The new welding equipment market research from Technavio indicates Neutral & Inferior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Welding Equipment Market 2020-2024 (Graphic: Business Wire)
"One of the primary growth drivers for this market is the use of friction stir welding technology in automotive sector,” says a senior analyst for Industrials at Technavio.
The emergence of friction stir welding technology in the automotive sector is one of the major factors driving welding equipment market growth. This technology is gaining prominence in the automotive industry, as the need for higher fuel efficiency has increased. The technology helps automotive manufacturers spot-weld thin aluminum sheets within a low operating cost. The technology also consumes less power and offers fewer chances of deformation, eventually reducing the overall weight of the vehicles. Furthermore, with government regulations on reducing the carbon emissions by improving the fuel economy, the demand for low weight automotive vehicles is likely to surge considerably, influencing the market growth.
As the markets recover Technavio expects the welding equipment market size to grow by USD 650.83 million during the period 2020-2024.
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Welding Equipment Segment Highlights for 2020
- The welding equipment market is expected to post a year-over-year growth rate of -12.35 %.
- Automotive industry dominated the market in 2019.
- The stringent requirement for quality and precision has led to an increased demand for automated welding in the automotive industry.
- Being an early adopter of automation, the automotive industry has been witnessing the increased use of robotic welding in manufacturing operations.
- Market growth in this segment will be faster than the growth of the market in the construction, shipbuilding, and others segment.
- 50% of the growth will originate from the APAC region.
- The growth in end-user industries such as automotive, construction, and power and increasing investments in MRO facilities will significantly influence welding equipment market growth in this region.
- China and Japan are the key markets for welding equipment in APAC.
- Market growth in this region will be faster than the growth of the market in other regions.
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- The welding equipment market size is expected to accelerate at a CAGR of over 1% during the forecast period.
- The welding equipment market is segmented by end-user (automotive, construction, aerospace and defense, shipbuilding, and others) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ACRO Automation Systems Inc., AMADA HOLDINGS Co. Ltd., Banner Welding Inc., Colfax Corp., Fronius International GmbH, Illinois Tool Works Inc., Lincoln Electric Holdings Inc., Obara Group Inc., Panasonic Corp., and voestalpine AG.
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