The Grinding Machines Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Grinding Machines Global Market Report 2024, 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..
Growing industrial manufacturing sector is expected to propel the growth of the grinding machines market going forward. Industrial manufacturing is responsible for the fabrication of products intended for industrial use from raw materials. Grinding machines have various applications in industrial manufacturing and it’s used extensively for dimensional accuracy and surface finishing of the mechanical parts that are used in the manufacturing industry. For instance, in March 2022, according to United Nations Industrial Development Organization, an Austria-based specialized agency of the United Nations, Global manufacturing production increased by 9.4 percent in 2021, after a drop of 4.2 percent in 2020. Therefore, the continually growing industrial manufacturing sector is driving the growth of the grinding machines market.
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The grinding machines market covered in this report is segmented –
1) By Type: Conventional, CNC, Cylindrical, Surface, Gear, Other Types
2) By Sales Channel: Franchised Outlets, Specialty Stores, Modern Trade, Online Channels
3) By End-User Industry: Automotive, Maritime Industry, Aerospace and Defense, Construction, Industrial Manufacturing, Electrical and Electronics, Other End-User Industries
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.
The grinding machines market report table of contents includes:
- Executive Summary
- Grinding Machines Market Characteristics
- Grinding Machines Market Trends And Strategies
- Grinding Machines Market – Macro Economic Scenario
- Global Grinding Machines Market Size and Growth
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- Global Grinding Machines Market Competitive Benchmarking
- Global Grinding Machines Market Competitive Dashboard
- Key Mergers And Acquisitions In The Grinding Machines Market
- Grinding Machines Market Future Outlook and Potential Analysis
- Appendix
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