamond Growers, Dean Foodsm General Mills Inc...
Read more

Hypoglycemic Drugs Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes in the Geriatric Population

Image
Hypoglycemic drugs or anti-diabetic drugs are medications used to treat diabetes mellitus by lowering blood glucose levels. Some key hypoglycemic drugs include insulin, sulfonylureas, metformin, thiazolidinediones, DPP-4 inhibitors, SGLT2 inhibitors and GLP-1 receptor agonists. These drugs help control blood sugar levels in diabetics and prevent or delay diabetes-related health complications. The global hypoglycemic drugs market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: The growth of the global hypoglycemic drugs market is majorly driven by the increasing prevalence of diabetes in the geriatric population globally. As per estimates, around 1 in every 11 people aged 65 years and above have diabetes. Further, the number of people with diabetes in this age group is anticipated to grow from 25.9 million in 2017 to...
Read more