Technavio analyzes that the Welding Power Supply Market is expected to grow at a CAGR of 6.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2993.3 million.There are various factors that contribute to the growth of the market. Inverter-based welding power supplies have gained significant traction in the market due to their energy efficiency. These advanced technologies convert input electricity into DC power more effectively than traditional transformer-based supplies, resulting in reduced power consumption and lower operational costs for welding businesses. Additionally, inverter-based power supplies offer improved power factor correction, enabling better energy utilization and reduced energy losses during the welding process. This not only contributes to cost savings but also reduces the environmental impact of welding operations.
The global welding power supply market is witnessing significant growth, with the automotive industry leading the charge. This sector's continued expansion is driving technological advancements in welding equipment. With a focus on manufacturing lighter, stronger, and more fuel-efficient vehicles, automotive manufacturers are increasingly utilizing efficient welding techniques to produce high-quality weld joints. These advancements are made possible through the integration of smart sensors and the adoption of high current welding power supplies, which enable the use of welding consumables such as stick electrodes, SAW wires, and fluxes. The increasing global demand for automotive vehicles, fueled by urbanization and rising disposable income, further bolsters market growth.
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Welding Power Supply Market Segmentation
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The Welding Power Supply market encompasses various technologies including Electric Current sources for processes like Spot Welding. Energy efficiency is a key focus with Inverter-based solutions, offering Direct Current (DC) and Alternating Current (AC) options. Pulsed Current is also utilized in high current applications. Industries such as Construction and Shipbuilding use these supplies with Magnesium Alloys, influencing vehicle weight. Consumables like Stick electrodes, SAW wires, Fluxes, and Structural Adhesives, Fasteners are essential. Aerial measurement and 3D modeling technologies enhance precision, while Hybrid laser-arc welding combines benefits.
The global Welding Power Supply market is a significant segment of the larger industrial machinery and supplies and components market. This market caters to businesses involved in the production of welding power supplies, including those utilizing Electric Currents such as Spot Welding, Inverter-based Direct Current, and Alternating Current, as well as Pulsed Current systems. According to Technavio's market analysis, the industrial machinery and supplies and components market's growth is driven by the increasing industrial output in process and discrete industries, particularly in developing countries. This expansion is fueled by the rising demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. The market's size is determined by the combined revenue generated by manufacturers of machinery and components used in industrial applications.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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