Welding equipment market to reach USD 18.79 Bn by 2026
Published on : Monday 09-12-2019
AI-based robots and remote control to increase production would boost the Welding Equipment Market growth during the forthcoming years: Fortune Business Insights.
Pune, December 2019 – The global Welding Equipment Market size is projected to reach USD 18.79 billion by 2026, thereby exhibiting a CAGR of 6.3% during the forecast period. However, the market size was USD 11.58 billion in 2018. This information is published in a recent report by Fortune Business Insights, titled, "Welding Equipment Market Size, Share & Industry Analysis, By Technology (Arc Welding, Resistance Spot Welding, MIG/TIG Welding, Laser Beam Welding, and Others), By Automation Type (Automatic, Semi-Automatic, and Manual), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, and Others) and Regional Forecast, 2019-2026." As per the report, deployment of several technologies, viz., AI-based robots and remote control to increase production would boost the Welding Equipment Market growth during the forthcoming years.
In the emerging countries, viz., Japan, South Korea, India, and China, the demand for automotive vehicles is rising day by day. It is gradually occurring in the European nations as well. In China, Europe, and the U.S., the sale of new vehicles is expected to grow by 30 percent whereas, in Europe, 55 percent of the new car sales will be fully electrified in the coming years.
Moreover, in India, numerous companies present in the automotive market are investing huge sums in the automotive sector. Increasing disposable income is also one of the drivers. Mercedes Benz, for instance, has boosted its manufacturing capacity of the luxury cars to 20,000 units per year. Hyundai is planning to invest around USD 1 billion by 2020 in India. All these factors would propel growth of the market in the coming years.
In terms of technology, the market is segregated into resistance spot welding, laser beam welding, arc welding, MIG/TIG welding, and others. Out of these, the arc welding segment is anticipated to exhibit immense growth owing to its cost-effective nature. Also, it provides a smooth and flexible welding process that is implemented across several industries. It is mainly used to fabricate steel in the automobile and construction sectors. Resistance spot welding will grow remarkably on account of innovative welding of metal sheets possessing low-allow components and robust strength. Apart from these segments, the MIG/ TIG welding is likely to grow moderately. It is necessary to weld a variety of medium or high range of nickel alloys, aluminium, and steel.
Key companies covered in Welding Equipment Market Research Report are Kobe Steel, Ltd, Miller Electric Mfg LLC, The Lincoln Electric Company, Panasonic Industry Europe GmbH, ESAB, ACRO, Automation Systems Inc., Denyo, voestalpine Bohler Welding GmbH, Air Liquide, Ador Welding Ltd., among others
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/welding-equipment-market-101713
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