South Korea Welding Equipment Market Size & Outlook
South Korea welding equipment market, 2018-2030 (US$M)
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South Korea welding equipment market highlights
- The South Korea welding equipment market generated a revenue of USD 282.7 million in 2023 and is expected to reach USD 402.6 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.2% from 2024 to 2030.
- In terms of segment, arc welding was the largest revenue generating technology in 2023.
- Laser Beam Welding is the most lucrative technology segment registering the fastest growth during the forecast period.
Welding equipment market data book summary
| Market revenue in 2023 | USD 282.7 million |
| Market revenue in 2030 | USD 402.6 million |
| Growth rate | 5.2% (CAGR from 2023 to 2030) |
| Largest segment | Arc welding |
| Fastest growing segment | Laser Beam Welding |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Arc Welding, Resistance Welding, Laser Beam Welding, Oxy-Fuel Welding, Other Technology |
| Key market players worldwide | Lincoln Electric Holdings Inc, ACRO AUTOMATION SYSTEMS, INC., Illinois Tool Works Inc, Voestalpine AG, Carl Cloos Schweisstechnik, OTC DAIHEN, Panasonic Industry, ESAB Corp, Coherent Corp, Ador Welding, Mitco Global, POLYSOUDE, Kemppi |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.4% of the global welding equipment market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China welding equipment market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,852.0 million by 2030.
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Welding Equipment Market Scope
Welding Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea welding equipment market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to welding equipment market will help companies and investors design strategic landscapes.
Arc welding was the largest segment with a revenue share of 70.57% in 2023. Horizon Databook has segmented the South Korea welding equipment market based on arc welding, resistance welding, laser beam welding, oxy-fuel welding, other technology covering the revenue growth of each sub-segment from 2018 to 2030.
According to the U.S. Department of State, South Korea is an attractive investment destination for foreign players largely because of its political stability, as well as robust logistics, and information & communications infrastructure. The U.S.-Korea Free Trade Agreement (KORUS), which came into force in 2019, further improved the investment inflow from the U.S.
Moreover, the expansion of the welding equipment market in South Korea has been aided by the presence of industries that employ welding extensively, such as shipbuilding and the automobile industry.
Strong global demand is driving South Korea's export-focused industrial sectors, with the demand primarily coming from the shipbuilding and automotive industries. As a result, the requirement for welding equipment will continue to increase.
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Target buyers of South Korea welding equipment market databook
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Our clientele includes a mix of welding equipment market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea welding equipment market , including forecasts for subscribers. This country databook contains high-level insights into South Korea welding equipment market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea welding equipment market size, by technology, 2018-2030 (US$M)
South Korea Welding Equipment Market Outlook Share, 2023 & 2030 (US$M)
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