Welding Equipment Market Expected to Reach $13.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Welding Equipment Market," The welding equipment market size was valued at $8.3 billion in 2021, and is estimated to reach $13.9 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

Welding equipment is extensively used in various industries such as automotive, aerospace, ship building, and other fabrication workshops for fusing two or more metal components together. Furthermore, welding equipment is used in building and infrastructure applications. For instance, welding equipment is used for connecting structural components for steel bridges.

The automotive industry has witnessed significant growth in emerging economies. The Indian automotive industry has grown by about 10% from about $100 billion in 2021 to about $110 billion in 2022.  Welding equipment are extensively used to fabricate and connect various automotive components such as chassis, transmission components, and exterior  components such as doors and hood. Thus, growth of automotive industry boosts the welding equipment market.

Moreover, the growth of the construction industry has led to an increase in infrastructure development, such as the construction of highways, bridges, and tunnels. Welding equipment is used extensively in the construction of these structures, providing a significant boost to the welding equipment market. For instance, in January 2023, the U.S. Department of Transportation’s Federal Highway Administration (FHWA) announced a massive investment of $2.1 billion in the national bridges development. Welding equipment is essential for constructing bridges, as it is used to join steel components together to create the bridge's structure. This includes the welding of beams, girders, and other steel components that make up the bridge's framework. Hence, the increased investment in construction activities, majorly in Asia-Pacific, is expected to drive the growth of the market.

Advancements in welding technology have led to the development of various welding techniques that are more efficient, accurate, and safer than traditional methods. For example, laser welding technology that uses a high-powered laser beam to melt and join two or more materials. It is a fast and precise welding method, which produces high-quality welds with minimal distortion. In addition to that, robotic welding technology uses robots to perform welding operations.

It is commonly used in manufacturing industry for welding large volumes of components with high precision and efficiency. For instance, in November 2022, Hans Robots launched new automated arc welding system that improves the accuracy, efficiency, and stability of welding. Thus, launch of advanced welding equipment provides lucrative opportunities for market growth.

By end-user industry, the market is categorized into automotive, construction, heavy engineering, and Other. In 2021, the automotive segment held the largest welding equipment market share owing to growth of global automotive industry.

In 2021, Asia-Pacific dominated the global welding equipment market, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to growth in industrialization in the region.

The growth of the construction industry has led to an increase in infrastructure development, such as the construction of highways, bridges, and tunnels. Welding equipment is used extensively in the construction of these structures, providing a significant boost to the welding equipment market. Welding equipment is essential for constructing bridges, as it is used to join steel components together to create the bridge's structure. This includes the welding of beams, girders, and other steel components that make up the bridge's framework. Hence, the rise in investment in construction activities, majorly in North America and Europe, is expected to drive the welding equipment market growth.

However, welding is a specialized skill that requires high level of training and experience. Skilled labor needs to have a strong understanding of welding techniques, materials and safety procedures to produce high-quality welds. In addition, welding is a complex process that involves heating and melting metal to create a strong, permanent bond. Hence, such factors are expected to constrain the growth of welding equipment market.

Key Findings of the Study 

• The report provides an extensive analysis of the current and emerging global welding equipment market trends and dynamics.
• By type, the arc welding segment has dominated the welding equipment market, in terms of revenue in 2021 and resistance welding is projected to grow at a significant CAGR during the forecast period.
• By technology, the manual segment has registered the highest revenue in 2021 and automatic segment is anticipated to grow at a significant CAGR during the forecast period.
• By region, Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the global welding equipment market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the welding equipment industry.
• The welding equipment market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global welding equipment market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.