Rise in consumption of consumer electronics and electrical devices and the growth of the renewable energy industry are the key factors propelling the growth of the global plasma welding machine market
PORTLAND, Ore., Sept. 29, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Plasma Welding Machine Market by Control (Manual and Mechanized), Price Range (Low, Medium, and High), Distribution Channel (Online and Offline), and End User (Machinery & Equipment, Aerospace & Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global plasma welding machine industry was worth $1.12 billion in 2020, and is anticipated to reach $1.85 billion by 2030, witnessing a CAGR of 4.9% from 2021 to 2030.
Prime drivers of the market growth
The global plasma welding machines market growth is driven by rise in the need for technical developments and automation. This will help in reducing labor costs and increasing quality control. Moreover, high production capacity and lightweight micro plasma welding machines are expected to open many doors of opportunities for the growth and extension of the global market throughout the forecast period.
However, the downward growth of the automobile sector is likely to work as a key restraint for the expansion of the global plasma welding machine market.
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Covid-19 Scenario
- The Covid-19 pandemic halted the production of plasma welding machines, owing to consistent lockdown in key countries.
- Market players altered their investment plans to survive in the weak economy.
- Lifting lockdowns and Covid-19 vaccinations are further expected to enable production of plasma welding machine with full-scale capacities.
The offline segment will maintain the leading position throughout the forecast period
Based on distribution channel, the offline segment contributed to the highest market share in 2020, accounting for more than four-fifths of the global plasma welding machine market, and is projected to maintain the leading position during the forecast period. This growth is attributed to the preference for physical inspection and authentication of products. Consumers in rural regions still depend on physical stores, hence, leading to the growth of offline stores. On the other hand, the online segment is anticipated to manifest the highest CAGR of 5.9% from 2021 to 2030, owing to the ease of shopping, elimination of mediator, doorstep delivery, and secure payment methods.
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The automotive segment will maintain the leading position throughout the forecast period
Based on end user, the automotive segment contributed for the highest market share in 2020, accounting for more than one-third of the global plasma welding machine market, and is anticipated to lead the market during the forecast period. The new production trend of electronic vehicles motivates the development of new tools, which in turn, drives the growth of the market. On the other hand, the aerospace and defense segment is anticipated to manifest the highest CAGR of 5.3% from 2021 to 2030. This growth is attributed to rise in defense budgets in the developing countries such as the Asia-Pacific region.
Asia-Pacific, followed by Europe and North America, to maintain its lead by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in 2020, contributing to more than two-fifths of the global plasma welding machine market, and is expected to dominate the market by 2030. The region is expected to manifest the highest CAGR of 5.3% from 2021 to 2030. Countries of the Asia-Pacific region such as China, South Korea, Japan, India, Thailand, and many others are the emerging hubs for plasma welding machines. The availability of labor and rise in industrialization propel the market growth.
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Leading Market Players
- Banner Welder, Inc.
- Carl Cloos Schweisstechnik GmbH
- voestalpine Böhler Welding GmbH
- EWM
- Air Liquide
- Fronius International GmbH
- Panasonic Corporation
- Illinois Tools Works Inc
- DAIHEN Corporation
- Technocrats Plasma Systems Private Limited
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