by Welding is a fabrication process used to join materials, usually metals or thermoplastics, by causing coalescence. This is done by melting the workpieces and adding a filler material that binds the pieces together when solidified. Welding equipment includes welders, welding torches, plasma cutters and related hardware and consumables used for joining metals in various industrial sectors such as automotive and transportation, building and construction, marine, energy and shipbuilding.
The global welding equipment market is estimated to be valued at US$ 21.19 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Growing demand from end use industries such as automotive and shipbuilding is driving the Welding Equipment Market Size. Manufacturers are expanding their production capacities globally to meet the rising demand.
Key players operating in the welding equipment market are Alcast Technologies, Arconic, Consolidated Metco, Inc., Dynacast International Inc., Gibbs Die Casting, Ryobi die casting Inc., Bodine Aluminum, Martinrea Honsel Germany GmbH, Leggett & Platt, Endurance Technologies Ltd., Empire Die Casting Company, Alcoa Inc., Hitachi Metals Ltd, Nemak S.A.B. de C.V., GF Casting Solution AG, Shiloh Industries Inc., Rheinmetall Automotive AG, Sigma Electric Manufacturing Corp., Pace Industries, and Guangdong Yizumi.
The growing demand in developing regions of Asia Pacific and Latin America owing to rapid industrialization is creating growth opportunities for welding equipment manufacturers. In addition, the increasing focus on improving productivity and reducing operating costs through automation is augmenting the demand for advanced welding robots and equipment.
Market Key Trends
One of the major trends in the welding equipment market is the increasing adoption of 3D printing technology for application in welding. 3D printing enables precise application of filler materials for complex welding geometries with minimal wastage. This improves resource efficiency and equipment lifespan. Manufacturers are investing in R&D to develop hybrid welding technologies by integrating 3D printing with other processes such as arc welding. Going forward, advanced welding technologies leveraging AI, IoT and 3D printing are expected to transform manufacturing processes.
Porter’s Analysis
Threat of new entrants: The Welding Equipment Market Size industry has moderate barriers to entry with high capital needed to build specialized manufacturing, high R&D expenses required to develop new welding technologies.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established welding equipment suppliers but buyers can negotiate on pricing and demand high quality products and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they don’t have significant control over pricing due to availability of substitute components and raw materials from different suppliers.
Threat of new substitutes: Threat of new substitutes is low as welding equipment is highly specialized and established players cater to diverse industry requirements with focus on innovation.
Competitive rivalry: Intense competition exists among existing players to gain market share through quality products, latest technologies and competitive pricing.
Geographical Regions
North America holds the largest share of the welding equipment market in terms of value due to high industrialization and widespread application of welding in aerospace, automotive and shipbuilding industries.
Asia Pacific region is expected to witness fastest growth during the forecast period supported by expanding manufacturing sector, rising urbanization and growing infrastructure development activities in major countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
