Welding and Cutting Equipment Market to expand at a CAGR of 5.4%, attaining a Valuation of USD 36.0 Billion - Analysis by Transparency Market Research, Inc.
Transparency Market Research
6 min read
Transparency Market Research
With technological advancements and the booming energy sector, the welding and cutting equipment market is expected to grow in the coming years.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Oct. 29, 2024 (GLOBE NEWSWIRE) -- The welding and cutting equipment market (용접및절단장비시장) was valued at US$ 22.8 billion in 2022. A CAGR of 5.4% is projected from 2023 to 2031, with US$ 36.0 billion expected by the end of the decade. As infrastructure ages, the repair and maintenance of existing infrastructure is becoming increasingly important across many industries.
Welding and cutting equipment are indispensable in repairing metal structures, equipment, and machinery. Welding and cutting tools are continuously required to maintain aging infrastructure, such as pipelines, bridges, and industrial facilities.
Economic development depends heavily on the manufacturing sector. With the expansion of industries wishing to meet consumer demand, autos, electronics, machinery, welding, and cutting equipment are in higher demand. A metal fabrication tool, an assembly line tool, or a machinery tool is essential for fabricating metal components, assembly lines, and manufacturing machinery.
For infrastructure maintenance, pipeline construction, and component fabrication, many companies in the energy sector rely primarily on welding and cutting procedures. Welding and cutting equipment are continuously needed as global energy demand grows and cleaner energy sources are adopted.
The welding equipment type segment is projected to account for the largest share of the market over the forecast period.
Manual operations are expected to dominate the market during the forecast period.
Asia Pacific is expected to dominate the market over the forecast period.
The growth rate in Europe and North America is predicted to remain strong during the forecast period.
Indirect sales are expected to hold the majority of the market share during the forecast period
Global Welding and Cutting Equipment Market: Growth Drivers
Infrastructure projects are in high demand worldwide as urbanization and industrialization increase. As these structures are constructed and maintained with welding and cutting equipment, the market for welding and cutting equipment will continue to grow.
The advancement of technology in welding and cutting equipment has contributed to greater precision, safety, and efficiency. The demand for advanced welding and cutting equipment increases as companies strive to stay competitive by adopting these innovative technologies.
Strict safety laws and environmental standards drive the adoption of advanced welding and cutting equipment. Manufacturers develop solutions to reduce fumes, sparks, and radiation exposure as industry standards are met. In addition to improving workplace safety, companies investing in modern equipment contribute to market growth.
Increased globalization and international trade offer welding and cutting equipment manufacturers an opportunity to expand their markets. In addition, globalization facilitates knowledge exchange and technology transfer in the industry, thereby driving innovation.
Global Welding and Cutting Equipment Market: Regional Landscape
Asia Pacific is rapidly industrializing, with notable expansion in the manufacturing sector seen in nations like China, India, and Southeast Asia. This expansion increases the demand for welding and cutting equipment in various industries, including automotive, construction, electronics, and shipbuilding.
Asia-Pacific nations invest significantly in infrastructure development to facilitate economic growth and urbanization. Labor-intensive cutting and welding procedures are involved in large-scale construction projects such as power plants, transit networks, and commercial buildings, thus increasing equipment requirements.
Asia Pacific is home to most automakers, including South Korea, China, Japan, and India. The need for welding and cutting equipment for automobile manufacturing processes such as body construction, assembly, and maintenance fuels demand in the region.
The shipbuilding industry is large worldwide, with major participants in South Korea, Japan, and China. Welding and cutting tools are necessary for building ships, offshore platforms, and marine infrastructure. In Asia Pacific, the market for welding and cutting equipment is growing as long as there is a strong need for marine vessels and offshore structures.
Global Welding and Cutting Equipment Market: Competitive Landscape
Major manufacturers are progressively focusing on developing smart cutting and welding machines to increase their market share in welding and cutting equipment. The following players have been profiled by Transparency Market Research in the report:
ESAB
American Torch Tip
Ador Welding Limited
The Lincoln Electric Company
Arcon
EWM AG
Lorch Schweißtechnik GmbH
Cruxweld Industrial Equipments Pvt. Ltd.
Diffusion Engineers Limited
Gullco International
Key Developments
In September 2022, Bernard Centerfire-style GMAW consumables were available from American Torch Tip Co., providing welders with a fully OEM-compatible option. Several copper and brass contact tips are available in 11 sizes and shapes. A wide range of gas diffusers and nozzles made from copper or brass in 21 different shapes, sizes, and materials (large and slim) are available.
In March 2024, ESAB will embark on a 20-country Eurotour to showcase one of the world's most innovative mobile welding and cutting experiences. The ESAB Demobus, a mobile welding and cutting demonstration spanning over twenty European countries, will visit more than 100 cities by 2024. As part of the tour, which started in January, it will also visit Lithuania, France, Benelux, Italy, the UK, Ireland, Greece, Turkey, Southeast Europe, and Nordic countries in November.
Global Welding and Cutting Equipment Market: Segmentation
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