The global welding equipment market size stood at USD 11.58 billion in 2018 and is projected to reach USD 18.79 billion by 2026, exhibiting a CAGR of 6.3 % during the forecast period.

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The welding machine is generally utilized for the fabrication of two or more materials. These machines are used in several industries, including automotive, construction & building, heavy machinery, and oil & gas, etc.

The growing demand for welding equipment in several industries, such as railway & shipbuilding and construction to perform several fabrication operations is driving the welding machine market growth. The increasing investments in R&D activities to introduce new welding technologies will add up to the surging product demand. For instance, in November 2017, Miller Electric announced the launch of its new portable solution for multi-process welding. The machine uses high frequency (HF) on starts to eliminate HF interference issues during welding. Additionally, the equipment allows operators to make precision adjustments using all-digital controls.

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Implementation of multiple technologies, such as remote control and AI-based robotic welding machine make welding process easier for the operators, meeting the quality and production demands of the manufacturers. It is becoming a key welding machine market trend. This trend is likely to remain robust as a large number of emerging players are being interested in investing in the development of automatic welding equipment. Increasing adoption of heavy and thick metal parts with high-tensile strength and their rising demand in construction, heavy engineering, and automotive industry are also expected to drive the demand for welding equipment over the forecast period.

MARKET DRIVERS

“Rapid Growth of Automotive Industry Owing to Increasing Consumption Rate of Vehicles Across the Regions”

According to the study, the global production accounted for 70 million units in 2018 with total 77 million units sold worldwide. There is a rapid growth in the demand for automotive vehicles from developing countries, such as China, India, South Korea, Japan, and other European countries as well. New vehicle sales are estimated to rise by 30% in the U.S., Europe, and China, wherein 55% of the new car sales in Europe are projected to be fully electrified over the forecast period.

Several major automotive market players are investing in the Indian automotive sector owing to the growing middle-class income. For instance, Hyundai plans to invest USD 1 billion in India by 2020, whereas Mercedes Benz has increased its manufacturing capacity of luxury cars to 20,000 units per year. The government of India plans to set up research and development centers worth USD 388.5 million to be on par with the international automotive standards.

Frequently used welding procedures that are followed in the automotive applications are commonly known as resistance spot welding, resistance seam welding, rotary friction welding, laser beam welding, medium frequency welding and many others. Welding equipment plays a vital role in the automotive industry, by providing strong strength in the components, which in turn results in optimum safety. Hence, the increasing growth of the automotive industry will ultimately influence the growth of welding equipment market. This growth is attributed due to the exponential usage of welding equipment in the automotive industry, across the globe.

“Increasing Deployment of Robotic Laser Beam Welding for Better and Consistent Welding”

Robotic technology helps in reducing the time of welding operation by welding two disjoint metals to form a high precision welded component. This welding technique is mostly used in high volume applications, mainly in automotive, building and construction, and heavy engineering sectors.

SEGMENTATION

By Technology Analysis

“Arc Welding Technology to Dominate the Market By Exhibiting a High CAGR Over the Forecast Period”

Based on technology, the market is classified into arc welding, resistance spot welding, MIG/TIG welding, laser beam welding, and others. Among these types of technology, arc welding segment is anticipated to grow exponentially in the near future as it is a cost-effective and flexible welding process that is deployed across wide range of industries. It is a fusion welding process that is generally used in steel structure fabrication of vehicles and construction work.

Resistance spot welding technology is projected to have remarkable growth owing to the innovative and precise welding of metal sheets of high strength and low-alloy components. MIG/ TIG welding has moderate growth as it is useful to weld a variety of high or medium range of steel, aluminum, and nickel alloys, thus offering better product performance.

Laser beam welding technique may depict considerable market growth owing to the high implementation cost of the laser beam systems and lack of knowledge of labors. The oxy-fuel welding technique would also exhibit growth owing to the high initial costs of the fuel gases or liquids used in this technique.

By Automation Type Analysis

“Automatic Welding Equipment to Surge in Terms of Share Stoked by Usage of AI”

Based on the automation type, the market is classified into automatic, semi-automatic, and manual.

Deployment of welding robots in the production plants over a decade has decreased the dependency on manual automation techniques and the labors in several industries. Increasing adoption of robots is estimated to drive the automatic welding segment. Additionally, the development of efficient and smart technology-based robotic welding systems, such as remote control and artificial intelligence equipped robots are recounting the new market opportunities for automatic welding worldwide.

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Semi-automatic welding systems may have a steady growth as they are partially implemented with technology-based equipment and are managed by the labor force with lack of knowledge and experience. Moreover, manual technique leads to the employment of costly labor, thus increasing the operational cost.

By Application Analysis

“Heavy Engineering Sector Expected to Lead the Market Owing to Increasing Foreign Direct Investment”

Based on the application, the scope includes automotive, building and construction, heavy engineering, railway and shipbuilding, and others (oil and gas, etc.), wherein the heavy engineering holds the highest welding machine market share.

Heavy engineering sector includes technologically advanced manufacturing plants with increasing demand for high precision welding systems to weld metals providing high capacity bearing components for automotive, construction, and other industries.

The automotive sector is anticipated to have rapid growth across the regions, on account of the increasing purchasing power of people in the developing countries. Automotive components require welding of high-tensile strength as they have to bear heavy loads, thus impelling the welding equipment market growth.

Building and construction sector is growing enormously owing to the increasing infrastructure developments in populated countries. For instance, the Indian construction industry accounts for 11% of India’s GDP with a total market size of USD 126 billion and it is employing over 35 million people. Multiple merchants from several developed countries across globe are investing in the Middle East and Africa and Asia Pacific by setting up their manufacturing plants in the form of small and medium enterprises. Europe and the U.S. based companies are establishing their manufacturing plants for automotive, welding and construction materials production in MEA and APAC.

Railway and shipbuilding and oil and gas sectors are expected to emerge steadily with increasing government initiatives and investments by major market players.

REGIONAL ANALYSIS

The welding equipment market value is segmented across North America, Europe, Asia Pacific, Middle-East Africa, and Latin America.

Asia Pacific is projected to showcase the highest growth in welding machine market value across the globe. The emerging manufacturing industry across China and India owing to the increasing government initiatives to support the sector development will drive the market demand in Asia Pacific. For instance, the government of India has launched the ‘Make in India’ campaign to support the manufacturing industry growth. Several automotive manufacturing companies are developing their plants in the country. Also, in April 2017, Kia Motors announced an investment of approximately USD 1.1 billion to build its manufacturing plant in India. Under this campaign the plant has the capacity to produce 300,000 cars per year. Similarly, the government of China has launched ‘Made in China 2025’ campaign to support the growth of manufacturing industry, providing opportunities to the welding machine market.

The rapidly developing building & construction industry in the U.S. and Canada is attributing to the welding machine market growth in North America. Government and private sector companies are making huge investments in infrastructural development across the region. According to the U.S. Census Bureau, the country’s construction expenditure in the first nine months of 2019 accounted for approximately USD 968.7 billion. The welding machine is used at the construction projects for several welding applications, including pipe fabrication and structural welding.

Asia Pacific Welding Equipment Market Size, 2018 (USD Billion)

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Europe is expected to experience significant growth over the forecast timeline owing to the rising automotive industry in the region. According to the European Automobile Manufacturers’ Association (ACEA), approximately 19.2 million vehicles were manufactured in the European Union in 2018, which consists of around 20% of the global vehicle production. Europe is the home to several established automakers, including BMW AG, Audi AG, and Daimler AG. These players are focusing on enhancing their manufacturing capabilities to gain high market share. Welding equipment is used in the automotive industry for welding several small as well as large auto components & parts. Thus, the expanding automotive manufacturing industry in Europe will drive the welding machine market demand.

The market will experience a steady growth in the Latin American countries, including Brazil and Mexico owing to the increasing construction expenditure in the region. According to a data shared by the International Trade Administration (ITA), in 2019, the Brazilian Ministry of Infrastructure has planned 59 new construction projects, including six port terminals, 22 airports, and 14,500 kilometers of highway, with the total investment of around USD 10 billion. Moreover, the rapidly developing oil & gas sector in Middle East and Africa will surge the welding machine market demand. According to the ITA, in 2018, the U.A.E. produced around 3.4 million barrels of crude oil per day, with the target of 4 million barrels per the by 2020, and 5 million barrels by the end of 2030.

INDUSTRY KEY PLAYERS

“Lincoln Electric Company, ESAB, and Miller Electric Mfg. LLC are Focusing on Enhancing their Product Portfolio”

The Lincoln Electric Company, ESAB, and Miller Electric Mfg. LLC are some of the prominent market players focusing on enhancing their product portfolio by signing agreements and acquiring small and medium welding equipment providers. For Instance, Miller Electric Mfg. LLC announced the acquisition of an Albama-based heavy industrial and power generation company to enhance their product portfolio of welding machine. Similarly, ESAB acquired a Malmo-based gas control equipment provider to enhance its flow control and oxy-fuel welding solutions.

List of Key Companies Profiled:



The Lincoln Electric Company



ESAB



Miller Electric Mfg. LLC



Denyo



Air Liquide



KOBE STEEL, LTD.



Ador Welding Ltd.



ACRO Automation Systems Inc.



voestalpine Bohler Welding GmbH



Panasonic Industry Europe GmbH



REPORT COVERAGE

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The report presents a comprehensive assessment of the global welding equipment market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of the global market.

Report Scope & Segmentation









ATTRIBUTE





DETAILS









Study Period





2015-2026









Base Year





2018









Forecast Period





2019-2026









Historical Period





2015-2017









Unit





Value (USD billion)









Segmentation





By Technology



Arc Welding



Resistance Welding



MIG/TIG Welding



Laser Beam Welding



Others (Oxy-fuel Welding, etc.)











By Automation Type



Automatic



Semi-Automatic



Manual











By Application



Automobile



Building & Construction



Heavy Engineering



Railway & Shipbuilding



Others (Oil & Gas, etc.)











By Region



North America (U.S. and Canada)



Europe (U.K., Germany, France, Italy and Rest of Europe)



Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)



Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



Latin America (Brazil, Mexico, and Rest of Latin America)











INDUSTRY DEVELOPMENT: