Wilmington, Delaware , Oct. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Plasma Welding Market by Product Type (Manual and Mechanized), Distribution Channel (Online and Offline), and End User (Machinery & Equipment, Aerospace & Defense, Automotive and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the plasma welding market was valued at $1.4 billion in 2023, and is estimated to reach $2.1 billion by 2032, growing at a CAGR of 4.6% from 2024 to 2032.
Prime determinants of growth
This increase in automation improves productivity, reduces labor costs, and enhances overall manufacturing efficiency. In addition, plasma welding systems are complex and specialized, often requiring significant capital expenditure for procurement, installation, and training. These factors restrain market growth. However, innovations in plasma welding technology, including the use of advanced power sources, real-time monitoring sensors, and adaptive control algorithms, further improve weld quality, productivity, and ease of use for operators. These factors are expected to witness the growth of the plasma welding market during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $1, 4 billion |
| Market Size in 2032 | $2.1 billion |
| CAGR | 4.6% |
| No. of Pages in Report | 220 |
| Segments covered | Product Type, Distribution Channel, End User, and Region |
| Drivers | Increase in Demand for Precision Welding Advancements in Materials and Manufacturing Rise in Automation and Robotics |
| Opportunities | Development of Advanced Plasma Welding System. |
| Restraints | High Equipment and Operating Costs. |
The mechanized segment to maintain its leadership status during the forecast period.
By product type, the mechanized segment held the highest market share in and is projected to attain the highest CAGR during the forecast period, owing to its efficiency, precision, and increase in adoption in automated manufacturing processes across various industries.
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The offline segment maintained its lead position during the forecast period.
By distribution channel, the offline segment accounted for the largest share in 2023 and is estimated to maintain its leadership status during the forecast period, owing to established networks, especially in regions with limited internet access. However, the online segment is projected to attain the highest CAGR during the forecast period, owing to increase in e-commerce penetration and convenience.
The automotive segment to maintain its leadership status during the forecast period.
By end user, the automotive segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period, owing to large-scale production volumes, stringent quality requirements, and the widespread use of plasma welding for fabricating automotive components such as exhaust systems, chassis, and body frames. However, the aerospace and defense segment is projected to attain the highest CAGR during the forecast period, owing to rise in demand for lightweight and high-performance materials in aircraft and defense applications, driving adoption of advanced welding technologies.
Asia-Pacific to maintain its dominance by 2032.
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2023 and is expected to witness the fastest CAGR during the forecast period, owing to rapid industrialization, urbanization, infrastructure development, and increasing investments in sectors such as manufacturing, and construction across the region.
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Leading Market Players: -
- Air Liquide
- Banner Welder, Inc.
- Carl Cloos Schweisstechnik GmbH
- DAIHEN Corporation
- Miller Electric
- Fronius International GmbH
- Illinois Tools Works Inc.
- Panasonic Corporation
- Technocrats Plasma Systems Private Limited
- voestalpine Bohler Welding GmbH.
The report provides a detailed analysis of these key players of the global plasma welding market. These players have adopted different strategies such as new product launches, collaborations, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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