July 24, 2018
WELLESLEY, Mass., July 24, 2018– As demand for end-user industries rise, resistance welding equipment and supplies are needed more than ever to support this demand, according to a new report by BCC Research. The global market for resistance welding should reach $1.0 billion by 2023 from $784.0 million in 2018 at a compound annual growth rate (CAGR) of 5.6% through 2023.
Resistance welding is chiefly used in various end-use industries such as automotive and transportation, aerospace, pressure vessels and storage tanks, industrial, railways and shipbuilding, oil and gas pipelines, building and construction, electronics and medical, and others. The rise in these industries is increasing the growth of the resistance welding market, according to the report Resistance Welding Equipment and Supplies: Global Markets.
“When compared with other joining methods, such as riveting and bolting, welding tends to produce structures that are stronger, lighter-weight, and cheaper to produce,” the report notes. “As it is more completely integrated into the design and manufacturing cycles of products, welding will be accepted as crucial to improving the life-cycle costs, quality and reliability of manufactured goods.”
Asia-Pacific Leads Market Growth
Due to many major companies from North America and Europe relocating to this region, the Asia-Pacific market is the fastest-growing market for welding equipment and consumables.
In Asia-Pacific, demand for resistance welding market was valued at $271.5 million in 2017 and is likely to reach $380.0 million by 2023, growing at a CAGR of 5.9% during the forecast period.
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Resistance Welding Equipment and Supplies: Global Markets( AVM110B )
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