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Welding Equipment Market Drivers Growing demand from the construction industry

HYDERABAD, TELANGANA, INDIA, October 27, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Welding Equipment Market size is forecast to reach US$23.1 billion by 2027, after growing at a CAGR of 5.9% during 2022-2027. Welding is a process used to join the materials, such as thermoplastics or metals, by using high temperatures. Resistance welding is widely preferred in automotive, aerospace and industrial applications for joining of metals. Oxy fuel welding is the welding process that uses fuel gases and oxygen to weld or cut metals. Other welding technologies including electron beam welding, plasma arc welding, magnetic pulse welding and flux cored welding are gaining increased use in increased controlled environments such as usage of computer numeric control equipment. The rapid urbanization along with growing manufacturing sectors in emerging economies are driving the market growth for Welding Equipment during the forecast period. The growing demand from end-use industries such as automotive, construction, heavy industries, and manufacturing are driving the market growth for wielding products. Growing renovation activities in the construction industry are also supporting the market growth during the forecast period. The growing infrastructure activities in developing nations such as China, India, Japan, and Australia are also propelling the market growth during the forecast period. However, the lack of skilled workers and the environmental impact of welding gases are likely to hamper the market growth during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Research/Welding-Equipment-Market-Research-503209

Key takeaways:

1. The Asia Pacific is expected to register the highest CAGR of 6.9% during the forecast period (2022-2027). Rapid urbanization and emerging economies are the major factors driving market growth.

2. Constant technological evolution to weld complex and large structures are supporting the market growth during the forecast period.

3. The manufacturers are involved in developing advanced Welding Equipment for various end-use industries. Investments in research and developments to enhance the capabilities of Welding Equipment are supporting the market growth.

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Segmental Analysis:

1. The Arc welding segment accounted for more than 25.2% of the market share in 2021 and is estimated to grow significantly during the forecast period. Arc welding is used to weld metals in a wide range of thicknesses with good flexibility.

2. The building & construction segment accounted for more than 27.5% of the market share in 2021 and is estimated to grow significantly during the forecast period. The growing construction activities in both developed and developing nations are supporting the market growth for the construction industry.

3. Asia Pacific region held the largest share in the Welding Equipment market in 2021 at 35.4%, owing to the presence of multiple end-use industries. The presence of developing nations such as China and India is driving the market growth in the region.

4. According to the data published by OICA, India produced more than 3.3 million vehicles in 2020. The rapid growth in population, growing number of working individuals, and growth in income levels are some of the major factors driving the regional market.

Competitive Landscape:

The top 5 players in the Welding Equipment industry are -

1. Voestalpine AG

2. Colfax Corporation

3. Illinois Tool Works Inc.

4. The Lincoln Electric Company

5. HYUNDAI WELDING CO., LTD.

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Related Reports:

A. Welding Materials Market
https://www.industryarc.com/Report/16491/welding-materials-market.html

B. Welding Consumables Market
https://www.industryarc.com/Report/16413/welding-consumables-market.html

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