January 10, 2022 05:06 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) -- The robotic welding market size is projected to grow from USD 5.80 billion in 2021 and reach USD 9.76 billion by 2028, exhibiting a CAGR of 7.7% during the forecast period. Increasing applications in the oil & gas, construction, and automobile sectors are likely to fuel the progress of the market. Fortune Business Insights™ mentions this information in its report titled "Robotic Welding Market, 2021-2028." The market stood at USD 5.42 billion in 2020.
Robotic welding is an automated process using mechanized tools that are used to handle and weld equipment in several industries. It offers excellent dimensional accuracy and surface finish and helps industries create high-quality products. The adoption of an automated welding system improves refinement, eliminates complications, and enables manufacturers to boost production capacity. Manufacturers focus on implementing effective welding solutions to improve their efficiency. For example, ABB India declared the launch of a new robotics facility for the Industry 4.0 robotic welding system. These factors are likely to fuel the growth of the market during the upcoming years.
List of Key Players Profiled in this Market Report
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By type, the market is segmented into laser, MIG/TIG, spot, arc, and others.
As per payload capacity, it is classified into high (80-300kg), medium (30-60kg), and low (6-22 kg).
Based on industry, it is categorized into electronics & electrical, shipbuilding and railway, oil & gas, mining, construction, aerospace & defense, automotive, wind turbines, steel plant, and others.
Regionally, it is clubbed into Europe, North America, Asia-Pacific, Middle East & Africa, and South America.
The shutdown of Manufacturing Plants and Raw Material Shortage to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 because of the restrictions placed on production activities. The sudden spike in COVID-19 infections has led to the closure of industries and manufacturing firms. Further, restrictions placed on transport have led to the shortage of raw materials required for the production of advanced welding equipment. However, the adoption of reduced capacities, part-time shifts, and production machinery may enable manufacturers to recover costs. These factors are likely to fuel the growth of the industry during the pandemic.
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Prominent Companies Invest in Development of Automated Services to Boost Brand Image
The prominent companies operating in the market invest heavily in the development of automated solutions for the incorporation of advanced technologies. For example, Path Robotics, a U.S.-based company raised over USD 56.0 million for the development of AI-powered welding expansions in May 2021. The company is a pioneer in the development of automated welding and has developed several autonomous solutions. This investment may enable companies to boost their brand image. In addition, the adoption of research and development may enable companies to develop effective solutions to improve their product quality and boost market position.
Increased Adoption of Automated Welding Equipment to Boost Market Growth
Several industries are rapidly utilizing automated systems to meet deadlines and boost production capacity. The incorporation of automation reduces time consumption and improves accuracy. The incorporation of robotics improves precision and reduces hiccups caused by manual labor. It improves speed and enables manufacturers to meet their deadlines. Robotic welding equipment improves productivity and enhances the quality of products. The emergence of several industries and the adoption of automation are likely to fuel demand. Further, the incorporation of artificial intelligence and machine learning is expected to improve operational efficiency. These factors are likely to drive the robotic welding market growth.
However, high investment costs and safety concerns are likely to hinder market progress.
Progressing Manufacturing Industry to Boost Market Growth in Asia-Pacific
Asia-Pacific is likely to dominate the robotic welding market share because of the progressing manufacturing industry and increasing industrial automation. The market in Asia-Pacific was USD 1.90 billion in 2020 and is projected to grow significantly in the upcoming years. Further, the adoption of industrial 4.0 welding technologies is likely to fuel the industry's progress. The emergence of several manufacturing facilities is expected to bolster market progress. For example, OLA chose ABB as one of its partners in February 2021 for the opening of its Scooter's mega factory in India. In addition, the presence of several established companies in China is likely to fuel market growth.
In North America, the presence of several prominent players is likely to fuel the demand for the robotic types of welding. In addition, significant investments in robotic welding's adoption are likely to fuel the market development.
In Europe, rapid adoption of automated systems is likely to fuel automatic welding's adoption. These factors are likely to fuel market growth.
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