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The welding power supply market share is expected to increase to USD 2.47 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.12%.
This welding power supply market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers welding power supply market segmentation by end-user (automotive, construction, shipbuilding, aerospace and defense, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The welding power supply market report also offers information on several market vendors, including Ador Welding Ltd., AXXAIR, Colfax Corp., Dukane Corp., Fronius International GmbH, GALA GAR SL, HANGHAI HUGONG ELECTRIC (GROUP) CO. LTD., HBS Bolzenschweiss Systeme GmbH and Co. KG, Illinois Tool Works Inc., Kemppi Oy, KUHTREIBER Ltd., MTM Power Messtechnik Mellenbach GmbH, Panasonic Corp., RINCO ULTRASONICS AG, Shenzhen JASIC Technology Co. Ltd., Telwin Spa, The Lincoln Electric Co., Weber Ultrasonics AG, XP Power, and Orbitec GmbH among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The energy efficiency due to inverter-based welding power supply is notably driving the welding power supply market growth, although factors such as intense competition may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the welding power supply industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Welding Power Supply Market Driver
One of the key factors driving the global welding power supply market growth is the energy efficiency due to the inverter-based welding power supply. Inverter-based power sources for welding, however, offer a lower power draw and more flexibility in terms of the number of units that can be run on the existing power. For instance, a 350-amp conventional TIG power source draws 128 amps of input power under a rated load of 230-volt single-phase power. Under the same circumstances, a comparable TIG inverter only draws 32 amps. Another advantage of the inverter over transformer-based power sources in welding is space savings. Each year about $99 million of electricity is consumed worldwide for welding. Such factors may drive market growth during the forecast period.
Key Welding Power Supply Market Trend
The adoption of magnesium alloy in the automotive welding power supply industry is one of the key industrial market trends that is expected to impact the industry positively in the forecast period. Magnesium is four times lighter than steel and is also extremely easy to source. In the automotive industry, vehicle weight and energy efficiency are directly related. For instance, every 100 kg reduction in a vehicle's total weight boosts its fuel efficiency by approximately 3.5%. Also, around 40% weight reduction is achieved by replacing steel with aluminum. The effect of replacing aluminum with magnesium alloys would further lead to a weight reduction of up to 40%. Therefore, new materials like magnesium are expected to create a need for new and updated power supply tools and machines that will assist in welding such finely tuned metals.
Key Welding Power Supply Market Challenge
One of the key challenges to the global welding power supply market growth is the intense competition. This intense vendor competition is causing a decline in profit margins among the vendors. Major vendors such as COLFAX and Fronius account for a sustainable market share. For instance, cost-driven end-users prefer to invest in low-cost systems offered by new entrants rather than opting for branded vendors. This affects the sales and revenue of established vendors. In addition, the market expansion has led to the increased entry of local players, which has intensified the price wars among the competitors, forcing them to reduce the prices of their products. This has led to the development and introduction of low-quality products, which is expected to impede the growth of the welding power supply market during the forecast period.
This welding power supply market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global welding power supply market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the welding power supply market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the welding power supply market encompasses successful business strategies deployed by the key vendors. The welding power supply market is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The welding power supply market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the welding power supply market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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55% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for welding power supply in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growth of end-user industries such as automotive, construction, and power will facilitate the welding power supply market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 declined the growth of the global welding power supply market. The outbreak negatively affected many countries in the region, such as China, India, South Korea, and Japan. The temporary closure of the above-mentioned sectors led to a decline in the use of the welding power supply. However, the initiation of the vaccination drives and the resumption of operations in end-user industries stabilized the growth of the welding power supply market in the first half of 2021. Moreover, the rising demand for automobiles and government initiatives to revive the economy are expected to stimulate the growth of the regional welding power supply market during the forecast period.
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The welding power supply market share growth by the automotive segment will be significant during the forecast period. The automotive industry has been the prominent driver of various technological developments in welding equipment. This industry involves the design and manufacture of motor vehicles that require welding. Thus, the automotive sector is expected to exhibit significant growth and thereby have a positive impact on the global welding power supply market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the welding power supply market size and actionable market insights on post COVID-19 impact on each segment.
Welding Power Supply Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.12% |
Market growth 2022-2026 |
$ 2.47 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.62 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key consumer countries |
US, Canada, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ador Welding Ltd., AXXAIR, Colfax Corp., Dukane Corp., Fronius International GmbH, GALA GAR SL, HANGHAI HUGONG ELECTRIC (GROUP) CO. LTD., HBS Bolzenschweiss Systeme GmbH and Co. KG, Illinois Tool Works Inc., Kemppi Oy, KUHTREIBER Ltd., MTM Power Messtechnik Mellenbach GmbH, Panasonic Corp., RINCO ULTRASONICS AG, Shenzhen JASIC Technology Co. Ltd., Telwin Spa, The Lincoln Electric Co., Weber Ultrasonics AG, XP Power, and Orbitec GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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