The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 18, 2023 /PRNewswire/ -- As per The Business Research Company's Grinding Machinery Global Market Report 2023, the global grinding machinery market size will grow from $6.4 billion in 2022 to $6.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The grinding machine market size is then expected to grow to $9.1 billion in 2027 at a CAGR of 7%. Going forward, an increasing urbanization, the growing shipbuilding industry and an increasing demand from the mining industry will drive the grinding equipment and machinery market.
The global grinding machinery market is moderately fragmented with a large number of players operating in the market. Fanuc was the largest competitor with 6.79% share of the market, followed by JTEKT Corporation, DMG Mori, Amada Co., Ltd., Makino Milling Machine Co. Ltd., ANCA Pty Ltd., Junker Group, DANOBAT GROUP, Okuma Corporation, and Gleason Corporation.
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Grinding machine manufacturers are developing innovative solutions using advanced technologies to grow in the market. For example, in December 2021, United Grinding North America, a US-based solutions provider for high-precision grinding, launched the C.O.R.E. (Customer-Oriented Revolution) technology that raises the bar for computer numerical control (CNC) technology and establishes the groundwork for a whole new generation of machine tools that usher in the digital era. Grinding applications benefit from the next-generation productivity, adaptability, and versatility of C.O.R.E. technology.
In addition, companies in the market are focusing on developing IIoT (industrial internet of things)-based Industry 4.0 grinding solutions to improve and strengthen their position in the market. For instance, in January 2023, Grindwell Norton, an India-based developer of precision grinding wheels, introduced unique IIoT-based Industry 4.0 grinding solutions for developing industries like electric vehicles, solar power, electronics, and aerospace, and established ones like the foundry, gear, and bearing industries, as well as automobile components. The company has also unveiled Norton Band, an IIoT-based wearable smart gadget that works in tandem with power grinding instruments to assist in grinding operations that are safe, efficient, and intelligent by visualizing data on numerous operational and human-centric safety factors.
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The global grinding machinery market is segmented -
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
According to the grinding machines market analysis, the top growth potential in the grinding machinery market by product will arise in the CNC market, which will gain $1,863.3 million of global annual sales by 2027. The grinding machinery market size will gain the most in the USA at $579.2 million.
The Business Research Company recommends players to focus on providing innovative solutions through the launch of new products, enhancing the business operations, strengthening the operational and business capabilities through strategic collaborations and partnerships.
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