ID: MRFR/IA - E/6858-CR | August 2020 | Region: Global | 94 pages
Impact of COVID-19 on the Global Soldering Equipment Market
The soldering equipment market has witnessed a negative impact on the product demand in recent months owing to the lockdowns imposed in the majority of the countries. These lockdowns have resulted in a temporary halt in the manufacturing of soldering equipment since the pandemic outbreak in December 2019. Soldering equipment is used to fuse electrical parts to form an electrical connection. The molten mixture of lead and tin with a soldering iron is used to join electrical parts together. Soldering equipment is used in various applications such as plumbing, electronics, and metalwork, including jewelry and musical instruments. It is used depending upon the soldering filler such as tin-lead alloy, brass, and silver alloy. The basic soldering tools and equipment required for soldering projects are soldering iron, soldering stations, soldering tips, wave soldering equipment, soldering iron stands, and induction soldering equipment. The outbreak of the COVID-19 pandemic has negatively impacted the soldering equipment market; however, the demand for these products is anticipated to recover in the coming months as several governments prepare to lift the lockdowns in a phased manner.
Rise in the production of electronics, growing industrialization and communication and networking, high adoption of consumer electronics, increasing disposable incomes, rising demand for automated soldering equipment, growing electric vehicle charging infrastructure, and increasing electrification in automobiles are the main factors responsible for the growth in the demand for soldering equipment. Moreover, the increase in electrical and electronics projects is also expected to drive the demand for soldering equipment in the global market. The significantly increasing investments for the expansion of fabrication and manufacturing activities and growing government initiatives for infrastructure development in emerging markets are likely to create opportunities for players operating in the global market during the forecast period. Ersa GmbH, RPS Automation LLC, The Harris Products Group, and SEHO Systems GmbH are some of the major soldering equipment manufacturers in the global market. They primarily focus on product development and forming strategic partnerships with the players across various industry verticals such as automotive, energy & power, and aerospace & defense. These developments are expected to create growth opportunities in the market and further influence the investment opportunities for the manufacturers to expand their production capabilities during the forecast period. However, the lack of skilled operators, volatile raw material prices, cost-competition between soldering equipment OEM’s and small local players, and slow deployment of advanced soldering processes in emerging economies are expected to affect the growth of the global soldering equipment market in the coming years.
Source: National Association of Manufacturers