The Floor Polishing Machine Global Market Report 2024 Highlights Key Market Trends and Forecasts
Floor Polishing Machine Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Has the Floor Polishing Machine Market Experienced Growth Recently?
Indeed, the floor polishing machine market size has been experiencing robust growth. The market size is estimated to upsurge from $15.12 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate CAGR of 5.4%. Primarily, the growth in the historic period can be assigned to a boom in construction and real estate, increased renovation and remodeling activities, the usage of these machines in industrial and commercial spaces due to diverse flooring materials, and stringent health and safety regulations.
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What are the Growth Projections for the Floor Polishing Machine Market?
Anticipating the next few years, the floor polishing machine market is poised to witness substantial growth. The market size will likely reach a staggering $19.8 billion by 2028, growing at a compound annual growth rate CAGR of 5.6%. The projected growth in the forecast period will likely be stimulated by the rising adoption of eco-friendly polishing solutions, escalating health and hygiene concerns, the renewal of aging infrastructure, the emergence of specialty flooring, and the increasing development of urbanization and high-rise buildings. Additionally, meaningful trends gaining traction include smart and automated floor polishing, floor surface analysis and quality assurance, specialty applications, labor-saving robotics, as well as other technological advancements.
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What are the Principal Drivers of the Floor Polishing Machine Market?
The burgeoning construction industry is anticipated to drive the growth of the floor polishing machine market in the foreseeable future. The construction industry is a multifaceted sector, encompassing activities from building, maintaining and repairing structures to drilling, solid mineral exploration, and floor polishing. In construction and building facilities, floor polishing machines play a crucial role in infrastructure repairs and restoration. For example, according to the Institution of Civil Engineers ICE, a promoter of civil engineering projects, the global construction market size is predicted to reach $8 trillion by 2030. Furthermore, according to Invest India, the construction industry in India is projected to reach $1.4 trillion by 2025. This phenomenal growth in the construction industry highlights its role as a significant driver of the floor polishing machine market.
Who are the Key Players in the Floor Polishing Machine Market?
Major companies operating in the floor polishing machine market include Alfrend Karcher GmbH & Co. KG, Tennant Company, Hako GmbH, Nilfisk Group, Clemas & Co. Ltd., Tornado Industries Inc., Denis Rawlins Limited, Eureka S.p.A., Minuteman International Inc., Fimap S.p.A., Klindex S.r.l, Bortex Industries Inc., Garg Machines, Wiese USA, New Age Cleaning Solutions LLC, Diamatic USA, Scanmaskin Sverige AB, Onfloor Technologies LLC, Terrco Inc., SASE Company LLC, and others. These industry players are conforming to the market shifts through technological advancements and other innovative approaches.
Which Trends are Redefining the Floor Polishing Machine Market?
Technological advancements are undeniably shaping the future of the floor polishing machine market. Prominent players in the industry are focusing on developing and integrating new technologies to meet consumer demands and fortify their market position. For instance, Tennant Company, a US-based manufacturer of floor cleaning machines and equipment, introduced lithium-ion technology into their portfolio of autonomous mobile robot AMR machines in April 2022. This advanced battery technology enhances productivity and reduces costs, thereby revolutionizing the floor polishing machine industry.
How is the Floor Polishing Machine Market Segmented?
The floor polishing machine market can be segmented as follows:
1 By Floor Type: Carpet, Concrete, Stone, Wood, Tile and Grout, Other Floor Types
2 By Operation Type: Manual, Automatic, Semi Automatic
3 By Sales Channel: Online, Offline
4 By Application: Residential, Commercial, Other Applications
What are the Regional Insights into the Floor Polishing Machine Market?
In 2023, Asia-Pacific was the largest market for floor polishing machines. The report covers all prominent regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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