Welding Equipment Market to Reach USD 18.79 Billion by 2026 & Exhibit 6.3% CAGR; Rising Disposable Income Will Accelerate Growth Fortune Business Insights
Key Companies Covered in Welding Equipment Market Research Report are KOBE STEEL, LTD., Miller Electric Mfg. LLC, The Lincoln Electric Company, Panasonic Industry Europe GmbH, ESAB, ACRO, Automation Systems Inc., Denyo, voestalpine Bohler Welding GmbH, Air Liquide, Ador Welding Ltd., among others
PUNE, India, Dec. 6, 2019 /PRNewswire/ -- The global Welding Equipment Market size is projected to reach USD 18.79 billion by 2026, thereby exhibiting a CAGR of 6.3% during the forecast period. However, the market size was USD 11.58 billion in 2018. This information is published in a recent report by Fortune Business Insights, titled, "Welding Equipment Market Size, Share & Industry Analysis, By Technology (Arc Welding, Resistance Spot Welding, MIG/TIG Welding, Laser Beam Welding, and Others), By Automation Type (Automatic, Semi-Automatic, and Manual), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, and Others) and Regional Forecast, 2019-2026." As per the report, deployment of several technologies, namely, AI-based robots and remote control to increase production would boost the Welding Equipment Market growth during the forthcoming years.
Highlights of the Report
- Significant insights into the Welding Equipment Market trends, growth drivers, hindrances, opportunities, and challenges.
- Market strategies that are being adopted by key market players.
- Comprehensive details about the future prospects and outlook of the market.
- In-depth information about the competitive landscape.
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Rising Investment by Automotive Manufacturing Companies to Drive Growth
In the emerging countries, namely, Japan, South Korea, India, and China, the demand for automotive vehicles is rising day by day. It is gradually occurring in the European nations as well. In China, Europe, and the U.S., the sale of new vehicles is expected to grow by 30 percent whereas, in Europe, 55 percent of the new car sales will be fully electrified in the coming years.
Moreover, in India, numerous companies present in the automotive market are investing huge sums in the automotive sector. Increasing disposable income is also one of the drivers. Mercedes Benz, for instance, has boosted its manufacturing capacity of the luxury cars to 20,000 units per year. Hyundai is planning to invest around USD 1 billion by 2020 in India. All these factors would propel growth of the market in the coming years.