LONDON—The global welding equipment market is poised to grow by $2.54 billion (USD) during 2020-2024, progressing at a compound annual growth rate (CAGR) of nearly 5 percent during the forecast period, according to a market research report from Technavio.
One of the drivers of the welding equipment market, the report states, is the emergence of friction stir welding (FSW) technology in the automotive sector. The emergence of laser welding equipment is also anticipated to boost the growth of the welding equipment market, Technavio said in a release.
Friction stir welding technology is gaining popularity in the automotive industry as it carries out the welding process under a low operating temperature to prevent mechanical distortion. Products that are manufactured using the technology are known to possess high integrity and are defect-free, according to the release.
According to the report, “Global Welding Equipment Market 2020-2024,” the friction stir welding process provides improved mechanical properties, low operating cost, and the ability to handle variations in the production process. The use of friction stir welding is said to help in minimizing the overall weight of an automobile. It also consumes less power in comparison to other welding processes.
In another market research report, “Global Friction Stir Welding Equipment Market 2020-2024,” Technavio projected the global friction stir welding equipment market to grow by $989.95 million (USD) during 2020-2024, progressing at a CAGR of over 10 percent during the forecast period.
The friction stir welding market is driven by the growing demand for friction stir welding equipment from the automotive industry. In addition, the use of new materials by industries is anticipated to boost the growth of the friction stir welding equipment market.
According to Technavio, the growing focus on reducing the weight of cars is causing an increase in the demand for aluminum. This, in turn, is propelling the adoption of the FSW process, as it offers many potential benefits for the welding of aluminum.
The FSW process is reported to be better than other joining processes in its ability to provide improved mechanical properties, such as tensile strength and fatigue resistance, improved process robustness, and lack of consumables. It also handles the variations that are inherent in high-volume production. The process not only offers operating cost advantages, but also exhibits low impact on health and the environment, Technavio said.
Technavio is a global technology research and advisory company. Its research and analysis focuses on emerging market trends, with the aim of helping businesses identify market opportunities and develop effective strategies to optimize their market positions. The company’s sample reports are free of charge and contain multiple sections, including information on market size and forecast, drivers, challenges, and trends.