July 24, 2024
Welding Equipment Market
Ict

Projected Increase in Industrial Automation to Boost the Growth of Welding Equipment Market

Welding equipment refers to machinery used in welding processes. Some common welding equipment includes gas metal arc welding (GMAW) machines, also known as wire feeders or MIG welders, gas tungsten arc welding (GTAW) or TIG welders, shielded metal arc welding (SMAW) or stick welders, resistance welding machines, and oxy-fuel welding equipment. Welding is mainly used in various industries such as automotive, oil & gas, construction, shipbuilding, aerospace for joining metals or thermoplastics. It provides an economical and reliable method for joining permanent joints in works of all types and all industries. Advantages of welding include flexibility, reliability, and cost-effectiveness.

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 key trends:

Growing industrial automation is one of the key trends in the welding equipment market. Automation helps improve productivity and reduce production costs by replacing manual labor with automated machinery. Various industries are increasingly adopting automated robotic welding systems as they provide improved accuracy and consistency compared to manual welding. Additionally, robotic welding offers advantages such as reduced labor costs, improved product quality, increased throughput, and elimination of hazardous work environments. Growing use of automated welding systems in automotive, electronics, solar panel manufacturing and other industries is expected to drive the demand for advanced welding robots and equipment over the forecast period. Rising investments by major economies in industry 4.0 further complement the increased adoption of automation and robotic welding worldwide.

Porter’s Analysis:

  • Threat of new entrants: The threat of new entrants is moderate. The capital requirement for setting up a new welding equipment manufacturing plant is moderately high. The established brands have strong brand loyalty which makes it difficult for new entrants to gain market share.
  • Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have multiple options to select from in terms of brands and features. This provides buyers with bargaining power in terms of pricing and customized solutions.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate. The procurement of raw materials requires development of long term relationships with suppliers. Suppliers have a moderate control over pricing.
  • Threat of new substitutes: The threat of substitute products is low. Welding equipment has limited substitutes and has well established applications across industries.
  • Competitive rivalry: The competitive rivalry is high due to presence of major global and regional players. Players compete based on product innovation, pricing and brand reputation.

Key Takeaways:

The Global Welding Equipment Market Demand is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing industrial automation and growth in construction sector.

The Asia Pacific region is expected to dominate the welding equipment market, with China being the largest contributor. The growing construction and manufacturing industries in China, India and other APAC countries is driving the demand for welding equipment in the region.

North America is also anticipated to hold a significant share in the market backed by high investments in R&D and innovations. Investments in infrastructure projects are further supporting the welding equipment market growth in North America.

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.

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