A recent market report states that much of the demand for manufacturing floorcare equipment, as well as the supply of machines, will grow at CAGR of 3% over next ten years especially in the Asia-Pacific Region
From factory automation & control to grid infrastructure, healthcare & fitness to space, avionics and defence, floor care machines are widely used in various industries. Recently. Persistent Market Research released a comprehensive report about the present status of the sector, projected growth and specific trends in the future.
The reports states that the global value of floor care machines industry has reached US$3.8 billion in 2018. Between 2019 and 2029, it is expected to grow at a CAGR of three per cent.
Substantial demand for scrubbers and vacuum cleaners will fuel the growth of the floor care machine market during the forecast period. Its value is anticipated to be US$4 billion by the end of 2019, as indicated by market analysis.
According to the analysis, integration of innovative technologies in floor care machines to get them in sync with futuristic automated products has positively impacted the growth of the floor care machine market. In the next ten years, in descending order of demand, the following products are expected to witness a surge in the sector: scrubbers, filters and vacuum cleaners, sweepers, specialty cleaning equipment and burnishers.
M&A Remain a Priority for Key Market Players
Merger and acquisition strategies are being executed by manufacturers in order to stay afloat in the intensely competitive market. Since leading manufacturers are aiming to expand their manufacturing facilities for floor care machines, these acquisitions are required to expand their capabilities. For instance, in January 2019, Tennant Company acquired Gaomei Cleaning Equipment Company, based in Hefei, China, a renowned company involved in the development and manufacturing of cleaning equipment and solutions for industrial and commercial applications.
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Floor care machines are being used in nearly every stage of the manufacturing process in automotive and consumer electronic industries.
Stable Demand from the Industrial Sector Is Sustaining Market Revenues
There is concentrated demand for floor care machines from the industrial sector, followed by the commercial sector. Growth in the construction and manufacturing industries has also increased the need for floor care machines at these sites.
Leveraging IoT for Hygienic Indoor Environment
In certain industries like pharma and electronics, the inherent requirement for a clean environment has fuelled their demand for floor cleaning machines. Widespread efforts to improve hygienic conditions and protect the health of occupants have led to the introduction of IoT to monitor atmosphere inside the work shed area. Hence, innovative floor care machines are expected to develop at a rapid pace.
In order to provide a hygienic work environment, industries are moving towards advanced and high-tech cleaning products and solutions. Latest innovations include alternatives for electricpowered vacuum cleaners, and unmanned floor cleaning machines (robotics and artificial intelligence based floor care machines). Airpowered and battery-powered floor care machines are being developed with many more abilities.
Growth in the Asia-Pacific Region
The economic growth in India and China has also strengthened the end-use industries in the Asia- Pacific. With the presence of lowcost manufacturing facilities, the Asia-Pacific market has attracted companies from across the world to set up manufacturing units here.
India and China are expected to account for more than twothirds of the world’s cement consumption. Consequently, this will trigger the growth of the automotive and consumer electronics industries. Floor care machines are being used in nearly every stage of the manufacturing process in automotive and consumer electronic industries. In parallel, several global companies are preferring to set-up their manufacturing plants in Singapore, China, Thailand, Malaysia, etc., owing to low manufacturing costs.
These trends indicate that not only do Indian floor care machine manufacturers need to invest in expanding their capabilities, they also need to prepare for an onslaught from foreign manufacturers setting up base in India. However, the expected continuation in the demand for floor care machines is reassuring.