The global underwater welding equipment market size reached USD 1,674.4 million in 2023. By 2034, global underwater welding equipment demand is anticipated to rise at 5.3% CAGR. The market is expected to increase from USD 1,763.2 million in 2024 to USD 2,955.2 million by 2034.
Underwater Welding Equipment Market Overview
Attributes | Key Insights |
---|---|
Underwater Welding Equipment Market Size in 2023 | USD 1,674.4 million |
Estimated Underwater Welding Equipment Market Value (2024) | USD 1,763.2 million |
Projected Market Revenue (2034) | USD 2,955.2 million |
Value-based CAGR (2024 to 2034) | 5.3% |
Market to Expand Over 1.7X through 2034
The global underwater welding equipment market is predicted to expand over 1.7x through 2034, amid a 3.9% increase in expected CAGR compared to the historical one. This is due to the rising demand in offshore industries, growth in the renewable energy sector, and infrastructure development.
North America Takes the Lead in the Underwater Welding Equipment Market
North America is expected to dominate the global underwater welding equipment market during the forecast period. It is set to hold around 28.4% of the worldwide market share in 2034.
Historical CAGR (2019 to 2023) | 2.8% |
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Forecast CAGR (2024 to 2034) | 5.3% |
Global sales of underwater welding equipment grew at a CAGR of 2.8% between 2019 and 2023. Total market revenue reached USD 1,674.4 million in 2023.
Over the forecast period, the global underwater welding equipment market is poised to exhibit healthy growth, reaching USD 2,955.2 million by 2034. This is due to the rising international focus on renewable energy sources, such as offshore wind farms, which is expected to contribute to the increasing demand for underwater welding equipment.
The table below highlights key countries’ underwater welding equipment market revenues. The United States, China, and India are expected to remain the leading customers of underwater welding equipment, with expected valuations of USD 540.4 million, USD 455.7 million, and USD 247.5 million, respectively, in 2034.
Countries | Market Revenue (2034) |
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United States | USD 540.4 million |
China | USD 455.7 million |
India | USD 247.5 million |
Germany | USD 233.6 million |
Japan | USD 206.8 million |
United Kingdom | USD 161.5 million |
The table below shows the estimated growth rates of the six leading countries. Japan, India, and the United Kingdom are set to record high CAGRs of 7.4%, 6.6%, and 6.6%, respectively, through 2034.
Countries | Projected CAGR (2024 to 2034) |
---|---|
Japan | 7.4% |
India | 6.6% |
United Kingdom | 6.6% |
China | 6.4% |
Germany | 6.1% |
United States | 5.6% |
Sales of underwater welding equipment in the United States are projected to soar at a CAGR of around 5.6% by 2034. The total valuation in the country is anticipated to reach USD 540.4 million by 2034. Several factors are expected to stimulate the growth of the United States underwater welding equipment market during the forecast period. These include:
China's underwater welding equipment market is projected to reach USD 455.7 million by 2034. Over the assessment period, demand for underwater welding equipment in China is set to rise at 6.4% CAGR, driven by factors like:
India's underwater welding equipment market is poised to exhibit a CAGR of 6.6% during the assessment period. It is expected to attain a market valuation of USD 247.5 million by 2034.
Japan's underwater welding equipment market is expected to reach a valuation of around USD 206.8 million by 2034. Top factors supporting the market’s expansion in the country include:
The demand for underwater welding equipment is increasing in the United Kingdom, with a projected CAGR of 6.6% through 2034. Emerging patterns in the United Kingdom market are as follows:
The section below shows the wet welding equipment segment dominating based on equipment type. It is forecast to thrive at 6.3% CAGR between 2024 and 2034. Based on end-use, the oil & gas industry segment is anticipated to hold a dominant share through 2034. It is set to surge at a CAGR of 5.7% during the forecast period.
Top Segment (Equipment Type) | Wet Welding Equipment |
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Predicted CAGR (2024 to 2034) | 6.3% |
Top Segment (End-use Industry) | Oil and Gas Industry |
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Projected CAGR (2024 to 2034) | 5.7% |
The global underwater welding equipment market is consolidated, with leading players accounting for around 25% to 30% share. Broco Ranking, Subsea Global Solutions, US Underwater Services, and Alamo Welding are the leading manufacturers and suppliers of underwater welding equipment listed in the report.
Key underwater welding equipment manufacturers invest in continuous research to produce new products and increase their capacity to meet end-users’ demands. Leading companies are directed towards adopting strategies to expand their market reach and customer base, including acquisitions, partnerships, mergers and facility expansions.
Recent Developments
Table 1: Global Market Value (US$ million) Forecast by Region, 2019 to 2034
Table 2: Global Market Volume (Units) Forecast by Region, 2019 to 2034
Table 3: Global Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 4: Global Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 5: Global Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 6: Global Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Table 7: North America Market Value (US$ million) Forecast by Country, 2019 to 2034
Table 8: North America Market Volume (Units) Forecast by Country, 2019 to 2034
Table 9: North America Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 10: North America Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 11: North America Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 12: North America Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Table 13: Latin America Market Value (US$ million) Forecast by Country, 2019 to 2034
Table 14: Latin America Market Volume (Units) Forecast by Country, 2019 to 2034
Table 15: Latin America Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 16: Latin America Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 17: Latin America Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 18: Latin America Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Table 19: Western Europe Market Value (US$ million) Forecast by Country, 2019 to 2034
Table 20: Western Europe Market Volume (Units) Forecast by Country, 2019 to 2034
Table 21: Western Europe Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 22: Western Europe Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 23: Western Europe Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 24: Western Europe Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Table 25: Eastern Europe Market Value (US$ million) Forecast by Country, 2019 to 2034
Table 26: Eastern Europe Market Volume (Units) Forecast by Country, 2019 to 2034
Table 27: Eastern Europe Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 28: Eastern Europe Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 29: Eastern Europe Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 30: Eastern Europe Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Table 31: East Asia Market Value (US$ million) Forecast by Country, 2019 to 2034
Table 32: East Asia Market Volume (Units) Forecast by Country, 2019 to 2034
Table 33: East Asia Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 34: East Asia Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 35: East Asia Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 36: East Asia Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Table 37: South Asia Pacific Market Value (US$ million) Forecast by Country, 2019 to 2034
Table 38: South Asia Pacific Market Volume (Units) Forecast by Country, 2019 to 2034
Table 39: South Asia Pacific Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 40: South Asia Pacific Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 41: South Asia Pacific Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 42: South Asia Pacific Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Table 43: Middle East and Africa Market Value (US$ million) Forecast by Country, 2019 to 2034
Table 44: Middle East and Africa Market Volume (Units) Forecast by Country, 2019 to 2034
Table 45: Middle East and Africa Market Value (US$ million) Forecast by Equipment Type, 2019 to 2034
Table 46: Middle East and Africa Market Volume (Units) Forecast by Equipment Type, 2019 to 2034
Table 47: Middle East and Africa Market Value (US$ million) Forecast by End-use Industry, 2019 to 2034
Table 48: Middle East and Africa Market Volume (Units) Forecast by End-use Industry, 2019 to 2034
Figure 1: Global Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 2: Global Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 3: Global Market Value (US$ million) by Region, 2024 to 2034
Figure 4: Global Market Value (US$ million) Analysis by Region, 2019 to 2034
Figure 5: Global Market Volume (Units) Analysis by Region, 2019 to 2034
Figure 6: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034
Figure 7: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034
Figure 8: Global Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 9: Global Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 10: Global Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 11: Global Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 12: Global Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 13: Global Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 14: Global Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 15: Global Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 16: Global Market Attractiveness by Equipment Type, 2024 to 2034
Figure 17: Global Market Attractiveness by End-use Industry, 2024 to 2034
Figure 18: Global Market Attractiveness by Region, 2024 to 2034
Figure 19: North America Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 20: North America Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 21: North America Market Value (US$ million) by Country, 2024 to 2034
Figure 22: North America Market Value (US$ million) Analysis by Country, 2019 to 2034
Figure 23: North America Market Volume (Units) Analysis by Country, 2019 to 2034
Figure 24: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 25: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 26: North America Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 27: North America Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 28: North America Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 29: North America Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 30: North America Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 31: North America Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 32: North America Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 33: North America Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 34: North America Market Attractiveness by Equipment Type, 2024 to 2034
Figure 35: North America Market Attractiveness by End-use Industry, 2024 to 2034
Figure 36: North America Market Attractiveness by Country, 2024 to 2034
Figure 37: Latin America Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 38: Latin America Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 39: Latin America Market Value (US$ million) by Country, 2024 to 2034
Figure 40: Latin America Market Value (US$ million) Analysis by Country, 2019 to 2034
Figure 41: Latin America Market Volume (Units) Analysis by Country, 2019 to 2034
Figure 42: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 43: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 44: Latin America Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 45: Latin America Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 48: Latin America Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 49: Latin America Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 50: Latin America Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 51: Latin America Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 52: Latin America Market Attractiveness by Equipment Type, 2024 to 2034
Figure 53: Latin America Market Attractiveness by End-use Industry, 2024 to 2034
Figure 54: Latin America Market Attractiveness by Country, 2024 to 2034
Figure 55: Western Europe Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 56: Western Europe Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 57: Western Europe Market Value (US$ million) by Country, 2024 to 2034
Figure 58: Western Europe Market Value (US$ million) Analysis by Country, 2019 to 2034
Figure 59: Western Europe Market Volume (Units) Analysis by Country, 2019 to 2034
Figure 60: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 61: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 62: Western Europe Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 63: Western Europe Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 64: Western Europe Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 65: Western Europe Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 66: Western Europe Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 67: Western Europe Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 68: Western Europe Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 69: Western Europe Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 70: Western Europe Market Attractiveness by Equipment Type, 2024 to 2034
Figure 71: Western Europe Market Attractiveness by End-use Industry, 2024 to 2034
Figure 72: Western Europe Market Attractiveness by Country, 2024 to 2034
Figure 73: Eastern Europe Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 74: Eastern Europe Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 75: Eastern Europe Market Value (US$ million) by Country, 2024 to 2034
Figure 76: Eastern Europe Market Value (US$ million) Analysis by Country, 2019 to 2034
Figure 77: Eastern Europe Market Volume (Units) Analysis by Country, 2019 to 2034
Figure 78: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 79: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 80: Eastern Europe Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 81: Eastern Europe Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 82: Eastern Europe Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 83: Eastern Europe Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 84: Eastern Europe Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 85: Eastern Europe Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 86: Eastern Europe Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 87: Eastern Europe Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 88: Eastern Europe Market Attractiveness by Equipment Type, 2024 to 2034
Figure 89: Eastern Europe Market Attractiveness by End-use Industry, 2024 to 2034
Figure 90: Eastern Europe Market Attractiveness by Country, 2024 to 2034
Figure 91: East Asia Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 92: East Asia Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 93: East Asia Market Value (US$ million) by Country, 2024 to 2034
Figure 94: East Asia Market Value (US$ million) Analysis by Country, 2019 to 2034
Figure 95: East Asia Market Volume (Units) Analysis by Country, 2019 to 2034
Figure 96: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 97: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 98: East Asia Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 99: East Asia Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 100: East Asia Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 101: East Asia Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 102: East Asia Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 103: East Asia Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 104: East Asia Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 105: East Asia Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 106: East Asia Market Attractiveness by Equipment Type, 2024 to 2034
Figure 107: East Asia Market Attractiveness by End-use Industry, 2024 to 2034
Figure 108: East Asia Market Attractiveness by Country, 2024 to 2034
Figure 109: South Asia Pacific Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 110: South Asia Pacific Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 111: South Asia Pacific Market Value (US$ million) by Country, 2024 to 2034
Figure 112: South Asia Pacific Market Value (US$ million) Analysis by Country, 2019 to 2034
Figure 113: South Asia Pacific Market Volume (Units) Analysis by Country, 2019 to 2034
Figure 114: South Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 115: South Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 116: South Asia Pacific Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 117: South Asia Pacific Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 118: South Asia Pacific Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 119: South Asia Pacific Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 120: South Asia Pacific Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 121: South Asia Pacific Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 122: South Asia Pacific Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 123: South Asia Pacific Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 124: South Asia Pacific Market Attractiveness by Equipment Type, 2024 to 2034
Figure 125: South Asia Pacific Market Attractiveness by End-use Industry, 2024 to 2034
Figure 126: South Asia Pacific Market Attractiveness by Country, 2024 to 2034
Figure 127: Middle East and Africa Market Value (US$ million) by Equipment Type, 2024 to 2034
Figure 128: Middle East and Africa Market Value (US$ million) by End-use Industry, 2024 to 2034
Figure 129: Middle East and Africa Market Value (US$ million) by Country, 2024 to 2034
Figure 130: Middle East and Africa Market Value (US$ million) Analysis by Country, 2019 to 2034
Figure 131: Middle East and Africa Market Volume (Units) Analysis by Country, 2019 to 2034
Figure 132: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 133: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 134: Middle East and Africa Market Value (US$ million) Analysis by Equipment Type, 2019 to 2034
Figure 135: Middle East and Africa Market Volume (Units) Analysis by Equipment Type, 2019 to 2034
Figure 136: Middle East and Africa Market Value Share (%) and BPS Analysis by Equipment Type, 2024 to 2034
Figure 137: Middle East and Africa Market Y-o-Y Growth (%) Projections by Equipment Type, 2024 to 2034
Figure 138: Middle East and Africa Market Value (US$ million) Analysis by End-use Industry, 2019 to 2034
Figure 139: Middle East and Africa Market Volume (Units) Analysis by End-use Industry, 2019 to 2034
Figure 140: Middle East and Africa Market Value Share (%) and BPS Analysis by End-use Industry, 2024 to 2034
Figure 141: Middle East and Africa Market Y-o-Y Growth (%) Projections by End-use Industry, 2024 to 2034
Figure 142: Middle East and Africa Market Attractiveness by Equipment Type, 2024 to 2034
Figure 143: Middle East and Africa Market Attractiveness by End-use Industry, 2024 to 2034
Figure 144: Middle East and Africa Market Attractiveness by Country, 2024 to 2034
The market is set to reach USD 1,763.2 million in 2024.
Demand for underwater welding equipment is slated to expand at a 5.3% CAGR through 2034.
The market is set to reach USD 2,955.2 million in 2034.
Broco Ranking, Subsea Global Solutions, and US Underwater Services are the key players.
The oil and gas segment is estimated to hold a significant market share in 2024.
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