Welding Equipment & Consumables Market - Growth Statistics and Opportunities Outlook to 2024
Category: #headlines  By Rahul Varpe  Date: 2020-10-09
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Welding Equipment & Consumables Market - Growth Statistics and Opportunities Outlook to 2024

Escalating oil & gas explorations activities could positively impact industry growth, as heavily welding equipment are required across diverse range of applications in the O&G sector. The welding equipment & consumables market could reach USD 25 billion by the year 2024.

Surging population coupled with rising urbanization trends has propelled the demand for improved infrastructure facilities, which in the future could play a crucial role in stimulating the demand for advanced welding equipment. Meanwhile, increasing demand for welding automation solutions across the fabrication sector might augment global welding equipment & consumables market landscape over the forthcoming years.

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The welding equipment & consumables market is expected to register considerable growth on account of proliferating developments in the infrastructure sector. Countries like China, India, Indonesia, and Japan are witnessing a significant rise in construction activities. In fact, the Asia Pacific construction industry had secured a valuation of over USD 4 trillion in 2016, contributing almost 45% to the global construction expenditure share.

However, air contaminants produced due to the emission of hazardous gases like nitric oxide, carbon monoxide, and nitrogen dioxide along with other particulates like iron oxide, nickel, copper, fluorides, cadmium, and zinc produced from the welding process could hinder market growth. Besides, issues such as average working conditions at medium and small-scale welding companies might pose a threat to the welding equipment & consumables market outlook.

Mentioned below are some of the trends that may advance welding equipment & consumables market size:

1) Growing demand from the automobile sector-

Increasing sales of passenger cars could drive the deployment of wielding instruments across the transportation and automobile sector. Estimates suggest that the segment may surpass USD 5 billion by 2024. As per a report, the global passenger car sales were recorded at almost 80.6 million in 2018. Growing number of shipbuilding activities along with rising offshore oil extraction could boost the adoption of welding instruments and consumables across marine applications.

2) Rising growth opportunities across APAC-

Asia Pacific is considered to be a lucrative terrain for welding equipment & consumables manufacturers and suppliers. Earlier in 2016, the region had accounted for more than 40% of the overall industry share. In fact, the total automotive sales in 2016 from APAC countries like India, China, Indonesia, Japan, Malaysia, and Thailand was tallied over 40 million units. Automobile, construction, and shipbuilding industries across these countries are growing at an exponential rate. Such developments can contribute to the growth of APAC welding equipment & consumables market share.

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3) Adoption of promising business strategies-

Companies operating in the welding equipment & consumables market are constantly focusing on innovating new product offerings to enhance their overall product portfolio and consumer base. Taking June 2020 for instance, Lincoln Electric expanded its Excalibur SMAW (stick) electrode series by launching the new Excalibur® 7018 XMR™ low-hydrogen stick electrode that provides exceptional low moisture content.

Currently, companies like Arcon, Miller Electric, Obara Corp., DAIHEN Corp., Fronius International, Panasonic Corporation, and Doncasters Group are leading the industry landscape with their innovative product lineups.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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