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Grinding Machinery Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Grinding Machinery Market Outlook
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According to The Business Research Company's, The grinding machinery market size has grown strongly in recent years. It will grow from $7.05 billion in 2023 to $7.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the growth in construction activities, the growth of the aerospace industry, an increased automotive production and an increased consumption of machine tools.
The grinding machinery market size is expected to see strong growth in the next few years. It will grow to $10.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to an increasing urbanization, the growing shipbuilding industry and an increasing demand from the mining industry. Major trends in the forecast period include technological advancements, automation solutions, introduction of robotic machines, iiot (industrial internet of things)-based industry 4.0 grinding solutions, product innovations and strategic partnerships and collaborations.
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Market Drivers and Trends:
The increase in industrial automation is expected to propel the growth of the grinding machinery market going forward. Industrial automation refers to the control of machinery and the industrial process by autonomous systems such as robotics, computer software, and others. The increasing adoption of industrial automation is expected to boost the demand for grinding machinery, as they would acquire new machinery that is compatible with automation software and systems. According to the study published by the Association for Advancing Automation in 2021, robot orders across the globe increased by 67% in the second quarter of 2021 over the same period in 2020. Therefore, the increase in industrial automation is expected to boost demand for grinding machinery during the forecast period.
Technological advancements are a key trend gaining popularity in the grinding machinery market. Many companies operating in the grinding machinery market are using new technologies such as computer numerical control (CNC), laser-based sharpening and, universal grinding machines to sustain their position in the market. For instance, in December 2021, United Grinding Group, a Swiss manufacturer of precision machines, unveiled customer-oriented revolution (C.O.R.E.) technology. With C.O.R.E. technology, grinding applications become more productive, adaptable, and versatile. The C.O.R.E. panel simplifies machine operation and training.
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Major Key Players of the Market:
Honeywell International Inc, Xylem Inc, Itron Inc, Siemens AG, Emerson Electric Co.,Endress + Hauser, Apator SA, Landis + GYR Group AG, ABB Ltd, Badger Meter Inc, EDMI Limited, Panasonic Holdings Corporation, Smartmeters Technologies Pvt. Ltd, Genesis Gas Solutions Private Limited, Secure Meters Limited, Schneider Electric India, Rihtek Automation Pvt. Ltd, Tokyo Gas Meter Co., Ltd, Chugoku Gas Meter Co., Ltd, Aichi Tokei Denki Co Ltd, AES Smart Metering Ltd, British Gas Metering Operations, E.ON, EDF Energy, Energy Assets Ltd, IMServ Europe Ltd, Jersey Electricity, Lowri Beck Services Ltd, PROLA SA, ENVEA, KROHNE, Statiflo, United P, H Supply Co, Furness Controls, Mac Instruments, Bopp and, Reuther, Kinequip Inc, Intellimeter Canada Inc, Norgas Controls, Metercor, Fgs Brasil Ind Com Ltda, Itron Solucoes Para Energia E Agua Ltda, Agilent Technologies Brasil Ltda, Buzas Industria E Comercio Ltda, Fluenta, KopaGas Ltd, MaasaraGazz Metro
Grinding Machinery Market 2024 Key Insights:
• The grinding machinery market size is expected to see strong growth in the next few years. It will grow to $10.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Rising Industrial Automation Drives Surge In Demand For Grinding Machinery Market
• Technological Advancements Transforming Grinding Machinery Market
• Asia-Pacific was the largest region in the grinding machinery market in 2022
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