Welding Equipment Market Overview
Welding Equipment Market
size is forecast to reach US$23.1 billion by 2027, after growing
at a CAGR of 5.9% during 2022-2027. Welding is a process used to join the
materials, such as thermoplastics or metals, by using high
temperatures. Resistance welding is widely preferred in automotive, aerospace
and industrial applications for joining of metals. Oxy fuel welding is the
welding process that uses fuel gases and oxygen to weld or cut metals. Other welding technologies including electron beam welding, plasma arc welding, magnetic pulse welding and flux cored welding are gaining increased use in increased controlled environments such as usage of computer numeric control equipment. The
rapid urbanization along with growing manufacturing sectors in emerging
economies are driving the market growth for Welding Equipment during the
forecast period. The growing demand from end-use industries such as automotive,
construction, heavy industries, and manufacturing are driving the market growth
for wielding products. Growing renovation activities in the construction
industry are also supporting the market growth during the forecast
period. The growing infrastructure activities in developing nations such
as China, India, Japan, and Australia are also propelling the market growth
during the forecast period. However, the lack of skilled workers and the
environmental impact of welding gases are likely to hamper the market growth
during the forecast period. The
COVID-19 pandemic is impacting different industries; one of the few industries
that were largely hit to some extent was the Welding Equipment industry. The
demand for Welding Equipment also reduced as the majority of the Welding
Equipment are linked to the end-use industries, which are also faced difficulties
during the pandemic. The downfall in the construction and manufacturing
industries and lack of workforce impacted the market negatively during the
covid-19 crises.
Welding Equipment Market Report Coverage
The report: “Welding Equipment Market – Forecast (2022-2027)”,
by IndustryARC, covers an in-depth analysis of the following segments of the Welding
Equipment industry.
By Product: MIG & TIG welders, Welding tables, Magnets, Clamps, Weld
Tabs, Grinding wheels, Helmets and gloves, Wire [Solid Wires, Flux-Cored Wires,
Saw Wires, Others], Electrodes & Filler Materials, and Others
By Technology: Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser
Beam Welding, and Others.
By End-use Industry: Transportation [Automotive, Aerospace, Railways, and
Marine], Building & Construction [Residential Construction, and Commercial
Construction], Heavy Industries [Power & Energy, Oil & Gas, Machinery
Manufacturing, and Others], Mining, and others
By Geography: North America (USA, Canada, and Mexico), Europe (UK,
Germany, Italy, France, Netherlands, Belgium, Spain, Denmark, and Rest of
Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New
Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil,
Argentina, Colombia, Chile, and Rest of South America), and Rest of the World
(the Middle East and Africa)
Key
Takeaways
-
The
Asia Pacific is expected to register the highest CAGR of 6.9% during
the forecast period (2022-2027). Rapid urbanization and emerging
economies are the major factors driving market growth.
- Constant technological evolution to
weld complex and large structures are supporting the market growth during
the forecast period.
- The manufacturers are involved in
developing advanced Welding Equipment for various end-use industries.
Investments in research and developments to enhance the capabilities of Welding
Equipment are supporting the market growth.
Welding Equipment Market by Region, 2021 (%)
Welding Equipment Market Segment Analysis – By Technology
The Arc welding segment
accounted for more than 25.2% of the market share in 2021 and is estimated to
grow significantly during the forecast period. Arc welding is used to weld
metals in a wide range of thicknesses with good flexibility. The technology has
the advantage of high heat concentration during the welding process. Arc
welding is the widely preferred welding technology among end-user industries due
to its low cost and the technology is used for a wide range of metal surfaces.
Resistance welding technology is expected to grow at a high CAGR in the global Welding
Equipment market during the forecast period 2022-2027. The technology is used
for various welding processes such as spot welding, projection welding, and
seam welding in the automotive sector. The rapid growth in the automotive
sector is one of the major factors driving the market for resistance welding
technology during the forecast period.
Welding Equipment
Market Segment Analysis – By End-Use Industry
The building &
construction segment accounted for more than 27.5% of the market share in 2021
and is estimated to grow significantly during the forecast period. The growing
construction activities in both developed and developing nations are supporting
the market growth for the construction industry. Rapid industrialization in the
Asia Pacific region is also driving the market growth during the forecast
period. Welding Equipment are used to weld complex and large structures in the
construction industry. The automotive and marine segments are also expected to
hold a significant share in the end-user segment. The increasing importance of
manufacturing high-quality automotive components and growing marine
applications are positively driving the demand for Welding Equipment during the
forecast period.
Welding Equipment
Market Segment Analysis - By Geography
Asia Pacific region held the
largest share in the Welding Equipment market in 2021 at 35.4%, owing to the
presence of multiple end-use industries. The presence of developing nations
such as China and India is driving the market growth in the region. The rapid
expansion of the automotive industry along with the growing production of
vehicles are driving the market growth. According to the data published by
OICA, India produced more than 3.3 million vehicles in 2020. The rapid growth
in population, growing number of working individuals, and growth in income
levels are some of the major factors driving the regional market. The European
region is also expected to hold a significant share in the global market. The
presence of global automobile manufacturers such as BMW, Mercedes, Volkswagen,
DAF Trucks, Daimler, and Fiat Chrysler Automobiles among others supporting the
market growth during the forecast period.
Welding Equipment
Market Drivers:
Growing demand from the
construction industry
The usage of Welding Equipment in the
construction sector is increasing gradually to weld huge structures and metal
products such as iron and steel. Over the past few years’ construction industry
is growing significantly. The economic growth, investments in infrastructure
projects, and technology advancements are boosting the industry. According to
the data published by the U.S. Commerce Department, the U.S. construction
spending is increased by 0.9 percent to US$1.4 trillion in 2020. According to
the data published by the U.S. Census Bureau, approximately 1,760,000 new house
permits are given in the United States in April 2021. According to IBEF
analysis, the Indian real-estate sector is expected to reach USD650 billion by
2025 and Indian real-estate attracted US$5 billion institution investment in
2020. According to the Asian Times, the China government has allocated 33.83
trillion yuan (US$4.8 trillion) in the 2020 investment plan and “major
infrastructure” projects development.
Growing Automotive Industry
Welding Equipment are used for welding
different parts in the automotive sector. Welding is an important process used
for bodywork and auto repair in the automobile industry. The commonly used
welding techniques in the automobile industry include resistance spot welding,
resistance seam welding, and metal inert gas (GMAW) among others. According to
the data published by ACEA, approximately 18.5 million motor vehicles were
produced in the European Union in 2019. They also mentioned about 10.8 million
passenger cars are produced in the European Union in 2020. According to the
data published by OICA, China produced 2.21 million heavy trucks in 2019 and
2.98 million heavy trucks in 2020.
Welding Equipment
Market Challenges:
Shortage of skilled labor and high labor cost
The welding industry is highly dependent on
skilled labor. According to welding industry experts, there is a shortage of
skilled welders across the world. The high labor cost in the developed region
such as North America and Europe is the major challenge facing by the welding
industry. The majority of infra-project contractors are using welding and
cutting tools and they are facing a shortage of skilled welding workforce in
their operations. Infrastructure projects such as roads, railways, bridges,
power, and shipping are highly dependent on metal joining technologies.
According to the Indian Institute of Welding (IIW), there is a short supply of
1.2 million welding professionals including welders, cutters, fitters, and
equipment operators, among others. They also mentioned the worker’s shortage in
India may increase to 1.35 million in the next three years.
Welding Equipment Market
Landscape
Technology
launches, acquisitions, and R&D activities are key strategies adopted by
players in the Welding Equipment market. Major players in the Welding Equipment market are
- Voestalpine AG
- Colfax Corporation
- Illinois Tool Works Inc.
- The Lincoln Electric Company
- HYUNDAI WELDING CO., LTD.
- OBARA CORP
- Mitco Weld Products Pvt. Ltd.
- Kemppi Oy
- Rofin-Sinar
- Arcon Welding Equipment
Recent Developments
- In
November 2020, ESAB Welding & Cutting Products has introduced
Shield-Bright NiCrMo-3, a 625-type electrode for manual and automatic
flux-cored wide-weave welding of 9% nickel steel in the vertical-up (3G)
position and using 75% argon/25% CO2 shielding gas.
- In
September 2020, Lincoln Electric introduced new GTAW (TIG) cut lengths
with high silicon formulations using stainless steel alloys for the clean
and high quality welding process.
Relevant Reports
Report Code: CMR 0684
Report Code: CMR 0605
Report Code: CMR 1254
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