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The welding equipment market size is forecast to increase by USD 4.72 billion, at a CAGR of 6.1% between 2023 and 2028. The market is driven by several key trends and challenges. The emergence of advanced welding technologies, such as friction stir welding, is gaining significant traction in the automotive sector due to its ability to join base metals without the need for filler rods or heat generation. Another trend is the increasing adoption of automated welding solutions, which help improve productivity and reduce the dependence on skilled labor. However, the lack of a skilled workforce remains a significant challenge for the market. Additionally, the use of electric currents, such as AC and DC, in SMAW machines, as well as the application of flux for oxidation prevention, are essential considerations for welding processes. Contamination and carbon dioxide gas usage are critical factors affecting the quality of welds. Overall, the market is expected to witness steady growth due to these trends and challenges.
The welding equipment market is witnessing significant growth due to the increasing demand for electric current-powered welding processes in various industries. Electric current plays a crucial role in welding as it facilitates the melting of base metals, enabling the joining process. Base metals, such as steel, inox steel, and cast iron, are extensively used in construction, pipeline welding, steel erection, and farm equipment repairs. Welding equipment manufacturers are focusing on developing advanced technologies to cater to the specific requirements of these industries. Filler rods and flux are essential consumables in the welding process. They help in preventing oxidation and contamination during welding. Carbon dioxide gas is commonly used as a shielding gas in welding processes like Shielded Metal Arc Welding (SMAW) machines. SMAW machines operate on AC and DC currents and are widely used for welding large and thick materials. Heat generation is another critical factor in the welding process. Economical welders are being developed to address the need for faster processes and efficient heat generation.
Further, advanced technologies like TIG (Tungsten Inert Gas) welding and plasma arc welding are gaining popularity due to their precision and versatility. These technologies offer better control over the welding process and are ideal for welding thin materials and intricate designs. In conclusion, the welding equipment market is driven by the increasing demand for electric current-powered welding processes and the need for advanced technologies to cater to the specific requirements of various industries. The market is expected to grow significantly in the coming years, driven by the increasing demand for steel, inox steel, and cast iron in construction, pipeline welding, steel erection, and farm equipment repairs.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The automotive segment is estimated to witness significant growth during the forecast period. The global welding equipment market experiences substantial growth due to its extensive application in the automotive industry. The industry's stringent demand for superior quality and precision drives the adoption of advanced welding technologies. Robotic welding, for instance, has gained significant traction in automotive manufacturing operations, thanks to its automation capabilities. Electric current, a crucial component of welding, plays a pivotal role in the process. Base metals are melted and joined together using electric current, which generates heat. Filler rods are used to supplement the base metal during the welding process. The selection of appropriate electric currents, such as AC and DC, is essential for efficient welding. In the automotive industry, welding processes like Shielded Metal Arc Welding (SMAW) machines and Carbon Dioxide Gas (CO2) welding are commonly used.
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The automotive segment accounted for USD 3.29 billion in 2018 and showed a gradual increase during the forecast period. Flux and heat generation are essential aspects of these processes. Flux aids in oxidation prevention, while heat generation ensures the proper melting of base metals. Contamination during the welding process can adversely impact the final product's quality. Therefore, maintaining a clean environment and using contamination-free gases is essential. The automotive industry's constant pursuit of fuel economy improvement has led to an increased focus on lowering vehicle weight. Welding processes, including friction stir welding, contribute significantly to this objective by enabling the production of lightweight yet strong components. In summary, the automotive industry's reliance on welding equipment, particularly electric current, filler rods, and automation, continues to shape the global welding equipment market's growth trajectory.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increase in infrastructure development projects in Asia Pacific (APAC) has led to a significant increase in the demand for welding equipment in the region. With a focus on large-scale construction of roads, bridges, airports, seaports, and public utilities, the need for efficient welding solutions to join thick materials such as stainless steel, aluminum, and magnesium has become crucial. Consumable wires, electrodes, and filler materials play a vital role in the welding process, ensuring faster production and lower costs.
Governments and private entities are investing heavily in infrastructure projects to cater to the growing urban population and support economic growth. For instance, the Asian Development Bank approved a USD 400 million policy-based loan to aid the Philippine government in infrastructure development. These projects encompass the development of roads and bridges, as well as investments in railways, mass transit, and new cities. In conclusion, the increasing demand for infrastructure development in APAC is driving the growth of the welding equipment market. The need for efficient, cost-effective, and reliable welding solutions to join large and thick materials is crucial for the successful completion of these projects.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The emergence of friction stir welding technology in automotive sector is notably driving market growth. The allure of the welding industry is not just limited to the sparks and glamour portrayed in movies, but it is a serious job that requires precision and skill. Friction stir welding (FSW) technology, a modern welding technique, is revolutionizing the industry by joining two metals, typically carbon steel, using frictional heat and controlled forging pressure. This innovative process, which prevents mechanical distortion by maintaining a low operating temperature, results in defect-free products with high integrity. FSW has already made a significant impact in the aerospace industry, but its applications are expanding to the automotive sector.
With the increasing demand for lightweight materials like aluminum in the automotive industry due to the quest for improved fuel efficiency, FSW technology is gaining popularity. This technology's ability to create strong, defect-free bonds between metals is crucial in the production of high-performance vehicles. Critics have studied the filming of welding processes for movies, but the real-life applications of FSW technology are far more enriching and driving the growth of the global welding equipment market. Thus, such factors are driving the growth of the market during the forecast period.
Increasing adoption of automated solutions for welding is the key trend in the market. The adoption of automation in the welding industry has seen a notable increase in recent years. companies are increasingly recognizing the benefits of automation in enhancing efficiency, improving quality, and boosting productivity. While initial automation efforts focused on small-scale applications, advancements in robotics technology have led to the integration of robots in welding processes. Robots offer several advantages in welding, including minimizing scrap, reducing heat input, and enabling the use of difficult techniques such as TIG welding with a TIG torch. The versatility of robots allows them to weld various metals, including conventional metals like nickel, as well as aluminum and other materials.
Advancements in welding gun technology and software have further enhanced the capabilities of robots in welding applications. These advancements enable robots to weld with precision and consistency, resulting in high-quality welds. With the ability to weld various metals sheets, robots have gained popularity among end-users seeking to streamline their welding processes and improve overall production. Thus, such trends will shape the growth of the market during the forecast period.
Lack of skilled workforce is the major challenge that affects the growth of the market. The welding equipment market is experiencing a notable skills gap issue, particularly in countries like the US, India, and China, which are known for their large workforces. In the US, the average age of welders is escalating, with many nearing retirement, leading to a significant shortage of skilled labor. This shortage is exacerbated by the fact that the new generation of welders may not possess the same level of expertise as their predecessors. Bare wire, flux core, and both Stick Welding and Arc welding techniques are widely used by DIY enthusiasts and hobby welders. However, the high cost of expensive equipment and the complexity of some gas supply systems can deter beginners from entering the industry. To address this challenge, there is a growing demand for more affordable and user-friendly welding equipment. A flow meter is a crucial component in the welding process, ensuring consistent gas supply.
However, for beginners, understanding the technicalities of using a flow meter can be daunting. To cater to this need, manufacturers are introducing more accessible welding equipment options, such as those with built-in flow meters and user-friendly interfaces. As the welding industry grapples with the skills gap, it is essential to focus on attracting new talent and providing them with the necessary training. By offering more affordable and accessible welding equipment, we can encourage beginners to learn the trade and help bridge the gap between the retiring workforce and the next generation of welders. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The welding equipment market is witnessing significant growth due to the increasing demand for electric currents in various welding processes. Electric currents, including AC and DC, play a crucial role in the fusion of base metals such as steel, inox steel, cast iron, and carbon steel. Filler rods and flux are essential consumables in the welding process, providing oxidation prevention and contamination shielding. Heat generation during welding requires the use of shielding gases like carbon dioxide and argon to prevent contamination. SMAW machines, also known as stick welders, are economical solutions for welding large and thick materials. MIG welding, using Metal Inert Gas, is a faster process for welding large materials, while TIG welding, using a TIG torch, is suitable for difficult techniques and various metals like stainless steel, aluminum, magnesium, and nickel.
Further, open spaces and outdoor use applications, such as pipeline welding, construction, farm equipment repairs, steel erection, and maintenance, require versatile and strong welding equipment. DIY enthusiasts and hobby welders also contribute to the market growth, despite the expensive equipment required. Bare wire and flux core welding processes cater to beginners and experienced welders alike, with various options available for outdoor use. Adequate gas supply and flow meter regulation are essential for optimal welding performance.
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Market Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.1% |
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Market Growth 2024-2028 |
USD 4.72 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.7 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 48% |
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Key countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ador Welding Ltd., Amada Co. Ltd., Banner Welding Inc., Carl Cloos Schweisstechnik GmbH, Daihen Corp., Doncasters Group Ltd., Enovis Corp., Fronius International GmbH, Illinois Tool Works Inc., Kobe Steel Ltd., Kriton Weld Equipments Pvt. Ltd., Miller Electric Manufacturing Co., Mitco Weld Products Pvt. Ltd., Mogora Pvt. Ltd., OBARA Group Inc., Panasonic Holdings Corp., Sonics and Materials Inc., Telwin Spa, The Lincoln Electric Co., and voestalpine AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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