The new metal welding market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Metal Welding Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the High rate of infrastructure development," says a senior analyst for the industrials industry at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the metal welding market size to grow by USD 8.56 million during the period 2020-2024.
Metal Welding Market Segment Highlights for 2020
- The metal welding market is expected to post a year-over-year growth rate of 5.09%.
- Based on the end-user, the automotive segment saw maximum growth in 2019. Factors such as a high rate of infrastructure development are driving market growth.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 37% of the growth will originate from the APAC region.
- The increased adoption of automated products will significantly influence the metal welding market's growth in the APAC region.
- China and Japan are the key markets for the metal welding market in APAC.
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Notes:
- The metal welding market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The metal welding market is segmented by end-user (Automotive, Construction, Aerospace, and Others) and region (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including 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
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