by The global 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 are machines used for welding processes during construction and manufacturing activities. Various type of welding equipment include stick welding, gas welding, MIG welding, TIG welding and plasma cutting. Welding equipment offers advantages such as reliability, precision, automation and timesaving capabilities. Growing construction and automobile industry are majorly driving the demand for welding equipment. It find wide applications for construction of buildings, bridges, vehicles and manufacturing of various industrial components.
Market key trends:
One of the key trends in the welding equipment market is growing demand for gas metal arc welding (GMAW) machines. GMAW equipment provides higher deposition rate, easily adjustable arc parameters and low operating cost. Hence, it is gaining popularity compared to other arc welding process. Another trend observed is the increasing demand for laser welding equipment. Laser welding offers advantages such as precision, flexibility and fast welding speed. It is gaining prominence in industries requiring high precision such as electronics, medical devices and automotive. Miniaturization of components and equipment is also a notable trend in the welding market with growing demand for compact portable welding equipment for on-field usage. Innovation in welding techniques to achieve productivity and quality is expected to continue driving growth of the global welding equipment market over the forecast period.
Porter’s Analysis
Threat of new entrants: The welding equipment market requires high initial investments in R&D and manufacturing which poses significant entry barriers for new players.
Bargaining power of buyers: The presence of numerous suppliers and product differentiation provides buyers with adequate choices and bargaining power in the welding equipment market.
Bargaining power of suppliers: Key raw materials required are standardized across the industry lowering the bargaining power of suppliers in the welding equipment market.
Threat of new substitutes: There exists no close substitute for welding as a joining technology limiting threat from substitutes.
Competitive rivalry: The global welding equipment market is consolidated in nature with top players competing on the basis of technology and product innovation.
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 investments in infrastructure development globally. The growth of end-use industries such as automotive, construction, shipbuilding, and aerospace & defense is expected to boost the welding equipment market.
The Asia Pacific region is expected to dominate the welding equipment market till 2030. Rapid industrialization and infrastructure development in China, India, and other Southeast Asian countries are expected to drive the demand for welding equipment in the region.
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 key players are focusing on innovative product development to gain an edge over competitors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
