Welding equipment global market report 2023
Increasing adoption of automatic welding equipment presents opportunities
The global welding equipment market size is expected to reach USD 27,765.7 million by 2030 and it is expected to expand at 5.0% CAGR from 2023 to 2030. The market has witnessed considerable growth over the past years owing to the growing demand for welding equipment across applications such as shipbuilding, offshore exploration, oil & gas, aerospace, automotive, construction, and energy.
The pandemic resulted in increased global unemployment and high loan interest rates, along with higher inflation. These macroeconomic determinants halted industrial expansions, limiting the short-term growth of the welding equipment industry. However, the growing electric vehicle industry, coupled with the rising adoption of welding equipment in the automotive industry, is anticipated to fuel notable market growth over the forecast period.
Increasing demand for welded steel in the construction of residential and commercial structures is also anticipated to boost the market growth over the projected period. According to Worldwide Construction Perspectives and Oxford Economics, global construction output is projected to increase by 85% and reach USD 15.5 trillion by 2030. Countries such as India, China, and the U.S. are expected to account for more than 50% of global growth. This increase in construction output is expected to have a favorable influence on the welding equipment industry in the coming years.
There has been increased adoption of automatic welding equipment globally in the past few years owing to their quick weld cycle time, high output, and decreased welding costs. The fast-paced adoption of this equipment in various end-use industries such as automotive, construction, and aerospace is expected to fuel the demand for automatic welding equipment. For instance, in April 2021, The Lincoln Electric Company acquired Zeman Bauelemente Produktionsgesellschaft m.b.H. This move was taken in order to increase its global annual automation sales by 10%.
Welding equipment manufacturers are seeking collaborations, mergers, and acquisitions to develop advanced and innovative solutions. In addition, manufacturers are also adopting several strategies like new product development, and geographical expansion, to enhance their market penetration and cater to the end-use industries. For instance, in February 2022, Miller Electric Mfg. LLC collaborated with the National Center for Construction Education & Research (NCCER). The partnership will offer training for NCCER welding levels 1 and 2 with Miller Augmented Arc Augmented Reality Welding Systems, version 2.2.0.
Information source: Research and Markets.