New York, USA, April 03, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global stud welding machine market is anticipated to generate a revenue of $1,678.8 million, rising at a healthy CAGR of 5.1% during the analysis timeframe from 2022 to 2031.
As per our analysts, the growing expansion of the shipbuilding industry due to the increasing transportation of goods by sea is expected to fortify the growth of the stud welding machine market over the forecast timeframe. Besides, the increasing development of welding techniques to construct completely water- and oil-tight ship constructions is predicted to augment the growth of the market during the analysis period. Moreover, the increasing use of stud welding machines in the automotive and construction sectors for various applications including power steering parts, insulation, exhaust systems, electrical wire routing, and many more are predicted to create massive growth opportunities for the market in the coming period. Additionally, the increasing demand for stud welding for bridge construction, and building works for greater strength and accuracy is expected to boost the growth of the stud welding machine market over the estimated period. Moreover, the shortage of skilled welders may impede the growth of the market throughout the forecast period.
Segments of the Stud Welding Machine Market
The report has divided the market into segments based on the type of arc ignition, material, stud diameter, operation, end-use industry, and region.
Type of Arc Ignition: Drawn Arc Stud Welding Sub-Segment to be Most Profitable
The drawn arc stud welding sub-segment registered the highest revenue in 2021 and is expected to rise at the highest CAGR in the analysis period. The increasing use of drawn arc stud welding for tolerating surface curvature and defects like grease and employing a welding rectifier that provides continuous welding current is expected to bolster the growth of the market over the forecast period.
Material: Steel Sub-Segment to be Most Productive
The steel sub-segment generated the biggest revenue in 2021. The increasing use of steel as a material for the construction of crucial areas of ships is predicted to foster the growth of the stud welding machine market during the analysis timeframe.
Stud Diameter: 3-12 mm Sub-Segment to be Most Beneficial
The 3-12 mm sub-segment accounted for the greatest revenue in 2021. The growing usage of 3-12mm studs in a wide range of applications including shipbuilding, marine, automotive, and transportation is expected to amplify the growth of the market sub-segment over the estimated timeframe.
Operation: Semi-Automatic Sub-Segment to be Most Lucrative
The semi-automatic sub-segment held the maximum share of the market in 2021. This is mainly because semi-automatic welding equipment maintains a greater level of control while doubling the output of the manual welder. Moreover, semi-automatic stud welding machines deliver numerous advantages over automated equipment such as higher employee safety, reproducibility, high-quality welding output, and many more which is expected to fuel the growth of the stud welding machine market sub-segment during the forecast period.
End-Use Industry: Construction Sub-Segment to be Most Gainful
The construction sub-segment generated the largest revenue in 2021. The increasing use of stud welding in the construction industry for various applications such as the construction of bridges, staircases, escalators, elevators, and many more is predicted to magnify the growth of the market sub-segment over the estimated timeframe.
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Asia-Pacific Region Held the Maximum Share of the Market in 2021
The Asia-Pacific region of the stud welding machine market registered the highest revenue in 2021. The growing automotive sector, increasing demand for heavy engineering and construction projects, and rapid industrialization across the region are expected to thrive the regional growth of the market throughout the analysis period.
Covid-19 Impact on the Stud Welding Machine Market
The rise of the Covid-19 pandemic has badly impacted the stud welding machine market, likewise, several other industries. This is mainly due to the strict lockdowns and social distancing regulations across many nations which led to the suspension of manufacturing and production facilities owing to the lack of manpower and availability of raw materials. Moreover, the closed borders, import-export restrictions, and unstable economy have further decreased the growth of the market over the crisis.
Key Players of the Stud Welding Machine Market
The major players of the market include
- TFP Corporation
- STANLEY Engineered Fastening
- Cruxweld Industrial Equipments Private Limited
- Midwest Fasteners Inc
- HEINZ SOYER BOLZENSCHWEISSTECHNIK GMBH
- Bolte GmbH
- Taylor Studwelding Systems Ltd
- KÖSTER & CO. GMBH
- HBS Bolzenschweiss-Systeme GmbH & Co. KG
- Changzhou Jinda Welding Co Ltd
These players are widely working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and product development to attain a leading position in the global industry.
For instance, in September 2020, Midwest Fasteners, a renowned provider of Insulation Fasteners and Studwelding Systems announced the release of its revised internet website. The launch of this new website would provide users with all types of stud-welded and insulation fastening applications such as Weld Pins, Capacitor Discharge Studs, Cuphead Weld Pins, and Arc Stud Welding.
Further, the report also summarizes other important aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Stud Welding Machine Market:
- How Could Stud Welding Be Highly Profitable for Furniture and Joinery Production with Enhanced Assembling Techniques?
- Increasing Expansion of the Shipbuilding Industry Expected to Fuel the Growth of the Global Stud Welding Machine Market by 2031
