The increasing R&D investments for the development of advanced welding technologies is a key factor driving the global welding wires market, says Fortune Business Insights in a report, titled “Welding Wires Market Size, Share & Industry Analysis, By Type (Metal Inert Gas (MIG) Wire, Tungsten Inert Gas (TIG) Wire and Others), By Industry (Automotive, Building & Construction, Oil & Gas and Others) and Regional Forecast, 2019-2026.” The global welding wires market size was valued at USD 9,678.4 Million in 2018 is expected to reach USD 14,636.7 Million by 2026, exhibiting a CAGR of 5.4%.
As per the report, the welding wires market on the basis of Industry is segmented into automotive, building & construction, oil & gas and others. The building & construction segment is expected to witness high growth by 85% to USD 8 trillion in the coming future owing to the product innovations and technological opportunities in building and construction sector. the welding wires market trends include introduction of drones, 3D scanning, and printing, augmented reality, Building Information Modelling (BIM). In addition, the building & construction industry is growing at a rapid pace with 6% of global GDP, and nearly 8% of GDP from developing countries such as India, leading to growth in shipbuilding, pipe construction and others.
Rising Investment in Power Utility Industry Will Aid Growth
The expansion of new energy sources such as smart grids, digital transformation, distributed generation, and wide range of customer-interface technologies is expected to aid the utility sector. This will,in,turn boost the welding wires market shares. The growing improvement in the performance of wind, solar energy sources and grid technologies will create lucrative growth opportunities for the welding wires market revenue. According to the International Trade Administration, Saudi Arabia needs to expand its power generation capacity from 82 GW in 2017 to 160 GW in 2040. The Saudi government companies are expected to invest substantially in the development of new projects along with the replacement of conventional power plants. For instance, the government will make a yearly investment of approximately USD 5 Million in power generation and USD 4 Million in the T&D infrastructure.
The Prominent Companies Operating In The Global Welding Wires Market Include:
- The Lincoln Electric Company
- KOBE STEEL, LTD
- Ador Welding Ltd.
- ZULFI WELDING ELECTRODES FACTORY CO. LTD
- Kiswel Ltd.
- Chosun Welding Co., Ltd.
- Gedik Welding
- Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd.
- Capilla Welding Materials GmbH
- FSH WELDING GROUP
- RME MIDDLE EAST FZCO
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