According to BlueWeave Consulting, the global Welding Equipment, Accessories, and Consumable market has reached 21.98 Billion in 2019 and estimated to reach USD 29.78 Billion in 2026 and anticipated to grow by CAGR of 4.51% during the forecast period 2020- 2026. Continuous increase in automotive production and an increased number of applications across different end-user industries using different types of welding techniques increased global investment in energy infrastructure increased the use of welding consumables for maintenance and repair purposes.
The increase in disposable income of the middle class has increased consumer purchasing power, giving rise to the development of new structures and manufacturing, leading to the increased use of welding equipment, accessories, and consumables. The major factors expected to drive the welding equipment, accessories, and consumables market in the forthcoming years are technological advances in the marine and power generation sectors, the rapid growth in the automotive industry, growing demand for efficient welding consumables due to increasing infrastructure in industrial processes.
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The constant growth in automotive production and an increased number of applications across various end-user sectors using diverse types of welding techniques increased global investment in energy infrastructure and surged the use of welding consumables for maintenance and repair purposes.
Increasing per capita income in the middle class has increased consumer purchasing power, leading to growth in new structures and manufacturing, resulting in increased use of welding equipment, accessories, and consumables. With the growing population, the number of residential, commercial projects, the demand for building & construction is increasing, thus fueling the market. Furthermore, government initiatives for improving infrastructure, the availability of bank loans at lower prices, etc. are increasing the construction sector, thereby propelling the demand for welding equipment, accessories, and Consumables market.
Based on Technology, the Arc Welding segment dominated the market in 2019 and is predicted to have a rapid growth during the forecast period, owing to the upsurge in demand for argon gases by the different industries to meet the demand. Besides, the oxy-fuel segment is projected to be the second-fastest-growing industry in the coming year. The market is driven by increased demand from various end-use industries, including construction, aerospace & defence, oil & gas, automobile, and many more. Arc welding equipment is increasingly being used to build gas rigs, homes, huge offshore oil, bridges, and pipelines.
Based on Region, The Welding Equipment, Accessories, and Consumables Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is predicted to be the fastest-growing market for Welding Equipment, Accessories, and Consumables during the forecast period, primarily due to the growing demand for semi-automatic & automatic welding production systems in emerging Asia Pacific nations increases the need for welding consumables and inclination towards urbanization and industrialization.
The major market players in the Welding Equipment, Accessories, and Consumable Market include Linde Group, Air Liquide S.A., Illinois Tool Works Inc., Colfax Corporation, Lincoln Electric Holdings Inc., Messer Group, African Oxygen Limited, GCE Holding AB, Koike Aronson Inc., Fronius International GmbH, Matheson Tri-Gas Inc., Bug-O Systems Inc., Gentec (Shanghai) Corporation, British Oxygen Company, Müller Opladen, Cavagna Group, Rotarex, and Other Prominent Players.
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