The Rise In Automobile Industry To Boost The Welding Equipment Market Growth

Welding Equipment Market
Welding Equipment Market

Welding Equipment Market By Process Type (Arc Welding, Braze Welding, Forge Welding, Gas Welding, Resistance Welding, Welding Consumables, Others), Material Type (Metal Welding, Glass Welding, Plastic Welding, Others), Automation Type (Automatic, Semi-Automatic, Manual), Application (Residential, Commercial, Industrial), End-User (Oil & Gas, Automotive, Aviation & Shipbuilding, Power, Chemicals, Mining, Construction, Others) and by Region (Europe, North America, Asia Pacific, Africa, Latin America and Middle East) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Welding Equipment Market is estimated to be valued at US$ 18,831.6 million in 2022 and is expected to exhibit a CAGR of 5.0 % over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Welding gloves, pinafores and hoods, dust covers, extraction method and other safety devices. Chipping hammers and wire brushes are some of the welding equipment. Gas nozzles and connection tips are used for MIG/MAG welding. Tungsten rods are used for TIG/GTAW welding. Abrasive diskettes are used for angle grinders.

Competitive Landscape:

Key players involved in the growth of the global welding equipment for market are Lincoln Electric, CRUXWELD, ARCON - Mitco Weld Products Pvt. Ltd., Panasonic Industry Co., Ltd., ACRO Automation Systems, Inc., Illinois Tool Works Inc., Voestalpine Böhler Welding Group GmbH., Coherent, Inc., AIR LIQUIDE, Polysoude S.A.S., Carl Cloos Schweisstechnik GmbH, OTC DAIHEN Inc., Kemppi Oy and ESAB.

The worldwide Welding Consumables Market is anticipated to develop over the course of the projected period due to the high expansion of the automotive and construction industries.

Market Key Drivers:

The rise in automobile industry is expected to augment the growth of global Welding Equipment Market. For instance, as per The Economist Intelligence, commercial vehicle sales was over 16% high in 2021.

The rising efficacy of the automotive equipment and rising acquisition is projected to propel the growth of global welding equipment for market. For instance, in April 2021, Zeman Bauelemente Produktionsgesellschaft m.b.H was acquired by the Lincoln Electric Company.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global welding equipment for market as there was an imposition of strict lockdown. The disruption in supply chain and the halt of construction activities, along with the closure of manufacture and production units has impeded the market growth.

Key Takeaways:

The global Welding Equipment Market is anticipated to exhibit a CAGR of 5.0 % during the forecast period due to rising demand of electric vehicle. For instance, as per IEA, the sales of electric vehicles crossed 17 million units across the globe.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global welding equipment for market due to rise in use of electric vehicles, increasing collaborations and partnerships, rising regulatory initiatives and innovations for the expansion of the product. For instance, Miller Electric Mfg. LLC entered into a strategic collaboration with NCCER in February 2022.

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