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Welding Equipment Market to Grow at a CAGR of 7.9% by 2024
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The global welding equipment market is expected to thrive at an impressive CAGR of 7.9% over the forecast period, 2016-2024. Staggering demand from automotive and transportation sectors will remain a key driver. In terms of sales, the market will reach a value of US$ 19.16 Bn by 2024 end, up from US$ 10.45 Bn estimated for 2016. Arc welding segment will remain the key segment with around 50% of the total market share.
Developing markets are however witnessing lower adoption rate of advanced welding techniques, which is estimated to challenge rapid widespread adoption of welding equipment. As emerging economies continue to face inadequate skilled labor, the demand for welding equipment in manufacturing industry is increasing. This will sustain long term demand in the global market.
Based on welding technology, arc welding will remain the largest segment with 47.6% value share by 2016 end, reaching a value of US$ 4.97 Bn. It will expand at an impressive CAGR of 7.0% to reach the revenues of US$ 8.58 Bn by 2024 end. Resistance welding is estimated to be the second largest segment, accounting for over 20% of the market share. Laser beam welding segment is foreseen to grow significantly and create an incremental dollar opportunity of US$ 1.77 Bn from 2016 to 2024. It is estimated to contribute over 17% to the total market value over the forecast period.
By application, the highest consumption of welding equipment will be registered by automobile and transportation segment. It will remain the largest application segment, expanding at a CAGR of 8.1% over 2016-2024. In terms of volume, automobile and transportation segment will reach 603.7 thousand units in 2024, up from 394.2 thousand units in 2016. Building and construction is projected to be the second largest but the fastest growing segment, recording a CAGR of 7.0% in terms of value. By volume, this segment will reach 345.4 thousand units by 2016 end, which is expected to be nearly 491.9 thousand units by 2024 end.
On the basis of level of automation, automatic and semi-automatic segments will represent the key segments with remarkable growth rates. The former is expected to account for over 65% value share of the overall market revenues, whereas the latter will contribute over 25% to the market in 2016. By 2024 end, automatic segment will witness a CAGR of 8.5%, whereas semi-automatic segment will reflect a CAGR of 7.3%.
Asia Pacific will remain the market leader throughout the forecast period. With over 32% of the total market value share in 2016, APAC market will witness approximately 1.9X growth in terms of value by 2024 end. From US$ 3.44 Bn estimated for 2016, the Asia Pacific market will reach US$ 6.58 Bn by 2024 end. Anticipated to witness a healthy CAGR of 8.5%, this region will gain an attractive incremental opportunity of US$ 3.14 Bn during the forecast period. The market in the Middle East and Africa is also predicted to grow significantly, representing the most lucrative market for welding equipment. With over 8% of the total market value share in 2016, the MEA market is estimated to expand at a CAGR of 8.6% over 2016-2024, reaching a value of US$ 1.64 Bn in revenues.
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The key players in the global welding equipment market include voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Fronius International GmbH, Rofin-Sinar Technologies, Sonics and Materials, Inc., Arcon Welding Equipment, DAIHEN Corporation, Amada Miyachi, Inc., and Nelson Stud Welding (Doncasters Group Ltd.).
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