In a world characterized by rapid industrialization, the market for welding fume extraction equipment is experiencing a significant upswing. According to research conducted by Future Market Insights, this burgeoning industry is set to reach an impressive valuation of around US$ 4.3 billion in the year 2023, marking a pivotal milestone in its growth trajectory. However, the journey doesn’t stop there; projections suggest that between 2023 and 2033, this market will continue its upward ascent, expected to expand at a robust compound annual growth rate (CAGR) of 5.5%. By the end of this forecast period, the total sales of welding fume extraction equipment worldwide are anticipated to skyrocket to a staggering US$ 7.4 billion.
The driving force behind this remarkable surge in demand for welding fume extraction equipment lies in its indispensable role across a diverse array of industries. Sectors such as aerospace, automotive, construction, and manufacturing have witnessed a burgeoning need for effective fume extraction solutions. As these industries continue to evolve and grow, so does the requirement for efficient and advanced equipment to ensure the health and safety of workers while maintaining compliance with environmental regulations.
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Key Takeaways:
- By the end of 2033, the market in the United States is expected to progress at an annual growth rate of 5.4%. This regional market could contribute to a revenue share of US$ 1.4 billion by following this higher CAGR than other countries by 2033.
- In terms of worldwide revenue, China alone is poised to account for a sizeable market share of 20% by the end of 2033. This regional market is projected to capture a 5.3% CAGR until 2033, concluding at US$ 1.6 billion.
- In terms of units, the mobile welding fume extraction equipment segment is poised to advance at a CAGR of 5.4% over the next ten years. Its sales remain higher as it is excellent for areas where there may be a need for more space due to its small size.
- Arc welding is widely used in many applications, increasing its sizeable revenue share in the overall market among all application segments. During the forecast years, the revenue share obtained from sales of fume extraction equipment for arc welding is poised to grow at 5.2%.
Competitive Landscape:
Parker Hannifin, Fumex, AAF International, Air Quality Engineering, and Lasermet are some leading players in the global welding fume extraction equipment market. To tap into expanding markets and broaden their consumer base, leading welding fume extraction equipment manufacturers are expanding their operations into new geographic areas.
While meeting the unique needs of distinct regions requires setting up regional production facilities, distribution networks, and sales and service centers. So, the overall market is anticipated by FMI to get diversified further in the coming days with the emergence of new market players.
Recent Market Developments:
KEMPER Company released the WallMaster filtration system in August 2020 to aid metalworking businesses in optimizing employee safety during welding processes. It is a fixed filter machine that can accommodate two workstations simultaneously and is made especially for filtering medium amounts of welding fumes.
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Key Segmentation:
By Product Type:
- Mobile Units
- Stationary Units
- Large Centralized Systems
By Application:
- Arc Welding
- Resistance Welding
- Laser Beam Welding
- Oxy-fuel Welding
- Other Applications
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- The Middle East and Africa (MEA) Market
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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