Report: European Shipbuilding Industry Boosts Welding Equipment
Wednesday, February 07, 2007
The European welding equipment and consumables market for shipbuilding applications is facing mounting competition from suppliers based in East Asia. However, healthy orders from shipyards over the next three years will boost revenues for welding equipment and consumable manufacturers. At the same time, the intensifying trend towards automation in shipyards will help to support revenue growth.
Frost & Sullivan finds that the European welding equipment market for shipbuilding applications earned
revenues of $43.2 million in 2006 and is estimated to reach $70.1 million in 2013, while the European welding consumables market for shipbuilding applications earned revenues of $61.5 million in 2006 and is projected to achieve $99.8 million in 2013.
The market is currently in an upswing owing to dynamic developments in the European shipbuilding industry. The push to modernise and expand fleets, accompanied by improved technology and highly productive equipment, is creating exciting growth potential in the welding equipment and consumables market.
Despite this optimistic scenario, it is becoming increasingly difficult for European-based companies to expand their market share owing to the shift of manufacturing projects to East Asia. Another key challenge for market participants will be to clearly demonstrate the high quality and standards of their equipment and consumable offerings to customers.