LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global hybrid welding equipment market 2018-2022 to grow at a CAGR of close to 5% during the forecast period. The emergence of new materials for welding is a key trend, which is expected to impact the growth of the market.
The introduction and adoption of new materials for welding purposes is spurring the demand for new technologies. These new technologies help in reducing the weight of the overall finished products and simultaneously lower the product and production cost.
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In this report, Technavio researchers identify the growing popularity of laser welding technology as one of the key factors contributing to the global hybrid welding equipment market 2018-2022.
Growing popularity of laser welding technology
Innovations and advances in technology the field of lasers are driving the adoption of this technology across industries around the world. One of the most popular applications of laser technology is the laser welding technology. This technology allows the welding of a wide range of materials that have a high melting point and heat conduction properties.
“Most of the demand for this technology comes from nascent industries such as medical device manufacturing, photovoltaics, and entertainment electronics. Laser welding equipment offers high levels of flexibility, precision, productivity, thereby enabling mass production,” says a senior analyst at Technavio for unit operations research.”
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Global hybrid welding equipment market - segmentation and analysis
This market research report segments the global hybrid welding equipment market by application (furniture, transportation, and healthcare) and key regions (Americas, APAC, and EMEA).
In 2017, APAC dominated the global hybrid welding equipment market with a market share of more than 38%, followed by the Americas and EMEA. The market share of APAC is expected to witness a small increase over the forecast period while the other two regions will see a corresponding decline in their market shares.
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