Escalating demand across various application segments such as shipbuilding, automotive, offshore exploration, aerospace, oil & gas, energy, and construction is anticipated to be the key force that drives the global welding machinery market growth over the forecast period. Further, the gradual shift from manual welding to automation is expected to spur the welding machinery industry growth. Welding helps in repairing metallic & non-metallic components in various manufacturing industries and provides simple & efficient method for fusing materials. This benefit may remain as a chief driver stimulating demand for welding machinery.
Growing number of infrastructure projects including wind turbine installations is a key factor contributing to market demand. Further, recuperation in the construction and manufacturing areas impels the need for more advanced welding machinery, further fueling market growth. In addition, unremitting necessity of maintaining & repairing the existing applications across various industries may further spur welding machinery industry demand over the next few years. In addition, rising standards of living coupled with increasing spending on nutrition will benefit the food and packaging machinery sectors, thus fueling the market expansion. Further, escalating demand for cars globally may fuel the need for spending more on tools and robotics in the automotive business, subsequently driving the market demand. However, there may be a huge demand breakdown for welding machinery, if heavy & light automotive vehicle production is cut down owing to low demand and consumer confidence.
Shifting focus towards automatic welding from the manual is a major trend witnessed by the welding machinery market in recent times. Surging shortage of skilled labor, especially in developed countries is impelling manufacturers to take new strides in the world of sophisticated automation. The advent of welding robot for manufacturing processes reduces dependency on manual labor and thus drives demand for welding machinery. Further, employment of costly labor in developed countries increases manufacturing costs, owing to which companies are propelled to adopt industrial robotics, further stimulating market development. Additionally, the advent of laser systems, Computer Aided Design (CAD) and manufacturing systems may open new avenues for welding machinery adoption globally. Furthermore, advancements and innovations in beam delivery, work management, and laser sources are being incorporated for use in a wide range of welding solutions, ultimately catapulting market demand. Thus, the soaring need for automation is anticipated as one of the foremost trends propelling the market development over the next few years.
However, gradual adoption of enhanced technologies in developing nations may hinder welding machinery industry growth over the forecast period. Further, price consciousness makes end-users reluctant to adopt technologically advanced solutions, which may pose as a major challenge for the market. Additionally, slowdown in shipbuilding and aerospace industries may hamper market augmentation.
On the basis of product segment, the welding machinery market can be classified as arc welding, gas welding & cutting, resistance welding, laser welding, ultrasonic welding machinery and electrodes, and other consumables. However, plasma & arc welding machinery is expected to gain maximum market share owing to its sustained demand from the global energy industry. The wide usage of arc welding in the maintenance and repair of nuclear facilities, Liquefied Natural Gas (LNG) tanks, wind turbine installations, and pipelines drives demand for welding machinery. However, even laser welding machinery is expected to gain eminence over the next few years on account of its adoption in new end-use and heavy manufacturing industries such as railways, shipbuilding, and steel production.
The European welding machinery market is anticipated to dominate the market closely followed by the U.S. and Asia Pacific. This may be attributed to rising demand from European automotive, transportation, electronics, heavy machinery, and construction industries. Further, noteworthy improvement in energy efficiency that robotic welding delivers is expected to spike market demand in North America and Europe. Additionally, significant government investments in the U.S. may fuel welding machinery market growth over the forecast period.
Key players operating in the global welding machinery market include Daihen Corporation, Bohler Thyssen Welding USA Inc., Air Liquide SA, Panasonic Welding Systems Co. Ltd., ARCON Welding, LLC, Rofin-Sinar Technologies Inc., Carl Cloos Schweisstechnik GmbH, Illinois Tool Works Inc., ACRO Automation Systems, Lincoln Electric Holdings Inc., and Banner Welder Inc.
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.