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Strategic Analysis of the Global Welding Market in Energy Generation
Frost & Sullivan, Aug 2009, Pages: 108
This Frost & Sullivan research service titled Strategic Analysis of the Global Welding Market in Energy Generation provides total market values, percent of revenues by geographies for the welding equipment and welding consumables in the power, liquid nitrogen gas (LNG) tanks, pipeline and offshore sectors. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: welding equipment [arc welding, shielded metallic arc welding (SMAW), gas metallic arc welding (GMAW), submerged arc welding (SAW) and tungsten inert gas (TIG) welding] and welding consumables (stick electrodes, solid wires, flux cored wires and SAW wires and fluxes).
Market Overview
Energy Industry Stays True to its Positive Growth Rate Even During the Economic Downturn, Powering the Global Welding Market
One of the few industries that have thrived even during the economic downturn is energy, which comprises power, LNG tanks, pipeline and offshore sectors. The power generation industry, especially the wind energy market, has been one of the largest revenue contributors to the welding equipment and consumables market. While wind energy generators require high-quality welding goods for welding wind turbines, nuclear cells, heat exchangers and boilers, pipeline demands highly automated processes such as the SAW. Even though the downturn had slowed the energy industry in the Americas and Europe, Middle East and Africa (EMEA), the Asian markets picked up the slack and created a robust stream of revenue by increasing energy generation projects and automating their processes. “With the engineering, procurement and construction (EPC) companies reducing the budget for welding applications in the energy constructions, there will be a slight decline in growth rate over the next one or two years,” says the analyst of this research. “However, higher installations of the wind turbines, cross country pipeline projects across all regions, oil and natural gas projects in the Middle East and ongoing deep sea drilling in Southeast Asia are expected to drive market growth.”
Apart from budget constraints, EPC companies also have to deal with the high corrosiveness of the offshore, LNG tanks and pipeline equipment. This necessitates high-alloyed consumables and superior technologies, but welding manufacturers will be under pressure to provide these top-rung products at affordable prices. In several regions, the local participants offer inexpensive products and quick delivery. To differentiate their products from those of the smaller companies, multinational companies (MNCs) have to offer high-quality equipment. However, they are invariably expensive, which compels them to work constantly on reducing their cost of production and try newer and more economical raw materials and technologies. Manufacturers also have to strategise carefully to cater to the varied demands from several geographies so that their plans of global expansions do not suffer. Moreover, in the Asia Pacific region, the energy sector is highly unorganised and there are no specific approvals or grants required for employing welding equipment or consumables. This is a hindrance when purchasing the equipment and consumables for repairs and maintenance, as any local participant can supply them to the EPCs.
In the energy sector of most regions, the EPCs secure the construction and maintenance of wind turbines, power plants, nuclear cells, pipelines, LNG tanks and offshore rigs. “It becomes essential for the manufacturers to provide uninterrupted and additional services, technical expertise and competitive pricing to win the goodwill of the EPCs, so they can procure more equipment and consumables for future projects,” notes the analyst. “Maintaining good relations with their historical EPC partners will ensure involvements in several of their other projects and improve their brand names.” Market participants will be heartened by the interest shown by governments and international financial institutions like the World Bank in the energy generation market. Significant investments have been made in renewable energy sources such as wind, low-carbon technologies and Hydel power in all regions, ramping up the revenues for welding equipment and consumables. Welding companies are hoping to extend their advantage by creating greater awareness about the need for their products through demonstrations, seminars and show events. They should also improve their service portfolio and broaden their market reach into emerging economies and other general industries that are seeking higher automation levels.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
Welding Equipment
- Arc welding
- Shielded Metallic Arc Welding (SMAW)
- Gas Metallic Arc welding (GMAW)
- Submerged Arc Welding (SAW)
- Tungsten Inert Gas (TIG) Welding
Welding Consumables
- Stick Electrodes
- Solid Wires
- Flux Cored Wires
- SAW wires and fluxes
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