Globally, the welding market was valued at USD 31.18 Billion in 2018. However, new reports from Fortune Business Insights suggest that it is projected to reach a valuation of $48.16 Billion by 2026.
The key drivers of this growth include higher demand in industries such as construction, heavy machinery and automotive. The future of newer and effective welding techniques such as spot and arc welding also provide further opportunities for the welding industry to expand beyond this expected growth. It has also been suggested that there will be a rise in plastic welding due to its recently recognised benefits such as ease of use, cost-effectiveness and ability to be used on any joint shape.
There is rapid development in the welding industry, and new methods are being invented and streamlined regularly. With an ever-growing demand for welding work and new methods of welding being created regularly, the next 5-10 years are set to be very positive for the welding industry.