Welding Equipment and Supplies Market to See 5.8% Annual Growth Through 2023

Industry Boosted by Trend Toward Welding Automation

December 19, 2019

WELLESLEY, Mass., Dec. 19 2019–The growing trend toward welding automation and the increase in demand from end-user industries are two factors driving growth in the global welding equipment and supplies market, according to a report by BCC Research, “Welding Equipment and Supplies: The Global Market.”

The market expects to see a compound annual growth rate (CAGR) of 5.8% through 2023, when it could be worth $35.9 billion.

Major players in the market include: Arcos Industries LLCLincoln Electric Holdings Inc. (LECO), Uniweld Products Inc. and Weld Wire Company Inc.

Research Highlights

  • The automated and robotic welding and accessories market reached $2.3 billion in 2018 and should reach $3.3 billion by 2023 at a CAGR of 7.1%.
  • The various gases for welding market reached $6.0 billion in 2018 and should reach $8.0 billion by 2023 at a CAGR of 5.8%.
  • The welding equipment and consumables market reached $17.8 billion in 2018 and should reach $23.4 billion by 2023 at a CAGR of 5.6%.

Read the full report here: https://www.bccresearch.com/market-research/manufacturing/welding-equipment-supplies-market-report.html

More:  COVID-19 and the Sharing Economy

“The adoption of new technologies has emerged as the single most significant trend in the market, as many segments have replaced traditional welding methodologies with modern ones,” writes analyst Srinivasa Rajaram. “With environmental and health concerns increasing, efficient and safe technologies have become critical. The global market is witnessing growth in the aluminium welding equipment segment compared to steel across the automotive, aerospace, heavy machinery and construction industries. There has been a sharp decline in the demand for metal welding equipment, with the demand for plastics and other synthetic materials on the rise. This trend has resulted in increased demand for ultrasonic bonding systems and related welding devices.”

Limitations for the North American Market

Welding is a mature market in North America, serving the automotive, fabrication, shipbuilding and infrastructure industries, the report adds. All these markets are either cyclical, static or in decline. Many welding manufacturers grow by acquisition or by taking sales from competitors, or they may diversify into related industrial products. Some manufacturers are introducing new welding technology or reintroducing improved versions of older technology that had been abandoned. The global market for welding products is generally growing faster than the North American market because welding is used to build infrastructure, rail lines, bridges and harbors in industrializing developing nations.

More:  Semiconductor Silicon Wafer Market to See 5.7% Annual Growth Through 2023

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Welding Equipment and Supplies: The Global Market( MFG079F )
Publish Date: Oct 2019    

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.


More from: | Category: Media & Entertainment Company News