July 20, 2024
Welding Equipment Market
Ict

Adoption Of Industrial Automation And Robotics Is Anticipated To Open Up The New Avenue For Welding Equipment Market

Welding equipment refers to machinery used to join materials, usually metals or thermoplastics, by causing fusion. Welding finds its extensive application in various end-use industries such as automotive, shipbuilding, aerospace, construction, and oil & gas. Some common types of welding equipment include resistance welding machines, arc welding equipment, laser beam welding equipment, flame welding equipment, and ultrasonic welding equipment. Resistance welding machines are used to weld overlapping or abutting surfaces using electrical current as the heat source to plasticize and fuse the materials. Arc welding equipment operates using an electric arc between an electrode and the base material to be welded, thereby creating localized melting and coalescence.

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 Dynamics:

Increased investment in industrialization and infrastructure development activities is a key driver in the welding equipment market. The growing need for durable and high-strength equipment in various end-use industries has augmented the adoption of welding techniques like arc welding and resistance welding for joining materials, further spurring market growth. Additionally, ongoing automation of manufacturing processes has fueled the demand for industrial robots integrated with welding equipment, which can perform welding tasks more efficiently and accurately as compared to manual welders. This has prompted major players to focus on developing automated and robotic welding equipment.

Segment Analysis:

The welding equipment market is dominated by the arc welding equipment segment, which holds more than 60% share of the overall market. Arc welding is the most widely used welding technique for industrial welding applications due to its flexibility and ease of use. Within arc welding equipment, gas metal arc welding equipment accounts for the largest share as it offers benefits such as high welding speeds and less smoke generation compared to other arc welding techniques.

PEST Analysis:

  • Political: The supportive government regulations regarding use of advanced welding technologies in industries will drive the welding equipment market. For instance, regulations mandating use of reliable welding techniques for critical infrastructure and automobile manufacturing promote adoption of automated welding equipment.
  • Economic: The market is witnessing high growth owing to rapid industrialization in developing nations and reviving global manufacturing sector. Additionally, cost benefits of automated welding over manual welding boost the equipment demand.
  • Social: Growing emphasis on workplace safety leads to replacement of manual welding with automated welding equipment to minimize health hazards for welders.
  • Technological: Continued development of advanced welding technologies such as 3D printing for welding and integration of artificial intelligence and internet of things in welding equipment stimulates the market growth.

Key Takeaways:

The Global Welding Equipment Market Size is expected to witness high growth at a CAGR of 10% over the forecast period, driven by increased capital expenditure on infrastructure development and reviving automotive industry worldwide. Regionally, Asia Pacific accounts for the largest as well as the fastest growing market for welding equipment due to rapid industrialization in China and India.

The welding equipment market size was valued at US$ 18.39 Bn in 2023. The market is driven by growing demand from the automotive sector owing to deployment of robotic and laser welding solutions for increased production efficiency and quality. Further, rising shipbuilding and pipeline construction activities stimulate the equipment adoption.

Key players operating in the welding equipment market include 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. These companies are focused on developing advanced welding technologies and offering integrated welding solutions to gain competitive edge.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2.  We have leveraged AI tools to mine information and compile it