Welding Equipment Market Analysis (2019-2027)

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2.  WELDING EQUIPMENT MARKET ANALYSIS (2019-2027) • Welding Equipment Market, by Level of Automation (Manual, Semi-Automatic, and Automatic), by Welding Technology (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, and Others), by Application (Automobile & Transportation, Building & Construction, Marine Application, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. Market Insight-Global Welding Equipment Market 2017-2027 • Market Definition • 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.

4. The global welding equipment market was valued at US$ 12,034.81 Mn in 2018 and is expected to grow at a CAGR of 7.9% during the forecasted period (2019-2027)

5. Market Dynamics- Drivers • 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.

6. 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. • Asia Pacific region dominated the global welding equipment market in 2018, accounting for 33.2% share in terms of value, followed by Europe and North America, respectively.

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8. Market Dynamics- Restraints • Slow adoption of advanced welding technologies in emerging economies is expected to hinder the global welding equipment market growth over the forecast period • There has been slow adoption of advanced welding technologies in emerging economies such as India and China, which in turn, is expected to hamper the regional market growth in the near future. This is due to cost sensitivity in emerging economies that hampers investments in emerging economies. Advanced welding technologies such as laser and electron beam welding are being majorly adopted in developed countries across numerous industries. However, use of aforementioned technologies is low in emerging economies due to high costs of these products and low investment for buying these technologies, which in turn, is expected to hamper the market growth over the forecast period.

9. Slow growth shipbuilding and aerospace industry are expected to restrain the global welding equipment market growth during the forecast period. • Aerospace and shipbuilding industries in some regions have witnessed sluggish growth in the recent past. Welding is one of the key techniques adopted in these industries, especially shipbuilding industry. Slow growth of these industries is expected to hamper the market growth in the near future.

10. Market Opportunities • 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.

11. 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.

12. Source: Coherent Market Insights

13. Market Trends • Strategic activities such as mergers and acquisitions are expected to be the major trend • Key players in the market are focused on mergers and acquisitions, in order to gain competitive edge in the market. For instance, in 2014, Voestalpine AG acquired Maruti Weld Pvt. Ltd., in order to enhance its presence in India. Moreover, in 2012, Colfax Corporation acquired ESAB, a supplier of welding and cutting products, in enhance its presence in the global market.

14. Incorporation of welding automation in fabrication works • Increasing demand for welding automation in fabrication is expected to be a major trend in the market. Industries in developed countries are increasingly adopting welding automation technology for fabrication and manufacturing processes, owing to shortage of skilled labors in the region. Moreover, major companies in developed countries are adopting welding automation, in order to reduce dependency on manpower. Increasing need for efficiency fabrication coupled with growing labor costs is expected to boost the demand for welding automation.

15. 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.

16. Source: Coherent Market Insights

17. Value Chain Analysis

18. Competitive Section • 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.

19. Key Developments • Key companies in the market are focused on capacity expansion, in order to gain competitive edge in the market. For instance, in May 2018, DAIHEN Inc., opened Detroit Technical Center in Detroit, Michigan for the sales and service of manual and robotic welding components. • Major companies in the market are involved in investments, in order to enhance their market presence. For instance, in May 2019, The Lincoln Electric invested US$ 20 million on the plant located in Mahindra World City, a special economic zone, in Chennai, India.

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