Market growth predicted for global welding sector
17 August 2011
Posted by Samuel Couratin
The welding equipment market will expand next year to be worth an estimated $17 billion worldwide, it has been forecast.
According to MarketResearch.com, the study showed the fabrication process, which can be used everywhere from underwater to space, is likely to reach $16.3 billion this year, rising at a compound annual growth rate (CAGR) of 5.2 per cent to $21.9 billion by 2017.
"The true impact of welding on the metalworking industry can be gauged by the total value of the parts produced by welding," the company stated.
Consumables gas and protective equipment is predicted to comprise the largest share of the overall global market, expanding to $10.9 billion next year and to £14.4 billion by 2017, outstripping the total CAGR for the sector.
In related news, ERR reported that Nord Stream recently announced work on the latest section of its gas pipeline is almost completed in the Gulf of Finland.