Asia Pacific remains most lucrative market for welding equipment, says report

According to a report published by persistence market research (PMR), the global market for welding equipment is expected to expand at a CAGR of over 7 percent during the forecast period 2016 to 2024. By the end of 2016, the market is estimated to surpass $10.4 billion.

The Asia Pacific, the most dominant market, is expected to remain in that position during the forecast period. By the end of 2016, the market in Asia Pacific is expected to reach $3.4 billion.

Increasing construction activity, especially in countries such as China and India, and a rise in automobile users are key factors expected to sustain the global market for welding equipment during the forecast period. In addition, higher demand from the oil and gas industry and expanding networks of transportation are further supporting the market growth. Moreover, the proliferation of end-use applications that require welding also is expected to benefit the welding equipment market in the near future.

On the other hand, a sluggish adoption rate of advanced welding technologies in emerging economies such as India could inhibit the overall market growth during the forecast period.

In 2016 automatic welding equipment is anticipated to be the predominant segment, accounting for more than 65 percent of the market. The semiautomatic segment is expected to account for 25.4 percent of the market.