Welding Consumables Market to Hit USD 15.15 billion by 2027; Exciting Advancements in Welding Technologies to Brighten Market Prospects: Fortune Business Insights™
Pune, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The global welding consumables market size is projected to reach USD 15.15 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period. Development of robotic welding systems is expected to propel the growth of this market in the near future, finds Fortune Business Insights™ in its report, titled “Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-corded Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and others) and Regional Forecast, 2020-2027”.
Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/welding-consumables-market-101598
A few key industry leaders such as ABB and ESAB have been constantly innovating and coming up with novel robotics solutions for welding applications. For example, ABB has been researching and developing a next-gen welding solution called “flying start”, which will save precious milliseconds per weld. Robotic welds will be embedded with a flying-start mode that will enable turning on the power source for the weld before it arrives on location. KUKA AG, a leader in industrial robotics, released its ready 2_grind robotic solution in 2017 that can be utilized for blending and grinding applications across multiple industries, where welding is a core activity. These innovations are expected to fuel the welding consumables market growth in the forthcoming years.
The outbreak of the COVID-19 pandemic has crippled the global economy. Businesses are experiencing unprecedented stress as economies continue to report dismal numbers. We, at Fortune Business Insights™, aim to equip businesses with a comprehensive impact analysis of the current pandemic on different markets, based on our expertise and experience in market intelligence.
According to the report, the global market value was at USD 11.76 billion in 2019. The report also offers the following:
- Careful segmentation of the market and piece-meal study of each segment;
- Comprehensive insights into the regional developments occurring in the market;
- Tangible research into the market drivers, trends, and challenges; and
- Granular assessment of the competitive landscape of the market.
Massive Shortage of Skilled Welders to Inhibit Market Growth
One of the major roadblocks impeding the welding consumables market growth is the severe shortfall of skilled welding professionals across different industries. In India, for instance, the Indian Institute of Welding estimates that the country currently faces a shortage of 1.2 million welding professionals, which is likely to swell to 1.35 million over the next three years. Similarly, the American Welding Society predicts that the deficit of welding workers will reach 400,000 by 2024. Moreover, the lack of skilled welding professionals is hampering the quality of products. For example, in June 2018, Ford had to recall 12,000 of its models owing to defects in the pump welds. In another instance, the UK was forced to delay the launch of its nuclear missiles in August 2018 after it was discovered that the missile tubes had cracks. Thus, deficiency in skilled welders is likely to stymie the demand for welding consumables in the coming years.
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/welding-consumables-market-101598
Increasing Penetration of Smart Welding Technologies to Augment the Asia Pacific Market
Asia Pacific, with a market size of USD 3.94 billion, dominated the welding consumables market share in 2019 and is expected to continue its dominance during the forecast period. The primary factor enabling the region to maintain its leading position is the steady penetration of advanced welding technologies such as robotics. In addition, some of the top domestic players such as Bharat Heavy Electrical Limited are developing welding consumables and aggressively exporting them to less developed countries such as Vietnam.
The market in North America and Europe is anticipated to experience lucrative opportunities as these regions are increasingly adopting Industry 4.0 technologies and setting up smart factories, which is opening a new expansion avenue for this market.
Focused Spending on Innovation to Produce Favorable Results for Players
Key players in the market for welding consumables are directing their investments smartly towards innovation, which is enabling them to not only diversify their offerings but also to cement their market position. With a view to expand global footprint, companies are also strategically acquiring entities and bolstering their international and regional presence.
- July 2020: Lincoln Electric expanded its flagship line of Ranger welders/generators by adding the new Ranger® 260MPX™. The novel welding machine features a compact design and a digital interface, with a 20% lower carbon footprint than other comparable products.
- March 2020: voestalpine Böhler Welding purchased a majority stake in Selco s.r.l., the leading welding machine manufacturer in Italy. Böhler is aiming to strengthen its position in Europe as the acquisition allows the company to add welding machines to its portfolio.
List of Key Companies Profiled in this Market Report:
- Miller Electric Mfg. LLC (Wisconsin, United States)
- capilla (Leopoldshöhe, Germany)
- RME MIDDLE EAST (Dubai, UAE)
- KISWEL CO., LTD. (Seoul, South Korea)
- ESAB (Maryland, United States)
- Lincoln Electric (Ohio, United States)
- Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (China)
- voestalpine BÖHLER Edelstahl GmbH (Austria)
- CS HOLDINGS CO., LTD. ( Gyeongsangbuk-do, South Korea)
- ZULFI (Al Zulfi, Saudi Arabia)
- KOBE STEEL, LTD (Hyogo, Japan)
Quick Buy – Welding Consumables Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101598
Detailed Table of Content -
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Welding Consumables Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Stick Electrodes
- Solid Wires
- Flux-cored Wires
- SAW Wires & Fluxes
- Market Sizing Estimations and Forecasts – By Application (Value)
- Heavy Engineering
- Automotive and Transportation
- Others (Oil & Energy, Aerospace & Defense, etc.)
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/welding-consumables-market-101598
Have a Look at Related Research Insights:
Heating, Ventilation, and Cooling (HVAC) System Market Size, Share & COVID-19 Impact Analysis, By Type (Single Split Systems, Variable Refrigerant Flow (VRF) Systems, Chillers and Others), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2020-2027
Automated Material Handling (AMH) Equipment Market Size, Share & COVID-19 Impact Analysis, By Type (Automated Storage & Retrieval System, Automated Conveyor & Sorting System, Automated Guided Vehicle), By System Load (Unit Load & Bulk Load), By Application (Assembly, Distribution, Transportation), By Industry (Retail & E-commerce, Automotive, Food & Beverages, Pharmaceutical, Semiconductors & Electronics) and Regional Forecast, 2020-2027
Smart Elevator Market Size, Share & COVID-19 Impact Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027
Food Service Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cooking & Preparation Equipment, Refrigeration Equipment, Warewashing Equipment, Storage & Handling Equipment, and Others), By Sales Channel (Online, and Offline), By End-user (Full Service Restaurant, Quick Service Restaurant, Hotels & Pub Bar Clubs, and Others) and Regional Forecast, 2020-2027
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune - 411045, Maharashtra, India.
Fortune Business Insights™
LinkedIn | Twitter | Blogs