Welding Equipment Market to Reach $13.9 Billion, Globally, by 2031 at 5.1% CAGR: Allied Market Research

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Apr 10, 2023, 10:57 ET

PORTLAND, Ore., April 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Welding Equipment Market by Type (Arc welding, Resistance spot welding, Other), by Technology (Automatic, Manual), by End user industry (Automotive, Construction, Heavy engineering, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global welding equipment industry generated $8.3 billion in 2021 and is anticipated to generate $13.9 billion by 2031, witnessing a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities-

The increase in infrastructure developments, the rise in investment in construction activities, and growth of the automotive and transportation industry drive the growth of the welding equipment market. On the other hand, welding is a highly skilled task that requires extensive training and experience. There is a necessity of skilled labor to possess a solid understanding of welding techniques, materials, and safety precautions. Furthermore, welding is a difficult process that involves melting and heating metal to form a solid, long-lasting bond. Thus, these factors restrain the growth of the welding equipment market. However, advancements in technology are expected to create lucrative opportunities in the industry.

Covid-19 Scenario-

The outbreak of the COVID-19 pandemic had a negative impact on several industries, including the global welding equipment industry.
The pandemic disrupted global supply chains, which caused delays and shortages in the availability of raw materials, components, and finished products. This resulted in inflated prices of welding equipment, which affected both manufacturers and customers.
However, the welding equipment industry has been showing signs of recovery in the post-pandemic period.

The arc welding segment to maintain its dominance during the forecast period-

Based on type, the arc welding segment held the largest share in 2021, garnering around three-fourths of the global welding equipment market revenue, and is projected to maintain its dominance by 2031. This is because of its extensive applications and cost-effectiveness. However, the resistance spot welding segment would showcase the fastest CAGR of 5.7% during the forecast period. The growth is attributed to its extensive use in the automotive industry.

The manual segment to maintain a prominent revenue growth in 2031-

Based on technology, the manual segment contributed to more than two-thirds of the global welding equipment market share in 2021, and is projected to rule the roost by 2031. This is due to its cost-effectiveness and widespread usability. Moreover, the automatic segment would display the fastest CAGR of 5.4% during the forecast period. The growth is attributed to its high accuracy and extensive use in the automotive industry.

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The automotive segment to maintain its leadership status throughout the forecast period-

Based on end user industry, the automotive segment held the highest market share in 2021, accounting for more than two-fifths of the global welding equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. This is driven by the growing necessity of robotic welding. However, the construction segment would cite the fastest CAGR of 5.6% during the forecast period. This is owing to the extensive use of welding in steel construction.

Asia-Pacific to maintain its dominance by 2031-

Based on region, Asia-Pacific held the major share in 2021, contributing to more than two-fifths of the global welding equipment market revenue and is expected to dominate by 2031. This is due to the large automotive and construction industry. LAMEA region, on the other hand, would showcase the fastest CAGR of 6.0% during the forecast period. This is owing to the industry's rapid growth in infrastructure construction.

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Leading Market Players-

Illinois Tool Works Inc.
Coherent, Inc.
Carl Cloos Schweiss Technik GmbH
Panasonic Industry Co., Ltd.
Kemppi Oy
ESAB
The Lincoln Electric Company
Fanuc
Cruxweld Industrial Equipments Pvt. Ltd.
ACRO Automation Systems, Inc.

The report provides a detailed analysis of these key players in the global welding equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting the business performance, operating segments, product portfolio, and strategic moves of the market players.

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