by The welding equipment market has grown significantly over the past decade owing to rapid industrialization and infrastructure development across various sectors such as manufacturing, automotive, construction, and oil & gas. Welding equipment finds widespread applications for joining two or more parts or materials successfully without any welding defects. Advancements in robotics and automation are helping minimize human errors and improve productivity and precision in welding applications. Continuous and submerged arc welding equipment account for the largest share due to their use in heavy fabrication and automotive body panels. The automated variants of these welding equipment are gaining increasing adoption due to their consistency and ability to operate for longer periods.
The global welding equipment market is estimated to be valued at US$ 21.19 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the welding equipment market include Alcast Technologies, Arconic, Consolidated Metco, Inc., Dynacast International Inc., Gibbs Die Casting, Ryobi die casting Inc., Bodine Aluminum, Martinrea Honsel Germany GmbH, Leggett & Platt, Endurance Technologies Ltd., Empire Die Casting Company, Alcoa Inc., Hitachi Metals Ltd, Nemak S.A.B. de C.V., GF Casting Solution AG, Shiloh Industries Inc., Rheinmetall Automotive AG, Sigma Electric Manufacturing Corp., Pace Industries, and Guangdong Yizumi.
The adoption of advanced robotics technology for welding applications provides significant opportunities for automation solution providers in this Welding Equipment Market Size. Developments in laser welding, additive manufacturing, and 3D printing are bringing more precision and consistency to welding operations.
Market Drivers
Growing demand for lightweight vehicles from automotive OEMs: Automotive OEMs are consistently striving to reduce vehicle weight through the adoption of advanced high-strength steel and aluminum alloys to improve fuel efficiency. This is driving the demand for robotic welding equipment capable of joining dissimilar metals.
Increasing investments in infrastructure development: Large investments by governments across developing nations to develop road & transport, bridges, dams, power projects, and buildings are fueling the demand for heavy fabrication equipment like continuous and submerged arc welding machines.
Focus on minimizing human errors and enhancing productivity: The integration of robotics, vision systems, and IoT sensors is allowing welding equipment to perform complex tasks with more precision and consistency than manual welding. This improves quality and reduces rework.
Current Challenges in Welding Equipment Market
The Welding Equipment Market Size is expected to face challenges such as high costs of advanced welding equipment, stringent regulations regarding worker safety, volatile raw material prices, and demand-supply imbalance. Advanced welding processes like laser welding require complex and precision equipment which is quite expensive. Further, regulatory bodies have implemented strict rules regarding health hazards of welding like exposure to radiation and fumes which increases compliance costs for manufacturers. Raw materials used in welding like gases and metal alloys experience frequent price fluctuations due to supply chain issues and geopolitical risks. Moreover, demand for welding equipment varies widely across industries and regions leading to uneven supply and demand cycles.
SWOT Analysis
Strength: Advance welding technologies like laser welding provide higher precision and quality welds. Welding is a critical process across sectors like automotive and machinery manufacturing.
Weakness: High costs of technologically advanced welding equipment limits their adoption. Stringent health and safety norms increase compliance burden.
Opportunity: Growing infrastructure and construction activities in developing nations drive the need for welding of structures and pipes. Increased automation and robotics in manufacturing boosts integration of industrial welding robots.
Threats: Volatile prices of essential raw materials like metals and gases impact equipment costs. Threat of substitution from alternative joining techniques in few applications.
Geographical Regions
In terms of value, the welding equipment market is highly concentrated in Asia Pacific and North America region. The Asia Pacific holds largest share owing to presence of established manufacturing sectors and growing infrastructure development activities in China, India. North America, particularly United States, has considerable market for welding equipment due to developed automotive and machinery industries.
Fastest Growing Region
The Middle East and Africa region is expected to be the fastest growing market for welding equipment during the forecast period. This is attributed to ongoing large scale investments in industries like oil & gas, construction, and power in GCC countries and developing economies. Mega infrastructure projects and national industrialization drives of various nations will propel the demand for welding of structures and piping systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
