Welding Equipment Market Size, Share & Trends Analysis Report By Type (Automatic), By Technology (Arc Welding, Resistance Welding), By End-Use, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the welding equipment market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for welding equipment market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of welding equipment market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Welding Equipment Market Categorization:

The welding equipment market was categorized into four segments, namely technology (Arc Welding, Resistance Welding, Laser Beam Welding, Oxy-Fuel Welding), type (Automatic, Semi-Automatic, Manual), end-use (Aerospace, Automotive, Building & Construction, Energy, Oil & Gas, Marine), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The welding equipment market was segmented into technology, type, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The welding equipment market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Spain; Italy; China; India; Japan; South Korea; Australia; Brazil; Argentina; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Welding equipment market companies & financials:

The welding equipment market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• The Lincoln Electric Company - The company offers development, design, and manufacturing of arc welding products, plasma, assembly & cutting systems, automated joining, and oxyfuel cutting equipment, and is one of the major players in the brazing and soldering alloys industry. It operates through three operating segments such as International Welding, Americas Welding, and The Harris Products Group. The Americas Welding segment comprises welding operations in South and North America. The International Welding segment comprises welding operations in Africa, Asia, Europe, and Australia.

• ACRO Automation Systems, Inc - ACRO Automation Systems, Inc. offers a wide range of products and services such as automated welding, automated assembly, texting, online inspection solutions, lean manufacturing solutions, flexible robotic systems, high-volume hard-tooled systems, and complete turnkey solutions. It serves a wide range of industries such as automotive, appliances, and consumer goods. The company has been providing solutions such as automated welding, automated assembly and test, system integration, and robotic automation for customers.

• Miller Electric Mfg. LLC - Miller Electric Mfg. LLC provides innovative, solution-focused products and meets critical welding safety and health requirements. Manufacturing, fabrication, construction, aviation, motorsports, education, agricultural, and maritime applications are among the many applications for the company's goods. It maintains its leadership in the business by setting the benchmark for dependability, quality, and response.

• Ador Welding Limited - The company is engaged in the manufacturing and distribution of welding equipment, consumables, and automation solutions. It offers a wide range of welding consumables, including electrodes, wires, and fluxes, along with brazing products. In addition, the company also provides welding equipment based on different welding principles.

• Mitco Weld Products Pvt. Ltd - The company offers welding consumables, gas welding & cutting equipment, electric welding accessories, welding power sources, and industrial safety products. It caters to various types of industries such as fabrication, heavy civil and infrastructure, power, hydrocarbon, and defense. The company also offers industrial safety products such as PU sole safety boots, belts & harnesses, and PVC sole safety shoes. It has a distribution network across India and exports to various neighboring countries and Middle Eastern countries.

• voestalpine Böhler Welding Group GmbH - The voestalpine Group is divided into five reportable segments: steel, high-performance metals, metal engineering, metal forming, and others. The company's steel division produces advanced hot & cold-rolled strip steel & electro galvanized, hot-dip galvanized, and organically coated strip steel. Electrical steel strips, heavy plates, and foundry goods, as well as downstream steel & service center and logistics services, supplement this.

• Carl Cloos Schweisstechnik GmbH - The company creates, manufactures, and distributes unique products in over 40 countries around the world. Its product offering comprises solutions for intelligent software, sensors, and safety technology. In 1948, the business began producing welding power sources for stick electrodes. It also provides welding and cutting services for various ferrous and nonferrous metals.

• OTC DAIHEN Inc. - The company operates through three business segments, namely power products, advanced components, and welding & mechatronics. It offers innovative welding and robotics solutions that maximize productivity. The company offers a wide range of products such as power receiving & distribution, control & telecommunications, power distribution, dispersed power products, and EV charging through its power product business segment. It offers power supply products for plasma generation and clean transfer products through its advanced components business segment. The company also offers in-plant automatic transfer, mechatronics, and metalworking through its welding & mechatronics business segment.

• Illinois Tool Works Inc. - Illinois Tool Works Inc. perates through its seven business segments, namely, food equipment, construction products, automotive OEM, test & measurement & electronics, polymers & fluids, welding, and specialty products. Through its welding segment, the company provides metal arc welding consumables, arc welding equipment, and related accessories to the general industrial market, which includes shipbuilding, fabrication, and other general industrial markets, as well as energy, construction, MRO, automotive original equipment manufacturers, tiers, and the industrial capital goods market. In 2021, it earned a revenue share of USD 1.70 billion.

• Panasonic Industry Co., Ltd. - Panasonic Industry Co., Ltd. offers the development, manufacture, and sale of electrical components, electronic components, control devices, and electronic materials. It operates through five major business segments, namely, appliances, life solutions, connected solutions, automotive, and industrial solutions. The company offers room air-conditioners, largesized air-conditioners, refrigerators, rice cookers, washing machines, microwave ovens, personalcare products, vacuum cleaners, TVs, digital cameras, video equipment, fixed phones, home audio equipment, showcases, compressors, and fuel cells through its appliances segment.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Welding Equipment Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Welding Equipment Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.