May 28, 2020 09:07 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, May 28, 2020 (GLOBE NEWSWIRE) -- The global grinding machines market size is projected to reach USD 6.73 billion by 2026, exhibiting a CAGR of 4.6% during the forecast period. Increasing industrial automation around the world will open new opportunities for growth in this market, finds Fortune Business Insights™ in its report, titled “Grinding Machines Market Size, Share & Industry Analysis, By Product (CNC (Cylindrical, Surface & Others (Centerless, Gear), Conventional), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026”. According to the World Economic Forum (WEF), only 35% of work-hours will be spent in performing routine tasks in the manufacturing sectors of North America and Europe. The WEF further notes that by 2025, 10-15% of jobs in retail, transportation, and manufacturing will display high potential of getting automated. Moreover, manufacturing activities in developing nations are intensifying, necessitating heavy utilization for modern equipment such as grinding machines. Together, industrial automation and expanding manufacturing sector will boost the growth of this market in the forthcoming years.
The report states that the value of the market stood at USD 4.72 billion in 2018. The report also contains the following:
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Growing Popularity of Cylindrical Grinders to Aid the Market
The grinding machines market growth is increasingly being stoked by the rising popularity of cylindrical grinding machines in industrial circles. Cylindrical grinding, also known as center-type grinding, involves a work-piece locked between two centers by a carrier, which uses kinetic energy to rotate the spindle. These grinders offer prominent advantages as compared to other types of grinding machineries. For example, cylindrical grinders can grind extremely hard materials with high efficiency and effectiveness. Furthermore, as a result of their circular movement, these grinders are able to produce precise and smooth surfaces, reflecting superior mechanical capabilities. Recognizing the potential of cylindrical grinders in manufacturing, many companies are introducing next-gen products for end-users. For instance, the JUNKER Group’s subsidiary ZEMA turbocharger shafts for its NUMERIKA cylindrical grinder to increase efficiency of the machine by enabling shortest cycle time. Such innovations are expected to accelerate the growth of this market during the forecast period.
Promising Industrialization Trends to Boost the Market in Asia-Pacific
With a market size of USD 2.62 billion in 2019, Asia-Pacific is perfectly poised to lead the grinding machines market share in the coming years. The major reason for the region’s impressive performance is the heightened pace of industrial activities in the region, underpinned by rapid economic growth. In addition to this, the demand for airplanes is surging in the region owing to increasing air travel, which in turn augments the adoption of grinding machines in aircraft manufacturing.
The market in North America is anticipated to grow on account of rising demand for heavy machinery from the metal processing industry; while in Europe the market will be mainly driven by the uptake of grinders in the automotive sector.
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Introduction of High-efficiency Machines to Animate Market Competition
Key players are investing larger amount of resources to elevate their R&D capacities to develop and launch strong grinding machines, with a high efficiency quotient. The purpose behind these launches by companies is to strengthen their portfolios through future-proof solutions and deepen their foothold in the market.
List of Companies Profiled in the Grinding Machines Market Report are:
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