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The floor polisher market size is forecast to increase by USD 5.91 billion at a CAGR of 6.17% between 2023 and 2028.
The floor polisher industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market experiences significant growth due to the increasing construction of commercial buildings, particularly in developing countries like China and India. The need for maintaining clean and attractive floors in rented spaces drives the demand for floor polishers, as tenants cannot make permanent modifications to the building. The expansion of services sectors, such as IT, telecommunication, and multinational businesses, in developing countries is fueling the demand for office space and, consequently, the use of floor polishers. Advanced technologies, including AI-driven functionalities, IoT connectivity, and automation through industrial robots, are also gaining popularity in the market. Floor polishers are available in various types, including manual, automatic, and semi-automatic, and can be used on different floor types, such as carpet, concrete, stone, wood, mosaic tile, and grout.
The market caters to both residential and commercial applications and is available through online and offline sales channels. Eco-friendly products, such as non-toxic, biodegradable cleaning agents and energy-efficient technologies, are increasingly preferred in the market. Recyclable parts and green building certifications are also essential factors driving the growth of the market.
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The Non-residential segment was valued at USD 9.7 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market experienced substantial growth in 2023, with APAC holding a significant market share. Construction activities In the residential and commercial sectors across APAC drove this growth, particularly in China, Singapore, and India. The construction industry in APAC is projected to expand at a notable rate during the forecast period, fueled by numerous projects in China. Developing countries such as China, the Philippines, India, Indonesia, and Thailand are anticipated to continue driving the market's growth. The integration of AI technology, IoT, and automation in floor polishers, including Arduino Nano programming, ultrasonic sensors, and industrial robots, has increased their efficiency and versatility.
These energy-efficient, eco-friendly, and sustainable floor-cleaning machines cater to both residential and commercial applications, available through online and offline sales channels. The market for floor polishers also encompasses gardening tools and Mercury Floor Machines. Green building certifications, sustainable facility management, and the use of non-toxic, biodegradable cleaning agents further underscore the industry's commitment to environmental stewardship.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Global growth in commercial sector is the key driver of the market.
Commercial spaces are witnessing a growing trend globally. It has been observed that developing countries, such as China, South Korea, and India, and countries in the Middle East, are investing heavily in constructing commercial spaces, institutional buildings, manufacturing plants, and public infrastructure. Countries such as the US, the UK, Germany, Australia, Brazil, Spain, Italy, Canada, and Japan, are also investing heavily in non-residential spaces. Among the Asian countries, India is expected to be the frontrunner in infrastructure development. The major contributor to this growth is the increase in investments in the country. The recent demonetization in India led to short-term instability in residential building construction. However, it is expected that both commercial and residential spaces will benefit from the move in the long run. Post-demonetization, the Government of India reduced its fiscal deficit considerably, which has enabled it to reduce its interest rates on home loans. This has encouraged people to invest in the real estate sector. This has also encouraged several builders to start the construction of both residential and commercial spaces.
Foreign investments have been significantly growing in India as major companies based in the US, Europe, and Japan believe that India has great growth potential. This trend is likely to continue for another 3-4 years. India is now considered to be the leader in the commercial construction sector, followed by China, Vietnam, and other developing Asian countries. Thailand, the Philippines, Laos, and Singapore are witnessing moderate growth in the construction of commercial spaces. The increasing construction of commercial spaces in Asian countries and developed countries in other regions will boost the growth of the global floor polisher market during the forecast period. Thus, the expansion of commercial buildings will increase the demand for floor polishers to clean and maintain the floor, thereby driving the market during the forecast period.
Increasing number of skyscrapers is the upcoming market trend.
The number of skyscrapers is surging across the world. Until 2018, more than 200 buildings across the world were at least 200 meters tall. The growing migration of people from rural areas and smaller towns to metropolitan cities for better opportunities and an improved lifestyle is leading to the rise in urbanization and driving the preference for modern architecture. It is also leading to investments in skyscrapers. Various countries are investing in the development of skyscrapers.
Several high-rise projects are under construction in North America, which are expected to be completed in the coming years. Many of these skyscraper projects are mixed-use developments. Mixed-use development is a type of urban development that blends residential, commercial, cultural, institutional, or entertainment uses, where the functions are physically and functionally integrated. Hence, the rise in the number of skyscrapers across the world will lead to an increase in the demand for floor polishers for maintaining the floors in buildings, which, in turn, will drive the growth of the global floor polisher market during the forecast period.
Lack of skilled professional is a key challenge affecting the industry growth.
The global floor polisher market faces significant challenges due to a lack of skilled professionals, which hampers its growth potential. The demand for skilled labor in operating and maintaining advanced floor polishing machines is becoming increasingly critical. The complexity of modern machines, which incorporate smart and automated technologies, requires operators to possess specialized training and expertise.
However, the current workforce is not adequately equipped, leading to operational inefficiencies and increased costs for businesses. Additionally, the rapid evolution of flooring materials and cleaning technologies necessitates continuous education and skill development, further complicating the labor landscape. Without addressing this skills gap, companies may struggle to meet the rising demand for floor polishing services, ultimately affecting their competitive edge in the market. Thus, such factors will hamper the growth of the market in focus during the forecast period
The floor polisher market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the floor polisher market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, floor polisher market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The floor polishing market encompasses a range of technologies and applications, catering to the demands of both residential and commercial sectors. This market witnesses continuous advancements, driven by the integration of innovative technologies and automation. One significant trend In the industry is the adoption of AI technology, which enhances the functionality and efficiency of floor polishing machines. These intelligent systems enable automatic and semi-automatic operation, reducing the need for manual intervention and labor-intensive processes. Moreover, the Internet of Things (IoT) plays a crucial role In the market, enabling real-time monitoring and remote control of floor polishing machines. This connectivity offers various benefits, such as optimized energy usage, predictive maintenance, and improved productivity.
Floor polishing machines cater to diverse flooring materials, including carpet, concrete, stone, wood, tile, and grout. The versatility of these machines allows them to be used in various applications, from residential to commercial settings, construction sites, and real estate projects. In recent years, eco-friendly products and sustainable practices have gained significant attention In the floor polishing market. This trend is driven by the increasing demand for non-toxic, biodegradable cleaning agents and energy-efficient technologies. Recyclable parts and green building certifications are also essential factors that contribute to the market's growth. The floor polishing market is segmented into online and offline sales channels.
Online sales channels offer convenience and accessibility, while offline sales channels provide personalized customer service and product demonstrations. Both channels have their unique advantages and cater to different customer preferences. Furthermore, the market for floor polishing machines includes various product offerings, such as mercury floor machines, industrial robots, and lightweight floor-cleaning machines. These machines cater to different customer requirements, from heavy-duty commercial applications to eco-friendly residential uses. In conclusion, the floor polishing market is a dynamic and evolving industry, driven by technological advancements, automation, and eco-friendly practices. The market caters to diverse flooring materials and applications, offering both online and offline sales channels and various product offerings. As the demand for sustainable and energy-efficient products continues to grow, the floor polishing market is expected to witness significant growth in the coming years.
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Market Scope |
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Report Coverage |
Details |
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Page number |
131 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.17% |
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Market growth 2024-2028 |
USD 5.91 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.49 |
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Key countries |
China, US, Germany, Canada, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this floor polisher market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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