LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global welding transformer market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The automotive sector is currently undergoing a steady demand, and hence manufacturing activities are on the rise. Car companies are now focusing on providing customers with vehicles that are manufactured with utmost precision. Therefore, competitive advantage for these manufacturers lies in quality and reliability coupled with precision finishing of the entire vehicle.
Gaurav Mohindru, a lead analyst from Technavio, specializing in research on tools and components sector, says, “The global automotive industry has increased over the past five years. While it has been affected by the recent economic instability, especially in the US and more recently in China, the profit margins in the sector are in the process of recovery.”
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The top three emerging trends driving the global welding transformer market according to Technavio research analysts are:
- Redressing the issue of growing skills gap
- Advent of new materials
- Competitive landscape driving new technologies
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Redressing the issue of growing skills gap
The welding industry across the globe, especially in the US, is projected to experience a dearth of skilled workforce, which in turn will significantly impact metal fabrication and manufacturing industries.
“Technological enhancements in torch angles, stick outs, and travel speeds can enable even entry-level operators to execute the job faster. These have also reduced the need for extensive training programs, thus enabling a better-finished product without sacrificing quality,” according to Gaurav.
Advent of new materials
The introduction and adoption of new materials used for welding purposes have driven the significant demand for new technologies. The use of these new materials helps in reducing the weight of the overall finished products, besides leading to lower product and production cost.
The introduction of these new materials has, no doubt, enhanced the overall quality of the final product. However, in the process, they also pose several challenges to the welding process. High-strength steel is prominently used in thinner sections during a welding operation and hence is more prone to cracks than mild steel.
Competitive landscape driving new technologies
The overall welding industry landscape is highly competitive, which is reflected in the several changes that the industry is experiencing in terms of the development of new equipment as well as advanced welding methodologies.
The trend of automation in the welding process has been in practice for several years. However, recently, the uptake of this new technology among welding equipment end-users has increased as it offers a competitive advantage.
The key vendors are as follows:
- Colfax
- Fronius
- ITW Welding
- Lincoln Electric
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