July 16, 2024
Welding Equipment Market

Welding Equipment Market Set for High Growth Due to Rising Demand from Key Industries

Welding equipment comprises power sources, welding torches, electrodes, and other consumables used for binding materials together through fusion. Welding finds widespread usage in automotive, construction, shipbuilding, oil & gas and other industrial applications in joining metals or thermoplastic materials together. Rising industrialization and infrastructure development activities across the globe have increased the demand for welding technologies in various manufacturing processes. Surging demand from automotive industry along with growth of shipbuilding and construction sectors is projected to drive the welding equipment market substantially during the forecast period.

The global welding equipment market is estimated to be valued at US$ 21.19 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

The global Welding Equipment Market Size is expected to witness lucrative growth opportunities owing rising infrastructure investment, growing automotive production, and rapid industrialization worldwide. Asia Pacific region especially China and India are likely to offer rewarding expansion avenues for market players over the forecast period.

Key Takeaways

Key players operating in the welding equipment market are Alcast Technologies, Arconic, Consolidated Metco, Inc., Dynacast International Inc., Gibbs Die Casting, Ryobi die casting Inc., Bodine Aluminum, Martinrea Honsel Germany GmbH, Leggett & Platt, Endurance Technologies Ltd., Empire Die Casting Company, Alcoa Inc., Hitachi Metals Ltd, Nemak S.A.B. de C.V., GF Casting Solution AG, Shiloh Industries Inc., Rheinmetall Automotive AG, Sigma Electric Manufacturing Corp., Pace Industries, and Guangdong Yizumi. Key players are largely focusing on new product launches and developing advanced technologies to gain a competitive advantage in the market.

Growing government emphasis on infrastructural development projects coupled with rising electric vehicle sales will further augment the demand for welding equipment across regions globally over the coming years.

Market Drivers

The key driver which is influencing the growth of global Welding Equipment Market Size is rising demand from automotive industry. The automotive sector has been one of the largest end-users of welding equipment for joining different component materials of vehicles. Surging automobile production, especially electric vehicles worldwide will subsequently drive the demand for welding technologies in the market. According to International Organization of Motor Vehicle Manufacturers, around 93 million vehicles were produced globally in 2019 which is projected to further increase in coming years aided by growing economies and increasing per capita income. This rising automobile manufacturing is consequently estimated to propel the welding equipment market growth during the forecast period.

PEST Analysis

Political: Government health and safety regulations influence welding equipment design and manufacturing standards. Regulations aim to protect worker safety.

Economic: Changes in industrial demand impact investment in capital goods like welding equipment. Economic cycles influence spending on new tools and machinery.

Social: Safety training programs increase awareness of proper protective gear and handling techniques. This impacts sales of safety-focused welding products and accessories.

Technological: Advances in digital controls, connectivity, and power solutions enable new automated and integrated welding applications. New technologies drive equipment upgrades and demand for compatible replacement parts.

The welding equipment market is concentrated in regions with strong manufacturing industries. Europe represents a significant portion of overall market value due to concentrations of automotive, machinery, and fabrication businesses. Developed Asian markets like China, Japan, and South Korea also account for sizeable shares of global welding equipment spending tied to industrial and infrastructure development.

The welding equipment market is growing most rapidly in developing economies throughout Asia and Latin America. As industrial capacities increase in countries like India, Indonesia, Brazil and Mexico, demand is surging for new capital goods to enable manufacturing expansion. Access to affordable equipment is supporting welding applications in construction, energy, transportation and other sectors undergoing meaningful growth.

The North American region garners substantial value in the welding equipment market servicing well-established industries. However, above-average growth rates are occurring elsewhere as emerging economies continue industrializing and constructing infrastructure to support economic development and rising standards of living.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it