III. Industry Analysis
As long as society depends on metal, there will always be a demand for the welding industry. Therefore, there is no indication that the industry is slowing down. Though there was less growth seen during the pandemic, the current welding industry is expected to see a compound annual growth rate (CAGR) of 4.6% over the next five years.
Currently, there is a welder shortage across the globe. Though some industries have turned to machinery to address the gap, businesses that cannot afford advanced machinery will be clamoring to partner with local welders. Furthermore, individuals who need custom jobs and repairs will always look to local welders for help with their tasks. Therefore, with such a great demand for welders, there is no better time to start a local welding business.
