Press release
Welding Torch Market Size To Hit US$ 5.6 Bn by 2029 end | According to PMR
Welding Torch MarketPersistence Market Research has released a new market study on the Welding Torch Market involves Global Industry Analysis 2014-2018 and Forecast 2019-2029. The market for welding torch is anticipated to grow at a CAGR of ~6% between 2019 and 2029 and is projected to reach a global value of US$ 5.6 Bn by 2029 end. Additionally, the global welding torch market is estimated to create incremental $ opportunity of US$ 2.5 Bn over the forecast period.
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The increase in the production in divisions such as general fabrication, automotive, transportation, energy sector, shipyards and offshore, and yellow goods, among other industries have led to a significant increase in the demand for welding torches. Robotic welding torches integrate to increase the efficiency and production of any manufacturing and general fabrication operations. This automated process allows the operator to maintain weld integrity using electronic weld process for better weld quality with low labor costs and increased output. This defines the expected development of the global welding torch market throughout the forecast period of 2019-2029.
Market Drivers:
• Increasing demand for welding services: The demand for welding services has increased in recent years, especially in the construction and manufacturing industries. This is expected to drive the demand for welding torches, as they are an essential tool in the welding process.
• Growing construction and manufacturing industries: The growth in the construction and manufacturing industries, especially in developing countries, is expected to drive the demand for welding torches. The increasing demand for welding services in these industries is expected to further drive the demand for welding torches.
Market Restraints:
• Availability of alternative welding techniques: The availability of alternative welding techniques, such as friction welding and laser welding, can limit the growth of the welding torch market.
• High cost of welding torches: The high cost of welding torches, especially high-end welding torches, can act as a restraint for the welding torch market.
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Market Segmentation:
The global welding torch market can be segmented based on type, end-use industry, and geography.
Based on type, the welding torch market can be segmented into TIG welding torch, MIG welding torch, Stick welding torch, and others. TIG welding torch is expected to hold a significant share of the welding torch market, due to its widespread use in various industries.
Based on end-use industry, the welding torch market can be segmented into construction, manufacturing, and others. The construction industry is expected to hold a significant share of the welding torch market, due to the increasing demand for welding services in the construction industry.
Geographically, the welding torch market can be segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is expected to hold a significant share of the welding torch market, due to the growing demand for welding services and the increasing construction and manufacturing activities in countries such as China and India.
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Conclusion:
The global welding torch market is expected to grow significantly in the next few years, driven by the increasing demand for welding services and the growing construction and manufacturing industries. The increasing demand for welding services in these industries is expected to further drive the demand for welding torches. However, the availability of alternative welding techniques and the high cost of welding torches can act as restraints for the welding torch market.
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