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Welding Equipment and Consumables for the Power Industry: Frost & Sullivan Predicts Global Market Growth

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Welding Equipment and Consumables for the Power Industry: Frost & Sullivan Predicts Global Market Growth PR Newswire LONDON, Aug. 15, 2012 - Surging conversions to renewable power sources propel the growth of welding equipment and consumables from the industry LONDON, Aug. 15, 2012 /PRNewswire/ -- The welding equipment and consumables market in the global power industry witnessed a decline of 21.5% during the global financial crisis in 2009. However, the market has continued to grow since 2010 with the increasing number of investments into renewable power sources, which have fuelled the need for new projects. New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Analysis of the Global Welding Equipment and Consumables Market for the Power Industry, finds that the market earned revenues of $445.5 million in 2011 and estimates this to reach $578.7 million in 2017, with a compound annual growth rate of 3.8%. Asia Pacific is expected to have the largest growth prospective over the forecast period, owing to the vast number of ongoing and proposed projects in China and India. SAW equipment and SAW wires and fluxes are expected to have the largest demand - particularly in the wind sector - while the large numbers of thermal projects are expected to propel the growth of the GTAW and SMAW equipment, along with stick electrodes and solid wires.

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Welding Equipment and Consumables for the Power Industry: Frost & Sullivan Predicts Global Market Growth
PR Newswire LONDON, Aug. 15, 2012
- Surging conversions to renewable power sources propel the growth of welding equipment and consumables from the industry LONDON, Aug. 15, 2012 /PRNewswire/ -- The welding equipment and consumables market in the global power industry witnessed a decline of 21.5% during the global financial crisis in 2009. However, the market has continued to grow since 2010 with the increasing number of investments into renewable power sources, which have fuelled the need for new projects. New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Analysis of the Global Welding Equipment and Consumables Market for the Power Industry, finds that the market earned revenues of$445.5 millionin 2011 and estimates this to reach$578.7 millionin 2017, with a compound annual growth rate of 3.8%. Asia Pacificis expected to have the largest growth prospective over the forecast period, owing to the vast number of ongoing and proposed projects in ChinaandIndia. SAW equipment and SAW wires and fluxes are expected to have the largest demand - particularly in the wind sector - while the large numbers of thermal projects are expected to propel the growth of the GTAW and SMAW equipment, along with stick electrodes and solid wires. "The market has continued to improve in 2010, particularly from the growing economies, - comments Ruth Shilpa Sudhakar, Research Analyst at Frost & Sullivan. - However, emerging economies likeChinaandIndiawitnessed the lowest adoption of advanced technologies such as SAW and GTAW. As the cost of SAW and GTAW is higher than the largely used SMAW in the region, this was a growth limiting factor and is expected to continue driving this trend over the forecast period." In addition, Government investments in the power industries and foreign direct investments (FDI) in the wind and thermal sectors – particularly inAfrica,China andIndia- are expected to drive the welding equipment and consumables market by 2017. The growing demand has also led to a rise in emerging technologies, such as corrosion resistant consumables that provide better productivity and thus cost reductions. The main restraint of the global welding equipment and consumables market in the power industry is the delay in nuclear power projects, due to the aftermath of the Japanese tsunami ofMarch 2011. The rebounds of these projects are expected to happen sooner in theAsia Pacificregion than inEuropeandNorth America, where they are expected in the long term. What's more, the impact of the euro crisis has caused closure of projects in Europe. Fear of an expected recession in 2012 has therefore made end users more cautious on their expenditures, which has led to budget cuts on welding. These factors are expected to limit the growth of the welding equipment and consumables market over the forecast period.