Global welding machinery market to reach US$17.1B by 2026

Amid the COVID-19 crisis, the global market for welding machinery estimated at US$13 Billion in the year 2022, is projected to reach a revised size of US$17.1 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Arc Welding, one of the segments analyzed in the report, is projected to grow at a 7.6% CAGR to reach US$7.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Oxy-Fuel Welding segment is readjusted to a revised 6% CAGR for the next 7-year period. This segment currently accounts for a 27.2% share of the global Welding Machinery market. Worldwide arc welding machinery market is expected to grow led by increased demand from emerging markets, and the growing consumption in various end-use markets. In particular, the energy sector, which was among the few markets to be minimally impacted by the financial crisis, contributed considerably to the market's growth. Arc welding is used for maintaining and repairing LNG (Liquefied Natural Gas) tanks, nuclear facilities, wind turbine installations and pipelines. Growth is also fueled by increased usage in the transportation, automotive, infrastructure and construction industries; and the rapid industrialization of developing countries. The market is also expected to benefit from the emergence of newer technologies such as energy saving equipment and corrosion-resistant filler metals, and the continuous rise in foreign directs investments.

The U.S. market is estimated at US$3.2 billion in 2022, while China is forecast to reach US$3.3 billion by 2026
The Welding Machinery market in the U.S. is estimated at US$3.2 Billion in the year 2022. The country currently accounts for a 24.95% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.3 Billion in the year 2026 trailing a CAGR of 8.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 5.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR while Rest of European market (as defined in the study) will reach US$569.4 Million by the end of the analysis period. The market for welding equipment is mature in developed nations which are home to an already well established infrastructure. Demand in these nations is predominantly driven by infrastructure rehabilitation and maintenance programs. For instance, the UK is contemplating a national plan for upgrading infrastructure as the government hopes to fund its ambitious plans to improve railroad, energy and airport infrastructure. France has also been expanding its high-speed rail system to improve connectivity across the nation. The US also offers prospects for welding equipment as most of its infrastructure is dated and requires upgrading or remodeling. The Middle East nations, set to transform their energy-based economies into trading hubs, also offer opportunities for welding equipment.

Resistance welding segment to reach US$2.8 billion by 2026
Resistance welding machinery market has evolved considerably over the years. Currently, available power supplies are much more accurate and efficient compared to older generation power supplies. Manufacturers also developed weld programmers-devices, which execute and store weld programs. These devices automate welding process and consequently reduce scrap parts. 

In the global Resistance  Weldingsegment, USA, Canada, Japan, China and Europe will drive the 5.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.4 Billion will reach a projected size of US$2.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.7 billion by the year 2026, while Latin America will expand at a 7.6% CAGR through the analysis period.