Welding Research

Goals

To have a robust understanding of recent trends in the welding and cutting space, with a focus on arc welding products, robotic welding systems, plasma and oxyfuel cutting equipment. Separately, to know the types of companies that are purchasing arc welders as well as the companies that are using robotic welding systems. Finally, to understand any future trends. What is on the horizon for 2020 and beyond?

Early Findings

  • "The global robotic welding market is projected to reach USD 5.96 billion by 2023, growing at 8,91% Compound Annual Growth Rate (CAGR)." The largest global welding market is predicted to be the Asia Pacific, with China leading the growth in focusing on adopting welding robots in all possible industries. Growing markets in the region include India, South Korea, Japan, and Thailand.
  • According a recent Zion Market Research report, the global welding products market was valued at $20.67 billion USD in 2016 and is expected to reach $32.63 billion USD in 2022, growing at a CAGR of 7.5 percent between 2017 and 2022.
  • The worldwide market for Welding Equipment is expected to grow at a CAGR of roughly 4.8% over the next five years, will reach 13100 million US$ in 2024, from 9900 million US$ in 2019, according to a new study.
  • Welding Schools are using VR applications to train new welding professionals and showcase to their students the various industries, such as shipbuilding and construction of skyscrapers, where welders are needed.
  • Industry demand for welders will continue to grow, but with more experienced professionals retiring each year, the lack of qualified welding professionals in the workforce is likely to continue. For example, it has been estimated that India will experience a shortage of 1.2 million qualified welding professionals by 2022.
  • According to the American Welding Society, the average welder today in the U.S. is 55 years old, and less than 20% of welders are under the age of 35. These demographics lead to a projected shortfall of 400,000 welders by 2024. Weld shops already can’t find enough skilled people, and they can’t automate the increasing amount of high-mix/low-volume production runs with traditional welding robots.
  • Investment in welding safety is on the rise. There is increasing knowledge, as well as simple acknowledgment, surrounding the health hazards that go hand in hand with breathing harmful levels of welding fume and gases. This is forcing companies to invest more in occupational safety. Following The IARC report in March 2017, governments are reviewing and then renewing their corresponding laws and regulations and forcing companies taking immediate safety actions to protect their workers.
  • Hirebotics has developed a new robotic welding system using Universal Robots machines. "The new for-hire BotX Welder (developed by Hirebotics and utilizing Universal Robots’ UR10e collaborative robot arm) lets manufacturers automate arc welding with no capital investment, handling even small batch runs not feasible for traditional automation."
  • According to a recent Welding Journal survey, "overall projections for the future are generally optimistic, but a few gray clouds roam the horizon." Steve Sumner, manager marketing product development, Lincoln Electric Co., stated that "Welding will continue to be used more in the future because it has proven to be a productive and cost-effective way to join metals." 70% of respondents indicated that they expected favorable business conditions for next year. Projections ranged from very strong to moderate growth.
  • The same survey asked this question: "which welding process(es) will see an increase in use and which will see a decrease in use during the next decade? Almost unanimously the process chosen for decline was shielded metal arc welding (SMAW). A very few speculated a decline in the use of gas metal arc (GMAW) and gas tungsten arc welding (GTAW). A significant group felt the continuous wire processes (FCAW, GMAW) would experience the most use. The GTAW process was the next most mentioned. One of the reasons stated for its increase was the need for high-quality work on thin materials."
  • In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address the stated goals.

Summary Of Our Early Findings Relevant To The Goals

  • Our first hour of research was spent ascertaining that the data required was publicly available and we discovered that there is a great deal of information on all the questions asked.
  • We were able to provide market sizes and CAGR for three different verticals within the welding industry, as well as trends surrounding VR applications, shortage of qualified workers, safety, as well as a few predicted trends for the future in our initial research.
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