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Global Market Insights 2024: Welding Equipment, Accessories, and Consumables
Welding Equipment, Accessories, and Consumables Market Size
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Welding Equipment, Accessories, and Consumables Market 2024 Key Insights:
• 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%.
• Steel Industry's Surge Fuels Welding Equipment Accessories And Consumables Market
• Revolutionizing Welding Equipment Through The Impact Of Technological Advancements In The Welding Industry
• Asia-Pacific was the largest region in the welding equipment accessories and consumables market in 2023
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