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Welding Solutions Market Overview 2024: Products and Innovations
Welding Products Market Trends
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According to The Business Research Company's, The welding products market size has grown strongly in recent years. It will grow from $15.76 billion in 2023 to $16.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rise in industrialization, growth of manufacturing sector, expansion of infrastructure projects, adoption of welding technology in the automotive industry, increasing construction activities.
The welding products market size is expected to see strong growth in the next few years. It will grow to $21.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rise in demand for welding products in the renewable energy sector, growing demand for lightweight materials in various industries, expansion of the oil and gas industry, increasing focus on repair and maintenance activities in aging infrastructure, increasing demand for welding products in the defense industry . Major trends in the forecast period include adoption of automation and artificial intelligence, eco-friendly welding technologies and materials, customization of welding products for specific industrial applications, integration of data analytics for quality control, shift towards more portable and compact welding equipment for flexibility.
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Market Drivers and Trends:
The rapid expansion of the construction sector is expected to propel the growth of the welding products market in the forecast period. The construction sector is a very diverse industry that includes various activities such as infrastructure, buildings, and maintenance. Welding is mostly used in the production of structural frameworks from metal components. Welding is used for joining trusses, footers, steel I-beams and columns that maintain a building's walls, roof, and floors. For instance, according to the Intercontinental Exchange (ICE), a US-based technology company the global construction sector is expected to grow to $8 trillion by 2030. Therefore, the rapid expansion in the construction sector drives the growth of the welding products 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:
The Lincoln Electric Company, Colfax Corporation, Illinois Tool Works Inc., Kemppi Oyj, Kiswel Inc., Obara Corporation, Senor Metals Pvt. Ltd., Tianjin Bridge Welding Materials Co. Ltd., Elektriska Svetsnings-Aktiebolaget, Ador Welding Ltd., Panasonic Life Solutions India Pvt. Ltd., Rofin-Sinar Technologies Inc., Sonics & Materials Inc., Fronius International GmbH, Daihen Corporation, Voestalpine AG, Arcon Welding Products Private Limited, Air Liquide SA, Carl Cloos Schweisstechnik GmbH, OTC DAIHEN Inc., Mitco Weld Products Pvt. Ltd., voestalpine Böhler Welding Group GmbH, Miller Electric Mfg. Co., GCE Group Ltd., EWM AG, Kjellberg Finsterwalde Plasma und Maschinen GmbH, Lincoln Electric Holdings Inc., FZE Manufacturing Solutions LLC, Copelands Inc., Harvan Manufacturing Ltd., Kooima Company, PT Tech LLC, William L Bonnell Company Inc., Pexco LLC, Arcair Appliance Industrial Co. Ltd., Harris Calorific Inc.
Welding Products Market 2024 Key Insights:
• The welding products market size is expected to see strong growth in the next few years. It will grow to $21.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Construction Sector Expansion Fuels Welding Products Market Growth
• Innovative Technological Advancements Transforming The Welding Products Market
• Asia-Pacific was the largest region in the welding products market in 2023
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