LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global welding power supply market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
The emergence of laser technology is one of the major trends being witnessed in the global welding power supply market 2018-2022. The adoption and use of laser welding technology is increasing rapidly, thanks to a series of technological developments that has undergone over the last few years. This technology is extensively used to weld a wide range of materials, particularly those with higher melting points, difficult welding properties, and higher heat conduction such as carbon steels, cobalt alloys, and aluminum alloys. The maximum demand for laser welding technology is obtained from industries such as medical device technology, photovoltaics, and entertainment electronics.
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According to Technavio analysts, one of the key factors contributing to the growth of the global welding power supply market is the energy efficiency due to the inverter-based welding power supply:
Global welding power supply market: Energy efficiency due to inverter-based welding power supply
Traditional transformer-style welding power sources are considerably larger and draw a large amount of power as compared to an inverter-based welding power supply. This leads to higher utility bill and limits the number of power sources. Inverter-based power sources, on the other hand, offer a lower power draw and more flexibility regarding the number of units that can be run on the existing power. For instance, a 350-amp conventional TIG power source draws 128 amps of input power under a rated load of 230-volt single-phase power. Under the same circumstances, a comparable TIG inverter draws only 32 amps. This offers companies the flexibility to add more machines and workstations on existing power without having to expand or build in more power. This is likely to impact the growth of the market positively.
According to a senior analyst at Technavio for research on power, “The adoption of magnesium alloy in increasing significantly in the automotive industry. New materials like magnesium are expected to create a need for new and updated power supply tools and machines that will assist in welding such finely tuned metals. This indeed is contributing to the significant growth of the global welding power supply market.”
Global welding power supply market: Segmentation analysis
The global welding power supply market research report provides market segmentation by end-user (automotive, construction, shipbuilding, and A&D), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for more than 46% share, followed by the Americas and EMEA respectively. Although the Americas held a market share of less than APAC in 2017, it is expected to register the highest incremental growth during the forecast period.
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