Seattle, WA -- (SBWIRE) -- 03/02/2020 -- Welding equipment is used to create joint two or more materials permanently usually metals or thermoplastics. There are different types of welding processes such as electric arcs, gas flames, electron beams, electric resistance, friction, electron beams, lasers, ultrasound, and molten metal baths. Different equipment are used in welding including welding helmets, gloves, blankets, etc., in order to withstand hazardous heat, sparks, glare, and spatter generated during welding. Moreover, welding tables and accessories are used during weld to improve efficiency and accuracy during welding tasks. On the basis of welding technique, the market is segmented as laser-beam welding, oxy-fuel welding, resistance welding, arc welding, and others. On the basis of application, the market is segmented into automobile & transportation, marine applications, building & construction, and others.
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Market Dynamics- Drivers
1. Rampant growth of automobile and construction industry is expected to drive the global welding equipment market growth during the forecast period
Welding technology is an inseparable part of automobile industry with different types of welding techniques being used such as laser-beam welding, friction welding, and resistant welding. Rampant growth of automobile industry in the recent past increased the demand for welding equipment significantly. For instance, according to International Organization of Motor Vehicle Manufacturers (OICA), total global car sales were pegged at 82 million units in 2012, which increased to 95 million units in 2018. Moreover, rapid growth of construction industry, especially in emerging economies India and China is expected to drive the market growth over the forecast period. Various end-use industries such as transportation & automotive, steel structure, building & construction are witnessing lucrative growth emerging economies such as China and India, which in turn, is expected to boost the market growth over the forecast period.
2. Rapid growth of oil & natural gas industry is expected to propel the global welding equipment market growth over the forecast period
Oil & and natural gas industry is the largest end-use industry of welding equipment, products, and consumables. Rapid growth of oil & gas industry is expected to drive the market growth in the near future. Different types of welding techniques are used oil & gas industry such as shielded metal arc welding (SMAW), submerged arc welding (SAW), gas metal arc welding (GMAW), and tungsten inert gas welding (TIG). Construction of new pipelines and gas manufacturing facilities coupled with increasing demand for gas pipeline is expected to increase the demand for welding equipment in the near future. Furthermore, increased offshore exploration in deep water has resulted in high investments in oilrigs. Therefore, such activities are expected to boost the market growth over the forecast period.
Key players operating in the global 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.
Segment information:
On the basis of application, the global welding equipment market is segmented into automobile & transportation, building & construction, marine application, and others. Automobile & Transportation segment accounting for 19% share in terms of value, followed by marine application and others.
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Market Opportunities
1. Growing demand from solar and wind energy industries is expected to pose significant growth opportunity
Significant demand for solar and wind energy across the world has increased the demand for welding equipment. This is due to growing awareness regarding carbon footprint and stringent government regulations to curb air pollutions. According to Global Wind Energy Council, adoption of wind power increased by 50% in 2015. Moreover, commercial and residential sectors across different countries are adopting solar energy as the main source of electricity, which in turn, is expected to offer significant growth opportunities for market players in the near future.
2. Constant repair and maintenance work is expected to offer lucrative growth opportunity for market players
Ongoing repair and maintenance work across different industries is expected to increased demand for welding equipment in the near future. Industries such as automobile, construction, oil & gas, energy, and transportation are major sectors that require welding products and equipment for repair maintenance purposes, which in turn, is expected to offer business opportunities during the forecast period.
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