Coronavirus Business and Industry Impact Analysis for Global Metal Welding Market 2020-2024 | Market to See a 5% Annual Growth Through 2024 | Technavio

The global metal welding market size is expected to grow by USD 8.56 million during 2020-2024, progressing at a CAGR of over 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.

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Technavio has announced its latest market research report titled Global Metal Welding Market 2020-2024 (Graphic: Business Wire)

The high rate of infrastructure development will be one of the key factors driving the metal welding market growth. There has been a significant increase in investments in infrastructure projects across the world. For instance, in July 2019, the Government of India, in its FY2019 budget, announced a significant allocation of funds for several infrastructure development projects, including industrial corridors, dedicated freight corridor (DFC), Bharatmala Pariyojana, the Sagarmala Programme, and the UDAN schemes. Moreover, various governments are significantly investing in the development of sports infrastructure and facilities. Hence, spending on capital-intensive infrastructure development projects is expected to increase significantly in the next decade, which will support the growth of the global metal welding market.

Report Highlights

• The major metal welding market share came from the automotive segment in 2019, and it is expected to witness the fastest growth during the next five years.
• APAC was the largest metal welding market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the increased adoption of automated products.
• The global metal welding market is concentrated. ALPHA LASER GmbH, AMADA HOLDINGS Co. Ltd., Berkenhoff GmbH, Colfax Corp., DMG MORI Global Marketing GmbH, FANUC Corp., Federal Welder International Ltd., Gedik Welding, Illinois Tool Works Inc., and TRUMPF GmbH + Co. KG. are some of the major market participants. To help clients improve their market position, this metal welding market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the Global Metal Welding Market 2020-2024 is expected to have neutral & inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Read the full report here: www.technavio.com/report/metal-welding-market-industry-analysis?

Growth in Global Demand for Oil and Gas will be a Key Market Trend

The demand for oil and gas is continuously increasing, owing to the rising consumption of energy. The use of oil and gas will grow during the forecast period due to rapid industrialization and urbanization in developing countries such as India and China. With the increase in offshore oil and gas exploration activities, particularly deepwater exploration, metal welding operations have become significant. In the oil and gas industry, metal welding is used for the fabrication of pipelines, oil rigs, and other infrastructure. Therefore, the demand for metal welding equipment is high in the industry.

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Metal Welding Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist metal welding market growth during the next five years
• Estimation of the metal welding market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the metal welding market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of metal welding market vendors

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View source version on businesswire.com: https://www.businesswire.com/news/home/20200819005347/en/