Welding Power Supply Market Size, Share, Growth, And Industry Analysis, By Type (Direct Current, Alternating Current, Pulsed Current and Welding Power Supply), By Application (Construction, Automotive, Shipbuilding and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Welding Power Supply Market Report Overview

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The global welding power supply market size was USD 9179 Million in 2022 and market is projected to touch USD 14571.3 Million by 2031, at a CAGR of 5.3% from 2022 to 2031.

The utility mains' moderate voltage and moderate current electricity (usually 230 or 115 VAC) is transformed into a high current and low voltage supply via a transformer-style welding power supply. An instrument that supplies an electric current for welding is known as a welding power supply. Welding often takes a lot of current, and spot welding can demand more than 12,000 amps. Low current can also be employed; joining two razor blades using gas tungsten arc welding at 5 amps is an illustration of this.

COVID-19 Impact: Pandemic Hamper the Demand of Welding Power Supply to Market Growth

The market expansion during and after the COVID-19 era has, according to the findings of research, experienced a neutral impact. The market for welding power supplies is expanding primarily due to the energy efficiency provided by inverter-based welding power supplies, but there are several limitations, such as fierce competition, that could restrain this growth. the COVID-19 pandemic's effects and the industry's primary market drivers on welding power supplies. A competitive edge can be gained by determining end goals and fine-tuning marketing plans with the aid of a comprehensive examination of the drivers.  

Latest Trends

"Inverter-Based Welding Power Supply's Energy Efficiency Will Accelerate Market Expansion"

Inverter-based power sources for welding provide a lower power draw and greater flexibility in terms of the number of units that can be operated on the current power. For instance, a 230-volt single-phase power load rated at 230 amps uses 128 amps of input power from a 350-amp conventional TIG power source. Comparable TIG inverters only require 32 amps of power under the same conditions. Space savings is another benefit of inverters over transformer-based power sources for welding. Welding uses electricity on a global scale. During the projection period, several variables can stimulate market growth.

Welding Power Supply Market Segmentation

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• By Type Analysis

According to type, the welding power supply market can be segmented into Direct Current, Alternating Current, Pulsed Current and Welding Power Supply.  

In terms of type, the Direct Current is anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the welding power supply market can be divided into construction, automotive, shipbuilding and others.  

In terms of application, the construction market is projected to hold the largest market share through 2028.

Driving Factors

"Magnesium Alloy is Being Used in the Automobile Welding Power Supply to Spur Market Growth"

 In addition to being four times lighter than steel, magnesium is also quite simple to obtain. Vehicle weight and energy efficiency are closely related in the automobile sector. For instance, a vehicle's fuel economy increases by about 3.5% for every 100 kg of total weight decrease. Aluminium can be used in place of steel to reduce weight by about 40%. The weight reduction benefit of switching from aluminium to magnesium alloys would be even greater. Therefore, it is anticipated that new materials like magnesium will increase the demand for new and updated power supply tools and equipment that can help weld such precisely crafted metals. 

"The Development of Advanced Technologies is Fostering Market Expansion "

The industry is changing and evolving as a result of the growing trends toward connecting diverse and non-metallic materials, creating unique metal shapes and designs, and the advent of new techniques. Robotic welding is becoming more popular in these situations because it requires less time to operate, produces high-quality welds quickly, and increases production. Additionally, the internet of things, artificial intelligence, cloud data, and smart sensors, combined with effective physical stature, are streamlining numerous intuitive technologies integrated into robotic solutions that are enabling the decrease in workplace accidents.

Restraining Factors

"Strong Vendor Competition for Budget-Conscious Consumers to Restrain Market Expansion"

The vendors' profit margins are shrinking due to the fierce vendor competition. For example, cost-conscious end users choose to invest in affordable solutions provided by newcomers rather than choosing reputable providers. Established suppliers' sales and earnings are impacted by this. Additionally, as a result of the market expansion, more local businesses have entered the market, intensifying pricing competition and pressuring rivals to lower their product prices. Due to this, low-quality goods have been created and released, which is anticipated to restrain the expansion of the welding power supply market during the period of the projected year.  

Welding Power Supply Market Regional Insights

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"The Asia Pacific Region will Dominate Market Due to Large Infrastructure Projects"

Due to the existence of local registered and unregistered producers, as well as the region's growing construction and heavy engineering industries, Asia Pacific now has the greatest welding market share and is expected to continue expanding over the next years. For instance, investment plans and "large infrastructure" projects would be made to combat the COVID-19 outbreak's possible pressure and revive the slumping real estate market. Additionally, these companies' overt efforts in support of technological advancements, attention to aftermarket services, and substantial investments in R&D operations are fostering market expansion.

Key Industry Players

"Adoption New Technologies by Key Players Influencing Market Development"

The top key players in the market are Colfax, Fronius, Illinois Tool Works, Lincoln Electric, MEAN WEL, TDK Lambda, Siemens, and General Electric. Most of the top players hold the welding power supply market share in some regions. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the welding power supply market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the welding power supply market.  

List of Market Players Profiled

• AMADA HOLDINGS (Japan)
• Colfax (U.S.)
• Fronius (Austria)
• Illinois Tool Works (U.S.)
• Lincoln Electric (U.S.)
• MEAN WEL (China)
• TDK Lambda (U.S.)
• Siemens (Germany)
• General Electric (U.S.)
• XP Power (Singapore)
• Murata Power Solutions (U.S.)
• Artesyn (U.S.)
• Cosel (Japan)
• MTM Power (Germany)

Report Coverage

This report examines an understanding of the welding power supply market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.