The new metal welding market size research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
“One of the primary growth drivers for this market is the High rate of infrastructure development,” says a senior analyst for the industrials industry at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the metal welding market size to grow by USD 8.56 million during the period 2020-2024.
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Metal Welding Market Segment Highlights for 2020
The metal welding market is expected to post a year-over-year growth rate of 5.09%.
Based on the end-user, the automotive segment saw maximum growth in 2019. Factors such as a high rate of infrastructure development are driving market growth.
The growth of the segment will be significant during the forecast period.
Regional Analysis
37% of the growth will originate from the APAC region.
The increased adoption of automated products will significantly influence the metal welding market’s growth in the APAC region.
China and Japan are the key markets for the metal welding market in APAC.
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