Welding equipment to grow 5.34% CAGR by 2019
- March 3, 2015
The global welding equipment market is forecast to grow 5.34 per cent CAGR (compound annual growth rate), according to a new report from Research and Markets "The Global Welding Equipment Market 2015-2019."
One key trend emerging in the market is the automation of the welding equipment. There has been a continuous shift from manual to automatic welding in the welding industry in recent years, according to the report. The need to automate manufacturing processes is one of the major requirements of the global eelding equipment market.
According to the report, one of the major drivers in this market is the increased demand from emerging countries. Industrialization, modernization, and urbanization are the three factors that are determining the demand for welding equipment in the emerging countries.
Further, the report states that one of the major challenges in this market is the slow adoption of advanced technologies in the APAC region. The end-users in the APAC region are price conscious and are still reluctant to adopt new technologies because of the price of procurement.
Illinois Tool Works
Lincoln Electric Company
Other Prominent Vendors
Bohler Welding Group
Tianjin Bridge Welding Materials Group
For more information visit Research and Markets online.