Welding Equipment and Supplies Market to See 5.8% Annual Growth Through 2023
Industry Boosted by Trend Toward Welding Automation
WELLESLEY, Mass., December 19, 2019 (Newswire.com) - The growing trend toward welding automation and the increase in demand from end-user industries are two factors driving growth in the global welding equipment and supplies market, according to a report by BCC Research, “Welding Equipment and Supplies: The Global Market.”
The market expects to see a compound annual growth rate (CAGR) of 5.8% through 2023, when it could be worth $35.9 billion.
Major players in the market include Arcos Industries LLC, Lincoln Electric Holdings Inc., Uniweld Products Inc. and Weld Wire Company Inc.
- The automated and robotic welding and accessories market reached $2.3 billion in 2018 and should reach $3.3 billion by 2023 at a CAGR of 7.1%.
- The various gases for welding market reached $6.0 billion in 2018 and should reach $8.0 billion by 2023 at a CAGR of 5.8%.
- The welding equipment and consumables market reached $17.8 billion in 2018 and should reach $23.4 billion by 2023 at a CAGR of 5.6%.
Read the full report here: https://www.bccresearch.com/market-research/manufacturing/welding-equipment-supplies-market-report.html
“The adoption of new technologies has emerged as the single most significant trend in the market, as many segments have replaced traditional welding methodologies with modern ones,” writes analyst Srinivasa Rajaram. “With environmental and health concerns increasing, efficient and safe technologies have become critical. The global market is witnessing growth in the aluminium welding equipment segment compared to steel across the automotive, aerospace, heavy machinery and construction industries. There has been a sharp decline in the demand for metal welding equipment, with the demand for plastics and other synthetic materials on the rise. This trend has resulted in increased demand for ultrasonic bonding systems and related welding devices.”
Limitations for the North American Market
Welding is a mature market in North America, serving the automotive, fabrication, shipbuilding and infrastructure industries, the report adds. All these markets are either cyclical, static or in decline. Many welding manufacturers grow by acquisition or by taking sales from competitors, or they may diversify into related industrial products. Some manufacturers are introducing new welding technology or reintroducing improved versions of older technology that had been abandoned. The global market for welding products is generally growing faster than the North American market because welding is used to build infrastructure, rail lines, bridges and harbors in industrializing developing nations.
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Source: BCC Research
Categories: Production and Manufacturing