Global Market Insights has recently added a report on Welding Equipment Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
Welding Equipment & Consumables Market to reach $25 billion by 2024. Rising income levels of the middle-class population in the developing countries like India, China, Mexico, Indonesia, and Brazil is fueling the automobile demand. This has also led to improvements in roads and other transit facilities.
Growing construction industry in the Asia Pacific region due to rapid growth in the fast-developing economies of China, India, and Japan will further enhance the welding equipment & consumables market. Asia Pacific contributed around 45% of the global construction spending in 2016 and accounted for over USD 4 billion. Moreover, infrastructural and transportation development shall further fuel the welding equipment & consumables market demand in the forecast span.
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Geographically, Asia Pacific accounts for a notable share in the welding equipment & consumables market and will grow at a significant rate to hold over 40% of the entire market by 2024. Asia Pacific will showcase strong growth opportunities owing to the rapidly growing automobile, shipbuilding, construction, and aerospace industries in the region.
The total sales of vehicles in India and China accounted for over 30 billion in 2016, whereas that in Japan was recorded close to 5 billion in the same year. Extensive product use in the automotive industry will propel the welding equipment & consumables market demand in the next seven years.
Welding Equipment & Consumables Market by Product
- Welding equipment
- Arc welding equipment
- Resistant welding equipment
- Oxy-fuel welding equipment
- Laser-beam welding equipment
- Welding consumables
- Stick electrodes
- Solid wires
- Flux cored wires
- SAW & fluxes
The equipment segment finds application in various industrial activities and include arc, resistant, oxy-fuel and laser-beam equipment. Arc welding equipment market will hold around 40% of the entire share by 2024 growing at an exponential rate due to the its rising popularity over its peers. Welding equipment & consumables market is set to witness significant gains in the next seven years.
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Welding process leads to considerable environmental and health hazards due to the release of toxic gases such as nitric oxide, carbon monoxide, ozone and nitrogen dioxide. These gases when released in the air cause contamination and may also result in pulmonary infection or respiratory illness to workers dealing with such welding activities. Poor working conditions in small and medium enterprises may lead to severe health hazards among workers. These factors might hinder the welding equipment & consumables market in coming years.
Prominent players operating in the entire welding equipment & consumables market are Obara Corporation, Miller Electric, Miyachi America Corporation, Lincoln Electric Company, Fronius International, ESAB Group, Doncasters Group, DAIHEN Corporation, Arcon Welding, Kiswel, Voestalpine AG, Senor Metals, Panasonic Corporation, Sonics & Materials, and ROFIN-SINAR Technologies to name some.