Global Grinding Machinery Market To Reach $10.37 Billion By 2028 With A Growth Rate Of 8.0%

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The promising insights revealed in the "Grinding Machinery Global Market Report 2024" provide a comprehensive forecast for the global grinding machinery market. Driven primarily by historic economic growth in emerging markets, construction activities, the rise in the aerospace industry, and an upsurge in automotive production and machine tool consumption, the grinding machinery market has grown vigorously in recent years. From a formidable $7.05 billion in 2023, the market size is poised to increase to an impressive $7.63 billion in 2024, translating to a compound annual growth rate CAGR of 8.3%.

How Fast Will The Grinding Machinery Market Grow In The Coming Years?

The upcoming years will witness sustained growth of the grinding machinery market. Estimated to escalate to approximately $10.37 billion in 2028 with a robust compound annual growth rate CAGR of 8.0%, the market's expansion during the forecast period can be attributed chiefly to increasing urbanization, the burgeoning shipbuilding industry, and a growing demand from the mining industry. Major trends propelling the market include technological advancements, automation solutions, the emergence of robotic machines, IIoT-based industry 4.0 grinding solutions, product innovations, and strategic partnerships and collaborations.

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What Is Driving The Growth Of The Grinding Machinery Market?

One significant force driving the market's growth is the rise in industrial automation. Industrial automation—defining the control of machinery and industrial processes via autonomous systems such as robotics, computer software, and others—has surged in popularity. This adoption of industrial automation will likely stimulate grinding machinery demand as industries would need to acquire new machinery compatible with automation software and systems. A study by the Association for Advancing Automation in 2021 revealed global robot orders surged by 67% in the second quarter of 2021, compared to the same period in 2020. Consequently, the increase in industrial automation is predicted to continue to fuel the demand for grinding machinery during the forecast period.

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Who Are The Key Players In The Grinding Machinery Market?

Numerous prominent companies are operating in the grinding machinery market. These include Fanuc, JTEKT Corporation, DMG Mori, Amada Co. Ltd, Makino Milling Machine Co. Ltd, ANCA Pty Ltd, Junker Group, DANOBAT GROUP, Okuma Corporation, Gleason Corporation, Mitsubishi Heavy Industries Ltd, Koyo Machine Industries Co Ltd, Micromatic Grinding Technologies Pvt Ltd, Youil Grinding Machine Co. Ltd, Jiangsu Zhihe Intelligent Equipment Co. Ltd, among others.

What Significant Trends Are Gaining Momentum In The Grinding Machinery Market?

Technological advancements like computer numerical control CNC, laser-based sharpening, and universal grinding machines are emerging trends pivotal in the grinding machinery market. For example, in December 2021, United Grinding Group, a Swiss manufacturer of precision machines, unveiled its customer-oriented revolution C.O.R.E technology. C.O.R.E technology enhances the productivity and adaptability of grinding applications and simplifies machine operation and training.

How Is The Global Grinding Machinery Market Segmented?

The grinding machinery market in this report is segmented as follows:

1 By Product: Angle Grinders, Bench Grinders, Belt Grinders, Wet Grinders, Die Grinders, Floor Grinders, Surface Grinders, CNC.
2 By Application: Automotive, Transport Machinery, General Machinery, Precision Engineering, Other Applications.
3 By Distribution: Online, Offline.

Asia-Pacific held the largest regional share in the global grinding machinery market in 2022. With North America expected to emerge as the fastest-growing region during the forecast period, the global market scope encapsulates Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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