NEW YORK, Dec. 17, 2015 /PRNewswire/ -- This research service covers the status of the Russian welding market and examines key growth drivers and restraints. An analysis by product and by end-user industry is provided. In addition, detailed analyses of the welding and consumables segments by unit shipments and revenues are provided for 2010 to 2020. The study also examines the competitive landscape in the Russian welding market and gives a competitive share analysis for the total market and for the welding equipment and consumables segments. The base year used for this analysis is 2013 and forecasts run to 2020.
The Russian market for welding equipment and consumables witnessed reasonable growth of % in 2013 and generated $ Million in revenue.
- The product maturity of welding equipment and consumables is expected to impact market growth significantly with a declining number of innovative solutions.
- The submerged arc welding process was the most preferred welding methodology in Russia. Meanwhile, stick electrodes were the most preferable consumables for the welding process.
- The market has been recovering since the last recession. Increasing oil and gas exploration and distribution projects, coupled with the upcoming sport competitions in Russia in 2018, will boost market prospects.
- The key restraint in 2014 were sanctions against Russia over the Ukrainian crisis, which caused import/export bans of some goods, a new economic recession in Russia and, as a result, the temporary freezing of some investment projects.
- The recovery of these projects is expected to be slow over the forecast period due to the lack of confidence among end-user industries for investments.
- The market is forecast to grow at a compound annual growth rate (CAGR) of % from 2013 to 2020 and generate $ Million in revenue by 2020.
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