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Grinding Machines Market Share, Opportunities Analysis, Recent Trends, Regional Growth And Outlook By 2033
Grinding Machines Market
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According to The Business Research Company's, The grinding machines market size has grown strongly in recent years. It will grow from $5.43 billion in 2023 to $5.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to continuous innovation in manufacturing, industrialization and manufacturing growth, demand for precision engineering, shift towards automation, expanding range of materials.
The grinding machines market size is expected to see strong growth in the next few years. It will grow to $7.17 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to global industrial expansion, safety and user experience enhancements, predictive maintenance and remote monitoring, digital manufacturing solutions, advanced materials usage. Major trends in the forecast period include product innovations, technological advancements, safety and ergonomics, remote monitoring and predictive maintenance, digitalization of manufacturing, customization and flexibility.
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Market Drivers and Trends:
The increasing demand for construction activities is expected to propel the growth of the grinding machines market going forward. Construction activities refer to a wide range of operations involved in creating, modifying, or repairing structures, infrastructure, and facilities. Grinding machines are frequently used in construction projects to cut metal components like pipes, rebar, steel plates, or structural parts. They offer a rapid and effective way to make fine cuts. For instance, in July 2023, according to the reports shared by the United States Census Bureau (USCB), a US-based government agency, the amount spent on construction in February 2023 was $1.84 billion. The first two months of this year saw a $260.8 billion increase in construction investment, a 5.9 percent (1.2 percent) gain over USD 246.1 billion for the same period in 2022. Public construction had made an investment of USD 388.0 billion, while private construction made a USD 1.45 billion investment in 2022. Therefore, the increasing demand for construction is driving the growth of the grinding machines market.
Technological advancement is a key trend gaining popularity in the grinding machines market. Major companies operating in the grinding machines market are focused on developing new technological solutions to strengthen their position in the market. For instance, in October 2022, Grind Master, an India-based special purposes machines manufacturer launched a unique robotic grinding technology that is specially made for automatic fettling and precision grinding of exotic material castings. The technology is unique and is first of its kind in the industry and is focused on grinding large castings which has been a challenge till date.
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Major Key Players of the Market:
Amada Holdings Co Ltd., 3M Company, JTEKT Toyoda Americas Corporation, Junker Group, L. Kellenberger & Co. AG, ANCA Pty Ltd., DANOBAT Group, Koyo Machinery Industry Co. Ltd., Okuma Corporation, Körber AG, Falcon Machine Tools Co. Ltd, United Grinding North America, Makino Milling Machine Co. Ltd., Chevalier Machinery Inc., ELB-SCHLIFF Werkzeugmaschinen GmbH, Glebar Company, Heinz Berger Maschinenfabrik GmbH & Co. KG, Komatsu Ltd., KNUTH Machine Tools SA, Studer, C. & E. Fein GmbH, Satisloh, Tacchella Elektra, Willis Machinery, Robert Bosch Power Tools GmbH, Makita Corporation, Stanley Black & Decker Inc., Husqvarna Group, Xingyi Stone Caring Tools Co. Ltd., Hardinge Kellenberger
Grinding Machines Market 2024 Key Insights:
• The grinding machines market size is expected to see strong growth in the next few years. It will grow to $7.17 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• The Surge Of Grinding Machines In The Thriving Industrial Manufacturing Landscape
• Innovations And Technological Frontiers In The Grinding Machines Market
• Asia-Pacific was the largest region in the grinding machine market in 2023
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