Press release
Welding Equipment, Accessories, and Consumables Global Market Report 2024 - By Report, Size, Share, Forecast, Outlook By 2033
Welding Equipment, Accessories, and Consumables
The Business Research Company offers in-depth market insights through Welding Equipment Accessories and Consumables Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The welding equipment, accessories, and consumables market size has grown strongly in recent years. It will grow from $24.84 billion in 2023 to $26.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to repair and maintenance needs, promising growth in the steel industry, increased demand from other end-use industries, automotive industry growth, rise in infrastructure development.
The welding equipment, accessories, and consumables market size is expected to see strong growth in the next few years. It will grow to $34.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to renewable energy projects, global construction growth, rise of electric vehicles, oil and gas industry investments, growing demand for high-performance and efficient welding solutions. Major trends in the forecast period include advancements in welding equipment and consumables technology, digitalization and automation, iot integration in welding equipment, eco-friendly welding consumables, focus on lightweight materials.
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Market Segmentation:
The welding equipment, accessories, and consumables market covered in this report is segmented -
1) By Technology: Arc Welding, Oxy-fuel Welding, Other Technologies
2) By Equipment Type: Welding Electrode, Filler Metal, Oxy-fuel Gas
3) By Application: Automotive, Building and construction, Heavy Engineering, Railway & Shipbuiding, Oil & Gas, Other Applications
Major Driver - Steel Industry's Surge Fuels Welding Equipment Accessories And Consumables Market
The growing demand for the steel industry is expected to propel the growth of the welding equipment accessories and consumables market. The increased demand for welded metals in the fabrication industry and the use of welding equipment is used for applications such as stick welding, tungsten inert gas (TIG) welding, and metal inert gas (MIG) welding. For instance, according to the American Iron and Steel Institute, as of January 2022, in the United States, the domestic raw steel production stood at 1,803,000 net tons while the capability utilization rate was 81.9%. Also, according to IBEF, in FY2021, in India, the production of crude steel and finished steel stood a 102.49 MT and 94.66 MT, respectively. Therefore, the growing demand for the steel industry is driving the growth of the welding equipment accessories and consumables market.
Competitive Landscape:
Major companies operating in the welding equipment, accessories, and consumables market report are Air Liquide S. A., British Oxygen Company, Bug-O Systems Inc., Carl Cloos Schweisstechnik GmbH, Cavagna Group UK Ltd., Colfax Corporation, Daihen Corporation, GCE Holding AB, Gentec Corporation, Illinois Tool Works Inc., Kobe Steel Ltd., Koike Aronson Inc., Lincoln Electric Holdings Inc., Linde plc, Matheson Tri-Gas Inc., Elektriska Svetsnings-Aktiebolaget, Fronius International GmbH, Kemppi Oy, Obara Corporation, Panasonic Corporation, ARCON Welding Equipment LLC, Costruzioni Elettromeccaniche Annettoni S. p. A., Ewm Ag, Hyundai Welding Co. Ltd., Kjellberg Finsterwalde Plasma und Maschinen GmbH, Lorch Schweißtechnik GmbH, Miller Electric Mfg LLC, OTC Daihen Corporation, Rofin-Sinar Technologies Inc., Soyer GmbH, Voestalpine Böhler Welding GmbH, Welding Alloys Group Ltd.
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Top Trend - Revolutionizing Welding Equipment Through The Impact Of Technological Advancements In The Welding Industry
Technological advancement is a key trend gaining popularity in the welding equipment accessories and consumables market. Technological advancement is a discovery of knowledge that advances technology. For instance, in February 2021, Lincoln Electric, a US-based manufacturer of welding, cutting, and brazing products introduced the new diesel engine-driven welder named Vantage 441X. The Vantage 441X welder/generator is loaded with features to help keep job sites welding at peak performance. It has been equipped with a 41hp, turbocharged Perkins diesel engine, and 100% duty cycle DC welding output that provides enhanced power and performance along with fuel efficiency.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Welding Equipment Accessories and Consumables Market Characteristics
3. Welding Equipment Accessories and Consumables Market Trends And Strategies
4. Welding Equipment Accessories and Consumables Market - Macro Economic Scenario
5. Welding Equipment Accessories and Consumables Market Size And Growth
…..
27. Welding Equipment Accessories and Consumables Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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