The global welding product market is projected to witness stellar growth in the coming years, according to report published by Transparency Market Research (TMR). The competitive ecosystem of the welding equipment market is presently fragmented in nature. Market players are engaged in strategies such as mergers and acquisition in order to gain a foothold in the intense market competition. Vendors are also focused on enlarging their production capacities, by effect of mergers, to offer vast availability and a wider product portfolio to consumers. Being a capital intensive industry, players in the welding products market are finding it difficult to compete with established vendors. Local vendors are not yet equipped with the functionality, quality and service. However, local vendors in the global welding equipment have an edge over global ones as they can offer cost-effective products. This is another key strategy used by vendors to gain a sizable market share.
ESAB, Lincon Electric, and ITW held roughly 30% of the overall market share in 2013. Prominent players operating in the global welding products market are Sonic & Materials Inc., Fronius International GmbH, Arcon Welding, Voestalpine AG, andn Panasonic.
The global welding products market is expected to grow at a 26.8% CAGR over the forecast period of 2014 to 2020. The global welding equipment market was valued at US$19,080.3 mn in 2015 and is projected to reach US$23,777.5 mn by the end of 2020.
Booming Infrastructure Activities to Propel Growth
Burgeoning infrastructure ventures including wind turbine establishments is a key factor adding to the fast increment of the welding equipment part. Further, change in the development and assembling facilities incites the requirement for further developed gear, fuelling market growth. Likewise, the consistent need of keeping up and repairing the current applications crosswise over different ventures may additionally goad the product market demand throughout the following years.
Welding products are broadly utilized in different applications, for example, oil and gas, aviation and air ship, metals and materials, vehicle, development, and marine industry. The procedure is vital for conclusive yield and is used in the automotive business for assembling parts and vehicle body in send working for tasks on basic segments like motors, pipes, and machines. Fast infrastructural development and positive government enactments is the principle factor behind the strength of the global welding products market.
Reception of Technological Innovations to Boost Growth
Arc welding innovation is generally connected for skeleton parts attributable to the simplicity of keeps joining and giving high quality and unbending nature of joints. Advanced arc welding technology are likewise being acquainted with enhance productivity and proficiency. The growing trend of weight decrease of vehicles is likewise driving the interest for cutting edge welding technology, boosting the growth of the global welding equipment market. Automated welding machines are being embraced on an extensive scale over enterprises to quicken the production procedure and deliver a quality product. Assembling units in different businesses are introducing robotized welding sequential construction systems to increase most extreme speed during the time spent welding and result in the better product.
Automation to Challenge Market Growth
Consumer inclination towards automated welding from the manual is a key restraint that could be faced by welding equipment market in most recent couple of years. Rising deficiency of prepared work, especially in the propelled nations is convincing producers to take new paces in advanced mechanization world. Likewise, an appearance of welding robot for production forms limits reliance on difficult work and in this manner drives interest for the hardware. Moreover, arc welding is as yet finding an extensive application in interfacing substantial plates to fabricate a vast structure of steel.
However, burgeoning industrial activities in emerging economies are likely to offer consolation towards market restraints, and help overcome them.