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Welding Equipment & Consumables Market size is projected to exhibit around 4.5% CAGR from 2023 to 2032, driven by the rising inclination towards renewable energy sources worldwide.
The surging global concerns about climate change have escalated the emphasis on renewable energy sources, such as solar, wind energy, and hydroelectric power. The incessant need for considerable infrastructure for generating, distribution, and maintenance by these sources has amplified the adoption of welding processes. Furthermore, the increasing preference for hydrogen to ensure reliable energy generation for renewables is accelerating the demand for efficient energy supply grids. The rising importance of pipelines, tankers, and hydrogen storage facilities will also drive the market growth.
Report Attribute | Details |
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Base Year: | 2022 |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 4.5% |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 263 |
Tables, Charts & Figures: | 188 |
Segments covered: | Product, Application, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Technological advancements in welding equipment and consumables, such as the integration of automation, robotics, and digital solutions are anticipated to propel the market growth. The higher adoption of modern materials and techniques along with the surging focus on real-time monitoring and data analytics has led to the increasing optimization of welding processes and reduced downtime to meet the rising needs of modern manufacturing and construction. Additionally, the shortage of skilled welders may pose as a significant restraint for the Welding Equipment & Consumables market growth.
The COVID-19 pandemic significantly impacted the market expansion due to the disruptions in supply chains, manufacturing, and construction activities leading to the temporary downturn in product demand. However, the emergence of remote work and social distancing accelerated the adoption of automated welding processes and digital solutions. The urgent need for medical equipment, including ventilators and hospital infrastructure also led to increased demand for welding solutions in the healthcare sector, positively impacting the industry growth during the outbreak.
The rapid adoption of automation and robotics in welding processes is another notable trend fueling the welding equipment & consumables market growth. Several industries are increasingly leveraging robotic welding systems to enhance efficiency, precision, and productivity. With the integration of sensors, AI, and real-time monitoring, manufacturers can optimize welding parameters and detect defects promptly. Rising technological advancements and the ongoing development in advanced equipment is likely to foster the product acceptance rate.
The oxy-fuel segment is set to witness 4.2% growth rate through 2032, impelled by the increasing engineering activities in the industrial spectrum. Moreover, the surging efforts by industry participants on providing operator-friendly equipment to reduce the CNC controller learning curve for employees for boosted productivity and minimal training will influence the segment growth.
Welding equipment & consumables market from the marine segment is estimated to observe 3.5% CAGR till 2032, due to the booming international trade and commerce in shipbuilding. Welding plays a pivotal role in constructing and maintaining vessels as well as maritime structures in shipbuilding, repair, and offshore industries. The rising modernization and expansion of maritime sector, including offshore wind farms and oil and gas exploration along with the higher demand for improved welding technology will foster the segment growth.
North America held sizeable share of the welding equipment & consumables market in 2022 and is poised to register gains at over 4% from 2023 to 2032, attributed to the large-scale oil and shale gas extraction operations. The strong concentration on industrial automation and technical improvements in the region is encouraging the adoption of modern welding solutions for increased efficiency and precision. Furthermore, the rising number of government infrastructure investments together with the ongoing developments in welding technology will enhance the regional market outlook.
The competitive landscape of the global welding equipment & consumables market includes key companies, such as:
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The above information is provided on a regional and country basis for the following: