According to the new research report titled "Seam Welding Machine Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 1,444.41 million by 2028, registering a CAGR of 4.0% from 2022 to 2028.
The seam welding machine market is propelled by the extensive expansion of aerospace, automotive, transport, and shipbuilding industries. The construction industry also offers significant growth prospects for this machine. The shipbuilding and repair industries have a vast growth potential, as over half of the current global ships fleet is over two decades old. Furthermore, the increasing adoption of Industry 4.0 in the manufacturing, automotive, and construction sectors is anticipated to augment the demand for seam welding machines. To manage the system's real-time behavior effectively, welding equipment must incorporate high-performance information and communication technology and customized sensors, allowing for digitizing all production-relevant information.
The demand for seam welding machines is growing in the marine & shipping industry with the expanding energy and power generation capacities. Hence, companies in this market are adopting innovative strategies to stay ahead in the global market. In November of 2021, the United States Congress approved an infrastructure spending bill worth US$ 1 trillion. The legislation includes a proposed expenditure of US$ 550 billion in federal funds over the next eight years to improve and upgrade the country's roads, bridges, and highways. The bill also includes provisions to modernize city transit systems and enhance the passenger rail network.
The oil & gas industries, aviation, and heavy machinery sector in Asia Pacific have experienced growth due to the rising number of foreign direct investments (FDIs). Many foreign automobile companies have established their manufacturing bases in developing economies such as China and India. Moreover, the shipbuilding and construction sectors' increasing demand for steel and other metal products has resulted in the widespread use of innovative seam welded steel. As a result, the demand for seam welding equipment and consumables has been positively impacted.
The seam welding machine market has been segmented on the basis of mode, operation, and industry. Based on mode, the market is segmented into intermittent seam welding and continuous seam welding. The continuous seam welding segment accounted for a larger share of the market in 2021. Further, the intermittent seam welding segment is projected to register a higher CAGR during the forecast period owing to increased adoption across various industries. Based on operation, the seam welding machine market is segmented into manual, semiautomatic, and automatic. The automatic segment accounted for the largest share of the market in 2021. Based on industry, the seam welding machine market is categorized into construction, automotive, oil and gas, manufacturing, and others. The construction segment accounted for the largest share of the market in 2021.
Key Findings of Market Study
The seam welding machine market has been categorized into five primary regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In 2021, Asia Pacific dominated the market, and it is expected to achieve a CAGR of 5.2% during the forecast period. The Asia Pacific seam welding machine market is further divided into China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific. The region comprises developed economies such as Japan and Australia, as well as emerging economies such as China, India, Vietnam, and Malaysia. The increasing demand for power and energy, coupled with the rise in construction and manufacturing activities, has had a positive impact on the development of the seam welding machine market in Asia Pacific.
The North America seam welding machine market has been divided into the US, Canada, and Mexico. The market growth in this region can be attributed to the rapid expansion of the construction industry due to infrastructure developments and urbanization. The Europe seam welding machine market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The seam welding machine market in this region is supported by rapid infrastructural investments, a flourishing construction industry, and favorable economic policies. The Middle East & Africa seam welding machine market is divided into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. The South America seam welding machine market is segmented into Brazil, Argentina, and the Rest of South America. However, South America is currently experiencing economic and political instability, which is impeding the region's economic growth.
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