Global sales of welding equipment is estimated to be valued at US$ 10,456.6 Mn by the end of 2016, witnessing a CAGR of 7.9% from 2016 to 2024.
New York, NY -- (SBWIRE) -- 10/17/2016 -- The global welding equipment market is likely to witness sustained growth in the next eight years owing to a burgeoning automobile and construction industry especially in emerging economies such as India and China. Rapid growth in the transportation industry and an increasing demand from the oil and gas industry is also driving the growth of the global welding equipment market. Market growth is likely to be further augmented by an increasing number of end-use applications that utilize different types of welding equipment and techniques. Slow adoption of advanced welding technologies in developing countries such as India is likely to hamper market growth over the forecast period.
The global welding equipment market is expected to witness key trends in the coming years. One of the major trends likely to be observed is an increasing need for welding automation technology in the fabrication industry.
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The global welding equipment market is segmented on the basis of Welding Technology (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, Others), Level of Automation (Manual, Semi-Automatic, Automatic), Application (Automobile & Transportation, Building & Construction, Marine Application, Others), and Region (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa). In the welding type category, the arc welding segment is estimated to be valued at US$ 4,979.1 Mn by 2016 end and is expected to reach US$ 8,580.0 Mn by the end of 2024, expanding at a CAGR of 7.0% over the forecast period. The laser beam welding segment is anticipated to create incremental dollar opportunity of US$ 1,772.9 Mn between 2016 and 2024.
In the level of automation category, the automatic segment is estimated to account for 65.9% value share of the overall welding equipment market by 2016 end, followed by the semi-automatic segment with 25.4% share.
In the application category, the automobile & transportation segment is estimated to reach 394.2 thousand units by 2016 end and is anticipated to increase to 603.7 thousand units by 2024, exhibiting a volume CAGR of 5.5% over the forecast period. The building & construction segment is estimated to reach 345.4 thousand units by 2016 end and is anticipated to increase to 491.9 thousand units by 2024, exhibiting a volume CAGR of 4.5% over the forecast period.
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Among regions, Asia Pacific is the largest market for welding equipment and is expected to remain dominant throughout the forecast period. The welding equipment market in the APAC region is expected to expand 1.9X in terms of value between 2016 and 2024. The APAC welding equipment market is estimated to be valued at US$ 3,441.0 Mn by 2016 end and is expected to represent incremental dollar opportunity of US$ 3,146.5 Mn between 2016 and 2024. The MEA welding equipment market is slated to be valued at US$ 1,640.4 Mn by 2024 end, expanding at a CAGR of 8.6% during the forecast period.