Pune, Nov. 13, 2019 (GLOBE NEWSWIRE) -- The global Welding Market size is slated to reach USD 48.16 Billion by 2026, exhibiting a CAGR of 5.7% during the forecast period. One of the primary growth drivers of this market is the increasing manufacturing activities worldwide. The International Yearbook of Industrial Statistics 2019 released by the United Nations Industrial Development Organization (UNIDO) reports that in 2018, global manufacturing went up by 3.6% in terms of value. Growth rate from the viewpoint of manufacturing value addition in developed nations was at 2.3% in 2018 and 3.8% for developing economies. This expansion of manufacturing sector across the globe has substantively raised the demand for welding equipment and is now leading the Welding Market trends.
As per the Fortune Business Insights report, titled “Welding Market Size, Share & Industry Analysis, By Product Type (Welding Equipment, Welding Consumables), By Welding Type (Arc Welding, Spot Welding, MIG/TIG Welding, Laser Welding, Others), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas, Others) and Regional Forecast, 2019-2026”, the value of the market stood at USD 31.18 Billion in 2018. The report also shares a detailed analysis and a comprehensive assessment of the all the possible factors, trends, and other dynamics that will shape the future of this market, along with a broad overview of the general industry outlook.
Browse Complete Report Details with Table of Content and Figures:
Wide-Ranging Benefits of Arc Welding to Enhance Market Potential
Arc welding is a specialized type of welding that uses electricity to join two metal components and includes sub-types such as gas metal arc welding and plasma arc welding. The reason for its growing popularity is the rising awareness regarding its inherent advantages. For example, due to high heat concentration, arc welding speeds up the welding process, saving both time and energy. This also leads to fewer distortions in the finished product. Furthermore, this type of welding does not entail any extra costs and does not swell the cost of production. Lastly, arc welding has a higher safety quotient as it produces less smoke, which is usually hazardous to human health. Thus, these advantages of this welding process will augur well for the market and its development during the forecast period.
Asia-Pacific Generates USD 10.74 Billion in Revenue, Leads Global Market Share
Having generated a revenue of USD 10.74 billion in 2018, Asia-Pacific is projected to lead the global Welding Market share in the coming decade. This can be attributed to speedy growth of steel manufacturing and rising mining activities, particularly in India and China. In North America, growth is predicated on the thriving welding equipment and consumables market along with increasing construction activities, according to the Welding Market analysis. However, moderate growth is expected from Africa and the Middle East owing to slow technological development in these regions.
Increasing Focus on Innovation to Drive Competition
The Welding Market research conducted by Fortune Business Insights highlights the fact that key players in this market are increasingly focusing on creating novel and modern welding solutions to diversify their product offerings. For example, in October 2019, Miller Electric Mfg. upgraded its cloud-based welding performance monitoring solution called the A
rcAgent for Insight Core to make it universally compatible with any welding system. A few notable companies are also involved in training welders to align their skills with needs of the market. For instance, in May 2018, ESAB Welding and Cutting Products organized the ESAB Elite, a team of reputed welders from around the world who will share valuable insights with welders through social media platforms. This will considerably advance the welding industry market in the forecast period.
List of the Prominent Competitors in the Welding Market include:
- Kobe Steel
- Voestalpine BOHLER delstahl GmBH
- Ador Welding Ltd.
- Gedik Welding
- The Lincoln Electric Company
- Air Liquide
- KISWELCO., LTD.
- Illinois Tool Works
Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Welding Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Product Type (Value)
- Welding Equipment
- Welding Consumables
- By Welding Type (Value)
- Arc Welding
- Spot Welding
- MIG/TIG Welding
- Laser Welding
- Others (Gas Welding, etc.)
- By Application (Value)
- Building & Construction
- Heavy Engineering
- Railway & Shipbuilding
- Oil & Gas
- Others (Aerospace, etc.)
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Product Type (Value)
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