Key Market Overview:
Welding Equipment market was valued at USD 23.7 Billion in 2022 and is anticipated to grow at a CAGR of 4.8% and is expected to reach USD 36.1 Billion by 2030
The welding equipment market is a growing industry with increasing demand for welding equipment for various applications such as construction, automotive, and manufacturing. Welding equipment is used to join metal or plastic parts by heating the surfaces to the point of melting and fusing them. The increasing demand for energy-efficient welding equipment is driven by the need to reduce energy consumption and lower operating costs. Inverter-based welding equipment, for example, is becoming increasingly popular due to its energy-saving capabilities. The trend of automation in welding processes is increasing due to the need for higher productivity, accuracy, and efficiency. Automated welding equipment is expected to drive market growth as it provides several benefits over traditional manual welding processes.
The growing investment in infrastructure development, especially in developing countries like China, Japan, and India are driving demand for welding equipment. The construction of new buildings, bridges, and other infrastructure projects require a significant amount of welding equipment in these countries. The development of new welding techniques and technologies is driving the market growth. For instance, inverter-based welding equipment, not only has energy-saving capabilities but also becoming increasingly popular due to its portability and energy efficiency. The market is expected to grow further due to the increasing demand for welding equipment in the aerospace, defense, energy, and oil & gas sectors.
Market Dynamics:
Driver:
The growth of the construction industry has led to an increase in demand for welding equipment. The construction of buildings, roads, bridges, and other infrastructure projects requires welding equipment for the fabrication and joining of metal components. For instance, in February 2023, India opened the first stage of worth USD 13 billion Delhi to Mumbai expressway which made use of welding equipment for the joining of metals during construction of bridges. As industries strive to reduce energy consumption and improve efficiency, the demand for energy-efficient welding equipment is increasing. The use of advanced welding equipment helps to reduce energy consumption, improve weld quality and increase productivity, boosting the growth of the market. The automation of welding processes has increased the demand for welding equipment. Automated welding systems provide improved accuracy, increased speed, and reduced human error compared to manual welding, driving the market growth.
Restraint:
The cost of welding equipment is a significant barrier to market growth, as many industries are reluctant to invest in expensive equipment. The shortage of skilled labor in the welding industry is another restraint as the lack of trained and certified welders limits the growth of the welding equipment market. Welding processes produce harmful fumes and gases, which pose a risk to the health and safety of workers, hindering the growth of the market.
Opportunities:
The growth of the renewable energy sector is creating new opportunities for the welding equipment market. The production of wind turbines and solar panels requires welding equipment for fabrication and assembly. The expansion of the aerospace industry creates new opportunities in the market as it uses lightweight materials which require advanced welding techniques. Moreover, the increasing demand for automation and robotics in the welding industry is creating new opportunities as the use of automated welding systems and robots improves efficiency, reduce costs, and increase productivity.
Welding Equipment Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 36.1 Billion |
| CAGR (2023-2030) | 4.8% |
| By Type | Automatic and Manual |
| By Technology | Resistance Welding, Gas Welding, Forge Welding, Braze Welding, Arc Welding, and Others |
| By Material | Metal, Glass, Plastic, and Others |
| By End-User | Automotive, Aviation & Shipbuilding, Chemicals, Construction, Mining, Oil & Gas, Power, and Others |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
| Key Players | Lincoln Electric, ACRO Automation Systems, Inc, AIR LIQUIDE, ARCON – Mitco Weld Products Pvt. Ltd., voestalpine Böhler Welding Group GmbH, Carl Cloos Schweisstechnik GmbH, OTC DAIHEN Inc., Illinois Tool Works Inc., Panasonic Industry Co., Ltd, Coherent, Inc., ESAB, Polysoude S.A.S. |
Market Segmentation:
By Type
The type segment is bifurcated into automatic welding equipment and manual welding equipment The automatic welding equipment segment contributes the largest revenue share in 2022 and dominates the market owing to high output, fast weld cycle time, and low cost. Automatic welding equipment is designed to perform welding processes without human intervention and includes robotic welding systems, automatic welding machines, and automated welding cells. Automatic systems are equipped with advanced features such as programmable controls, sensors, and feedback systems, which allow for precise and efficient welding operations. Industries such as aerospace, shipbuilding, and automobile, where high precision and consistent quality are required use automatic welding equipment. For instance, in October 2022, Lincoln Electric has launched The POWER MIG 211i welder which is a rugged 200-amp machine for MIG, flux-cored, and spool gun welding on construction sites.
Manual welding equipment requires human intervention to perform welding processes and includes handheld welding machines, welding torches, and welding guns. Manual systems are more flexible and versatile than automatic welding equipment and can be used in a wider range of applications. Manual welding equipment is widely used in small-scale welding operations and for repair and maintenance work and will register the fastest CAGR during the forecast period. The market for automatic welding equipment is growing due to the increasing demand for automation and precision, while the market for manual welding equipment continues to grow due to its versatility and affordability.
By Technology
The technology segment is bifurcated into resistance, gas, forge, braze, arc welding, welding consumables, and others. The arc welding segment contributes the largest share in terms of revenue in 2022 for market growth. This is due to the widespread use of arc welding technology in various industries, such as construction, metal fabrication, and automobile. Advancements in arc welding technology, such as the development of inverter-based welding machines, have made the technology more efficient and cost-effective, contributing to its growth and popularity. For instance, in February 2021, Castolin Eutectic Gmbh launched CastoTIG 1611 Advance that has standard-integrated pulse function meant for enhanced soldering pool control, especially when working with thin sheets.
The resistance welding segment is projected to register the fastest CAGR during the forecast period due to the low heat input, high production rates, consistent weld quality, and suitability for automation. Additionally, the growing demand for lightweight and fuel-efficient vehicles and the increasing adoption of resistance welding in the automotive and construction industries are driving the market growth.
By Material
The material segment is divided into metal, glass, plastic, and others. The metal segment dominates the market and contributes the largest share in 2022 for the industry growth in terms of revenue and includes MIG (metal inert gas) welding machines, TIG (tungsten inert gas) welding machines, stick welding machines, and plasma cutters. Metal welding equipment has a wide range of applications across many industries, including construction, automotive, aerospace, and manufacturing to join metal parts together, create structures and repair metal objects.
The glass segment is anticipated to register the fastest CAGR during the coming years and glass welding equipment are used in automotive windows & windshields and the production of medical devices such as X-ray tubes, laser optics, and others. Glass welding equipment is also used to apply thin coatings of metal or other materials to glass components, such as catheters and endoscopes, to improve the performance and functionality.
By End-User
The market is segmented into automotive, aviation & shipbuilding, chemicals, construction, mining, oil & gas, power, and others by end-user. The automotive segment accounts for the maximum share in 2022 and dominates the market. The increasing demand for electric vehicles is driving the demand for advanced welding equipment for battery production and vehicle manufacturing. Automation and robotics are being increasingly used in the automotive industry, leading to the growth of the welding equipment market. For instance, in October 2021 Air Liquide and Faurecia announced a development agreement to boost Hydrogen for Heavy-Duty vehicles that uses welding equipment for the assembly of exhaust systems, including the welding of pipes, mufflers, and catalytic converters.
The oil and gas segment is projected to register the fastest CAGR during the forecast period as welding equipment are used to fabricate and assemble storage tanks used for storing crude oil, natural gas, and other liquids. Welding equipment have also gained application to assemble offshore platforms used for drilling and production operations in the oil and gas industry.
By Region
The regional segment includes Europe, North America, Asia Pacific, the Middle East, and Africa, Latin America. Asia-Pacific contributes the largest share in terms of revenue in 2022 for the market growth due to the growing automotive industry. The growing demand for electric cars especially in developing countries of Asia Pacific including India and China is fueling the growth of the market. Welding equipment is used for joining various body parts, such as panels, doors, roofs, and fenders, to form the body of the vehicle.
For instance, in June 2022, Kia EV6 launch in India is one of the longest-range electric cars and is powered by a 77.4kWh battery good for up to 708km of range.
North America will register the fastest CAGR during the forecast years as it has a strong industrial base, including automotive, construction, and shipbuilding industries, which are major end-users of welding equipment. North America is home to major welding equipment manufacturers such as Lincoln Electric, Miller Electric, ESAB, and Hypertherm which constantly apply innovations and technologies to strengthen the position in market.
Welding Equipment Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with a large number of established players and new entrants. Further, market players are focused on product innovation, expansion into new regions, and partnerships and collaborations to enhance their market position. Key players in the market include-
- Lincoln Electric
- ACRO Automation Systems, Inc.
- AIR LIQUIDE
- ARCON – Mitco Weld Products Pvt. Ltd.
- voestalpine Böhler Welding Group GmbH
- Carl Cloos Schweisstechnik GmbH
- OTC DAIHEN Inc.
- Illinois Tool Works Inc.
- Panasonic Industry Co., Ltd
- Coherent, Inc.
- ESAB
- Polysoude S.A.S.
Recent Developments:
- In July 2022, PWM Ltd supplied Encore Wire with three EP500 cold pressure welding machines, which are semi-automatic, energy-efficient, and low maintenance. In 2021, Encore Wire ordered nine EP500 cold welders and has now ordered the additional machines as part of its investments in technology.
- In April 2022, Polysoude S.A.S announced Smart welding Station P3 UHP that is designed for orbital welding in high and ultra-high purity environments (UHP). The station is equipped with advanced technology to ensure precise and reliable welding results, even in the most demanding conditions.
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