PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1467217
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1467217
The arc welding torch market size is projected to grow from USD 2.7 billion in 2024 and is projected to reach USD 3.5 Billion by 2029, at a CAGR of 4.7%. The global arc welding torch market has experienced significant growth, fueled by several factors, including the promising expansion of the steel industry. The increasing demand for steel, driven by growth in automotive, construction, and power generation industries, has directly contributed to the market's expansion. Arc welding, being a critical process in steel manufacturing and fabrication, has witnessed heightened demand for high-quality welding torches. These torches are essential for ensuring efficient and precise welding, meeting the stringent requirements of industries reliant on steel products. As a result, the global arc welding torch market has flourished, with manufacturers innovating to meet the evolving needs of various industries, further propelling market growth.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), Volume (Thousand Units) |
Segments | Wear Parts, Cooling Type, End-use Industries, and Region |
Regions covered | North America, Asia Pacific, Europe, South America, and Middle East and Africa |
"The air-cooled segment is projected to register the highest CAGR during the forecast period."
Air-cooled torches are set to lead in CAGR due to their simplicity and cost-effectiveness, omitting the need for additional water-cooling systems. They offer enhanced mobility and maneuverability, making them ideal for diverse welding scenarios. Advancements in technology have narrowed the performance gap with water-cooled torches, making them a preferred choice for welders prioritizing ease of use without compromising quality. Conversely, water-cooled torches, though offering superior heat dissipation, entail higher upfront and operational costs and may be less practical in resource-constrained environments.
" The Contact tip segment is expected to hold the 2nd largest market share during the forecast period."
The contact tips segment is anticipated to secure the second-largest position during the forecast period due to several factors. Firstly, the growing adoption of welding processes across various industries, including automotive, construction, and manufacturing, is driving the demand for contact tips. Additionally, technological advancements in welding equipment, leading to enhanced efficiency and performance of contact tips, further contribute to their market growth. Moreover, the increasing focus on infrastructure development projects globally is fueling the demand for welding solutions, consequently boosting the sales of contact tips. These factors collectively contribute to the projected significant market share of the contact tips segment in the coming years.
"Asia Pacific projected as the fastest growing arc welding torch market during the forecast period."
Asia Pacific is the largest and fastest-growing market for arc welding torches. In the last five years, end-use industries such as automotive, construction, and power generation in the Asia Pacific region have witnessed significant developments, owing to which the demand for arc welding torches has also increased substantially. China continues to drive the global demand, owing to the increasing population and rapidly growing infrastructural development.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and the information gathered through secondary research.
By Company Type - Tier 1 - 25%, Tier 2 - 42%, and Tier 3 - 33%
By Designation - C level - 20%, Director Level - 30%, and Others - 50%
By Region - North America - 24%, Europe - 24%, APAC - 44%, Middle East & Africa - 5%, and South America - 3%
Companies Covered: The Lincoln Electric Company (US), ESAB Corporation (US), Illinois Tool Works Inc. (US), Linde Plc (Ireland), Panasonic Corporation (Japan), Fronius International GmbH (Austria), ABICOR BINZEL (Germany), Kemppi Oy (Finland), Tokin Corporation (Japan), and Migatronic A/S (Denmark) and others are covered in the arc welding torch market.
Research Coverage
The market study covers the arc welding torch market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on cooling type, wear parts, end-use industry and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the arc welding torch market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall arc welding torch market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the arc welding torch market
(Business overview, Products/Solutions/Services offered, Recent Developments, MnM view, Right to win, Strategic choices, Weaknesses and competitive threats) **