Welding equipment market
Global sales of welding equipment is estimated to be valued at US$ 10,456.6 Mn at the end of 2016, and will see a CAGR of 7.9% from 2016 to 2024.
The global welding equipment market is likely to witness sustained growth to 2024 because of a burgeoning automobile and construction industry, in particular in emerging economies such as India and China.
Rapid growth in the transportation industry and an increasing demand from the oil and gas industry is also driving growth, as is the increasing number of end-use applications that use different types of welding equipment and techniques. However, the slow adoption of advanced welding technologies in developing countries such as India is likely to hamper market growth to 2024. One of the major trends likely to be observed is an increasing need for welding automation technology in the fabrication industry.
The global welding equipment market is segmented on the basis of:
- Welding technology (arc welding, resistance welding, oxy-fuel welding, laser beam welding, and others).
- Level of automation (manual, semi-automatic, automatic).
- Application (automobile and transportation, building and construction, marine and others)
- Region (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa).
In the welding type category, the arc welding segment is estimated to be valued at US$ 4,979.1 Mn by the end of 2016 and is expected to reach US$ 8,580.0 Mn by the end of 2024, expanding at a CAGR of 7.0% over the forecast period. The laser beam welding segment is anticipated to create an incremental dollar opportunity of US$ 1,772.9 Mn between 2016 and 2024.
In the level of automation category, the automatic segment is estimated to account for a 65.9% share of the overall value of the welding equipment market by the end of 2016, followed by the semi-automatic segment with a 25.4% share.
In the application category, the automobile and transportation segment is estimated to reach 394.2 thousand units by the end of 2016 and is anticipated to increase to 603.7 thousand units by 2024, showing a volume CAGR of 5.5% over the forecast period. The building & construction segment is estimated to reach 345.4 thousand units by the end of 2016 and is anticipated to increase to 491.9 thousand units by 2024, exhibiting a volume CAGR of 4.5% over the forecast period.
Among regions, the Asia Pacific is the largest market for welding equipment and is expected to remain dominant throughout the forecast period. The welding equipment market in the APAC region is expected to expand 1.9X in terms of value between 2016 and 2024. The APAC welding equipment market is estimated to be valued at US$ 3,441.0 Mn by the end of 2016 and is expected to represent an incremental dollar opportunity of US$ 3,146.5 Mn between 2016 and 2024. The MEA welding equipment market is expected to be valued at US$ 1,640.4 Mn by the end of 2024, expanding at a CAGR of 8.6% during the forecast period.
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