Wellesley, Mass, Jan. 19, 2017 (GLOBE NEWSWIRE) -- Wellesley, Mass., Jan 19, 2017 – The growing trend toward welding automation and the increase in demand from end-user industries are sparking growth in the global market for welding products. BCC Research reveals in its new report that the laser welding equipment and plasma welding equipment markets should expand significantly, boosting overall growth.
Welding is a fabrication process that joins materials, usually metals or thermo-plastics, by fusion. In addition to melting the base metal, a filler material often is added to the joint to form a pool of molten material that cools to form a joint that as strong, or stronger, than the base material. Pressure may also be applied with heat, or by itself, to produce a weld.
The global market for welding products should reach $24.2 billion in 2016 and $31.8 billion by 2021, demonstrating a five-year compound annual growth rate (CAGR) of 5.6%. The welding equipment and consumables segment should total nearly $16.0 billion and $20.1 billion in 2016 and 2021, respectively, growing at a CAGR of 5.4%. The global automated/robotic welding accessories segment should reach $2.8 billion in 2021, up from $2.0 billion in 2016, with a five-year CAGR of 6.9%.
The use of information technology should grow to help develop a virtual manufacturing plant in which technologies for design, fabrication and inspection are seamlessly integrated with welding technology. Wise investment in capital goods and communication between the welding industry and its customers should prove effective methods for improving the competitiveness of welding, as well.
The ongoing strength of the global oil and gas sector is generating increased demand for welding products. Additionally, expanding awareness of welding processes supported by continued advances in R&D present exciting new opportunities for welding equipment manufacturers. Many manufacturers are investing aggressively in R&D in order to control costs and increase productivity in the welding process by allowing either on-site or remote computer monitoring and simplifying upgrades of software.
"Although the welding equipment market is mature, there's a growing trend toward welding automation stemming from increased demand from end-user industries,” says BCC Research analyst Srinivasa Rajaram. "As such, a growing number of industries are automating their production, with welding becoming a standard feature of such automation. The market for welding robots is growing at a higher rate than that of any other type of industrial robot."
Welding Equipment and Supplies: The Global Market (AVM040E) analyzes the recent advanced technologies involving welding equipment and consumables, along with complete product and technology life cycle. The report also examines market for welding related products and equipment by technology, region, end-user application, and type of equipment used. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
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