Welding Equipment Market to Reach USD 18.79 Billion by 2026 & Exhibit 6.3% CAGR; Rising Disposable Income Will Accelerate Growth

Fortune Business Insights - Seite 2

Arc Welding Segment to Lead Owing to its Cost-effective Nature

In terms of technology, the market is segregated into resistance spot welding, laser beam welding, arc welding, MIG/TIG welding, and others. Out of these, the arc welding segment is anticipated to exhibit immense growth owing to its cost-effective nature. Also, it provides a smooth and flexible welding process that is implemented across several industries. It is mainly used to fabricate steel in the automobile and construction sectors. Resistance spot welding will grow remarkably on account of innovative welding of metal sheets possessing low-allow components and robust strength. Apart from these segments, the MIG/ TIG welding is likely to grow moderately. It is necessary to weld a variety of medium or high range of nickel alloys, aluminum, and steel.

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Key Market Players

Fortune Business Insights lists out some of the most prominent companies operating in the Welding Equipment Market. They are as follows:

• 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.              

Asia Pacific to Dominate: Increasing Development of Manufacturing Industry to Favor Growth

The market can be geographically fragmented into Europe, the Middle East and Africa, North America, Asia Pacific, and Latin America. Amongst these, Asia Pacific had generated USD 3.99 billion Welding Equipment Market share in 2018. In India and China, the manufacturing industry is developing day by day owing to the rising government initiatives to bolster the development of the sector. The government of India, for instance, has launched the 'Make in India' awareness program to promote the growth of the manufacturing industry. Europe, on the other hand, will exhibit notable growth owing to the increasing expansion of the automotive industry. In North America, the swiftly developing building and construction sector in Canada and the U.S. would result in market growth.