Technavio analyzes that the Welding Equipment Market is expected to grow at a CAGR of 6.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4724.9 million.There are various factors that contribute to the growth of the market. The automotive industry has witnessed a significant advancement with the integration of friction stir welding (FSW) technology. This innovative welding technique, which involves the use of a rotating tool to join metals without melting them, has gained popularity due to its ability to produce high-quality, strong, and consistent joints. FSW is particularly beneficial for automotive manufacturers as it enables them to weld aluminum and other lightweight materials efficiently, contributing to the production of lighter and more fuel-efficient vehicles. This technology's adoption in the automotive sector is expected to drive the growth of the global welding equipment market.
The automotive sector significantly contributes to the global welding equipment market's revenue growth. The industry's stringent focus on product quality and precision has fueled the demand for advanced welding technologies, particularly automated solutions such as robotic welding. This trend is driven by the need for consistent and precise welds in large-scale production processes. Key materials used in automotive manufacturing, including thick stainless steel, aluminum, and magnesium, necessitate the use of specialized welding equipment and consumables, such as consumable wire, electrodes, filler materials, and shielding gases like argon. By adopting automated welding techniques, the automotive industry aims to reduce production costs and improve efficiency, contributing to the industry's ongoing efforts to enhance fuel economy and maintain a competitive edge. Additionally, innovative welding processes like friction stir welding are gaining popularity in the automotive sector for their ability to join dissimilar metals and create strong, consistent joints.
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Welding Equipment Market Segmentation
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The Welding Equipment Market encompasses electric current-driven devices for joining base metals, such as steel, Inox steel, and cast iron, using filler rods and flux for oxidation prevention. Heat generation is a key factor, with AC and DC currents used in SMAW machines for various applications. Economical welders are available for open spaces and outdoor use, including pipeline welding, construction, farm equipment repairs, steel erection, and maintenance. MIG welding utilizes Metal Inert Gas for welding large and thick materials, with consumable wire and electrode ensuring a faster process. Contamination from Carbon Dioxide gas is managed to maintain weld quality.
The welding equipment market is a significant segment of the larger industrial machinery and supplies and components market. This market encompasses businesses involved in the manufacturing of welding machinery and accessories, including electric current sources, base metals, filler rods, heat generation tools, flux, and contamination prevention systems. Key players in this market offer SMAW machines that utilize both AC and DC currents. Factors driving growth in the industrial machinery, supplies, and components market include increasing industrial production in process and discrete industries, particularly in developing countries, and the rising demand for energy, chemicals, petrochemicals, pulp and paper products, and processed food and beverages. Technavio projects market expansion due to the growing need for carbon dioxide gas-based welding processes and the continuous advancements in welding technology.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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