Friction Stir Welding Equipment Market Expected to Reach USD 330.1 Million by 2027 With A CAGR Of 7.0% | Growth Market Reports
PUNE, India, Nov. 9, 2020 /PRNewswire/ -- According to a recent market study published by Growth Market Reports (GMR), titled, "Friction Stir Welding Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast", the market was valued at USD 186.4 Million in 2019 and is expected to grow at a healthy growth rate of around 7.0% by the year 2027. Friction stir welding in the construction industry has many applications. Aluminum panels can be friction stir welded in advance for construction purposes. Aluminum has several benefits for construction. This, in turn, drives the demand for friction stir welding equipment in construction industry.
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The global friction stir welding equipment market is fragmented based on types, by application, and regions. Based on types, the friction stir welding equipment market has categorized as desktop equipment, gantry equipment, and others. In terms of applications, the friction stir welding equipment market has been segmented into aerospace, automotive, shipbuilding, railways, and others. Based on region, the global friction stir welding equipment market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into GCC Countries, Egypt, Turkey, and Rest of Middle East and Africa.
The effect of COVID-19 is anticipated to be strongly felt in the consumer durable industry due to high dependency of different global industries for imports. Moreover, the pandemic situation has led to the closure of several non-essential businesses reducing the demand for consumer durables in the world, which in turn, is impeding the manufacturing industries worldwide. Since the COVID-19 pandemic is diminishing the end-user demand for daily packaging products worldwide, the demand for friction stir welding equipment is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain has at the same time slowed down due to restrictions on national borders.
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Key Takeaways from the Study:
- Europe accounted for a major share of the global market. The market in this region is anticipated to expand at substantial CAGR during the forecast period.
- Desktop Equipment segment hold the major market share during the forecast period. However, Gantry Equipment segment is projected to expand at significant pace during the forecast period.
- Automotive segment hold the major market share and is also anticipated to expand at substantial pace during the forecast period.
Read 177 Page Research Report With TOC on "Global Friction Stir Welding Equipment Market By Type (Desktop Equipment, Gantry Equipment, Others), By Application (Aerospace, Automotive, Shipbuilding, Railways, Others), and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) Size, Share And Trends"
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Key Segments Covered
By Product Type
- Desktop Equipment
- Gantry Equipment
- Others
By Application
- Aerospace
- Automotive
- Shipbuilding
- Railways
- Others
By Region
North America
- U.S.
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Russia
- Rest of the Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
Middle East & Africa (MEA)
- GCC Countries
- Egypt
- Turkey
- Rest of Middle East and Africa
Key Market Players Profiled in the Report
- Concurrent Technologies Corp.
- FOOKE GmbH
- Gatwick Technologies Ltd.
- HFW Solutions LLC
- Hitachi High-Technologies Corp.
- Manufacturing Technology Inc.
- Midea Group (KUKA AG)
- Norsk Hydro ASA
- PaR Systems LLC
- Yamazaki Mazak Corp.
Target Audience:
- Supply-side: Friction Stir Welding Equipment manufacturers, raw material suppliers, primary respondents, and distributors.
- Demand Side: Aerospace, Automotive, Shipbuilding, Railways, etc.
- Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
- Associations and Industry Bodies: International Organization for Standardization (ISO), Ministry of Health, Labor and Welfare (MHLW), World Trade Organization (WTO), Occupational Safety and Health Administration (OSHA), American National Standards Institute (ANSI).
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