LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global grinding machinery market is expected to reach USD 5.43 billion by 2021, growing at a CAGR of almost 4% during the forecast period.
This research report titled ‘Global Grinding Machinery Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The market size is calculated based on the demand for grinding machines. The market has been segmented based on end-users and geography.
The demand for grinding machines is projected to increase due to the increase in demand for highly accurate machinery. The major end-users of grinding machines include general engineering, aerospace, automotive, aerospace, die mold, shipbuilding, press shops, part manufacturing, electrical and electronics, oil and gas, healthcare, energy, and consumer utilities.
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Technavio’s analysts categorize the global grinding machinery market into four major segments by end-user. They are:
- General machinery
- Automotive machinery
- Precision machinery
The top three end-user segments for the global grinding machinery market are:
Global grinding machinery market by general machinery
The growing need for grinding machines in industrial applications and the metal industry has contributed significantly to the market's growth. The global economy is expected to pick up in 2017 and 2018, particularly in developing and emerging economies. The global growth rate projection for 2017 made by the World Bank is 2.7% when compared with the growth rate of 2.3% predicted in 2016.
According to Anju Ajaykumar, a lead tools and components research analyst from Technavio, “The growth in the manufacturing sector will spur the market for grinding machines. Improvement in economic conditions will lead to the growth of the manufacturing sector owing to the expansion of existing units and setting up of new manufacturing units.”
Global grinding machinery market by automotive
The automotive sector plays a vital role in the global grinding machinery market. This sector uses machines that range from stand-alone machines for specific operations to complete turn-key solutions for all the types of vehicles. The manufacturing of both intermediate components and end products involves the use of a series of machines.
“The significant increase in the production of vehicles worldwide indicates the progressive growth of the automotive sector. The primary reasons for the growth of the automotive sector include increasing population, rapid urbanization, and rising disposable incomes of consumers,” says Anju.
Global grinding machinery market by precision machinery
Precision engineering is at the core of the manufacturing sector as it is central to electrical, mechanical, electronic, and optical engineering. A whole range of devices, ranging from semiconductor chips to sophisticated drill bits and the most advanced medical devices use precision engineering, rendering it vital to the development of a country's economy.
The industries where precision engineered products are extensively used include automotive, aerospace, defense, capital equipment, electronics, medical equipment, material handling, power generation, renewable energy, oil and gas, and transportation.
The top vendors highlighted by Technavio’s research analysts in this report are:
- AMADA MACHINE TOOLS
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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