This latest report from Persistence Market Research analyzes the welding equipment market at both global and regional levels over an eight-year forecast period (2016–2024). The primary objective of the report is to offer insights on key advancements in the global welding equipment market. The study provides market dynamics that are expected to influence the current environment and future status of the global welding equipment market over the forecast period. The report offers updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global welding equipment market.
To clearly assess market opportunities, the report is categorized into the following sections – By Welding Technology, By Level of Automation, By Application, and By Region. The report discusses how the overall competition in the market is steadily increasing and throws light on the various factors that are shaping internal as well as external market competition. The report provides detailed market share analysis of the global welding equipment market on the basis of key manufacturers. A section of the report highlights the country-wise demand for welding equipment and provides a market outlook for 2016–2024, while including new technological developments as well as product offerings for niche applications in the global welding equipment market. The subsequent sections analyze the global welding equipment market on the basis of welding technology, level of automation, application, and region, and present a comprehensive forecast for the period 2016-2024.
In the final section of the report, a detailed competitive landscape is included to provide a dashboard view of leading welding equipment manufacturers across the globe. The report includes company profiles of the following market players – voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Fronius International GmbH, Rofin-Sinar Technologies, Sonics and Materials, Inc., Arcon Welding Equipment, DAIHEN Corporation, Amada Miyachi, Inc. and Nelson Stud Welding (Doncasters Group Ltd.)
To deduce market size, the report considers various aspects based on secondary research. Furthermore, data points such as region-wise split and market split by welding technology, level of automation, and application are also considered. Qualitative inputs from primary respondents are incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total value generated and expected revenue contribution by various segments in the global welding equipment market.
When developing market forecast, the report begins with sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, data is triangulated via different analyses based on supply side and demand side drivers and other dynamics of the global welding equipment market. However, quantifying the market across the above mentioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
The report conduct forecasts not only in terms of CAGR, but also analyzes the same on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities for key market players. Another key feature of this report is the analysis of all the main segments in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global welding equipment market. To understand key segments in terms of their growth and performance in the global welding equipment market, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities.
Welding equipment is used to join two or more materials permanently, usually metals or thermoplastics. Many different energy sources can be used for welding including electric arcs, electric resistance, gas flames, lasers, friction, electron beams, molten metal baths, and ultrasound. The global welding equipment market is estimated to be valued at US$ 10,456.6 Mn by 2016 end and is expected to reach US$ 19,165.2 Mn by the end of 2024, expanding at a CAGR of 7.9% over the forecast period (2016–2024).
Growth in the automobile and construction industry – especially in emerging economies such as China and India – is expected to be the key factor driving demand for welding equipment globally. Industrialization and rapid urbanization in developing countries are factors leading to the rise in construction projects, which in turn is expected to result in high demand for welding equipment. Rapid growth in the transportation industry and an increasing demand from the oil and gas industry is also driving the growth of the global welding equipment market. Growth of the global welding products and equipment market is further expected to be fuelled by an increasing number of end-use applications that employ different types of welding techniques.
Slow adoption of advanced welding technologies in developing countries such as India is a major restraint for the growth of the welding equipment market.
Increasing need for welding automation technology in fabrication is expected to be one of the major trends observed in the global welding equipment market in the coming years. In developed countries, demand for welding automation technology for fabrication and manufacturing purposes is increasing owing to a rising shortage of skilled labor.
Market forecast by segmentation
The global welding equipment market is segmented on the basis of Welding Technology (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, Others), Level of Automation (Manual, Semi-Automatic, Automatic), and Application (Automobile & Transportation, Building & Construction, Marine Application, Others). By welding technology, the arc welding segment is estimated to account for 47.6% value share of the overall welding technology segment by 2016 end, followed by the resistance welding segment with 20.4% share. The laser beam welding segment is expected to account for 17.3% value share by 2024.
By level of automation, the automatic segment is expected to expand at a CAGR of 8.5% in terms of value over the forecast period while the semi-automatic segment is expected to expand at a CAGR of 7.3% in terms of value over the forecast period.
By application, the automobile & transportation segment is expected to expand at a CAGR of 8.1% over the forecast period while the building & construction segment is expected to register the fastest CAGR of 7.0% in terms of value over the forecast period.
On the basis of geography, the global welding equipment market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is estimated to account for 32.9% value share by 2016 end and is anticipated to remain dominant throughout the forecast period. Welding equipment market in this region is slated to be valued at US$ 6,587.5 Mn by 2024 end, expanding at a CAGR of 8.5% during the forecast period. MEA is expected to emerge as the most lucrative region in terms of CAGR over the forecast period. In terms of market value, the MEA welding equipment market is estimated to account for 8.1% share by 2016 end.
Some of the leading companies operating in the global welding equipment market are – voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Fronius International GmbH, Rofin-Sinar Technologies, Sonics and Materials, Inc., Arcon Welding Equipment, DAIHEN Corporation, Amada Miyachi, Inc. and Nelson Stud Welding (Doncasters Group Ltd.)