The Floor Polishing Machine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Floor Polishing Machine Global Market Report 2024, The floor polishing machine market size has grown strongly in recent years. It will grow from $15.12 billion in 2023 to $15.93 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to construction and real estate boom, increased renovation and remodeling activities, industrial and commercial spaces, flooring material diversity, health and safety regulations.
The floor polishing machine market size is expected to see strong growth in the next few years. It will grow to $19.8 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to eco-friendly polishing solutions, health and hygiene concerns, aging infrastructure, specialty flooring, urbanization and high-rise buildings. Major trends in the forecast period include smart and automated floor polishing, floor surface analysis and quality assurance, specialty applications, labor-saving robotics, technological advancements.
The growing construction industry is expected to propel the growth of the floor polishing machine market going forward. The construction industry is a branch of manufacturing and trade based on building, maintaining, and repairing structures. This includes drilling, solid mineral exploration, and floor polishing, among others. In construction and building facilities, floor polishing machines are used for infrastructure repairs and restoration. For instance, according to ICE (Institution of Civil Engineers), a UK-based company that promotes civil engineering projects, the global construction market size is expected to grow to $8 trillion by 2030. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the growing construction industry is driving the growth of the floor polishing machine market.
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The floor polishing machine market covered in this report is segmented –
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
Technological advancements have emerged as a key trend gaining popularity in the floor polishing machine market. Major companies operating in the floor polishing machine market are focused on new technological advancements to meet consumer demand and strengthen their position. For instance, in April 2022, Tennant Company, a US-based manufacturer of floor cleaning machines and equipment, announced the introduction of lithium-ion technology to their portfolio of autonomous mobile robot (AMR) machines. This new advanced battery technology provides maximized productivity while reducing costs for customers across the world in the floor polishing machine industry.
The floor polishing machine market report table of contents includes:
- Executive Summary
- Floor Polishing Machine Market Characteristics
- Floor Polishing Machine Market Trends And Strategies
- Floor Polishing Machine Market – Macro Economic Scenario
- Global Floor Polishing Machine Market Size and Growth
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- Global Floor Polishing Machine Market Competitive Benchmarking
- Global Floor Polishing Machine Market Competitive Dashboard
- Key Mergers And Acquisitions In The Floor Polishing Machine Market
- Floor Polishing Machine Market Future Outlook and Potential Analysis
- Appendix
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