NEW YORK, Dec. 7, 2021 /PRNewswire/ -- The floor polisher market size is expected to grow by USD 4.31 billion from 2021 to 2026, according to the latest market research report by Technavio. The report also identifies the market to register a CAGR of 5.31%, while witnessing an accelerating growth momentum during the forecast period.
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Floor Polisher Market Drivers and Challenges
The floor polisher market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market. Global growth in the commercial sector is one of the prominent floor polisher market drivers expected to influence the market positively during the forecast period. Emerging economies including 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. Furthermore, economies such as the US, UK, Germany, Australia, Brazil, Spain, Italy, Canada, and Japan, are also investing heavily in non-residential spaces. The increasing construction of commercial spaces in Asian countries and developed countries in other regions will boost the growth of the floor polisher market. Other factors such as the rising demand for residential buildings and surging urbanization in developing countries will further fuel the market's growth during the forecast period.
The low availability of the workforce and rising labor costs during the COVID-19 outbreak will be a major challenge for the floor polisher market vendors during the forecast period. The construction industry has been facing significant turmoil due to the shortage of skilled labor and wage discrimination for laborers. Such factors have hampered the profit margins of construction product manufacturers and posed a challenge for the construction of new buildings. The hindrance in the construction projects of residential and non-residential buildings will negatively impact the demand for floor polishers. Furthermore, other factors such as lack of skilled professionals and cost of deployment may further impede the market growth during the forecast period.
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Floor Polisher Market Segment Analysis
Technavio analyzes the market by Application (non-residential and residential) and Geography (APAC, North America, Europe, South America, and MEA). The is expected to have a positive impact on the growth of the floor polisher market during the forecast period.
The non-residential application segment held the largest floor polisher market share of over 65% in 2021. The segment is likely to retain its dominant market share during the forecast period. A considerable number of commercial buildings, including offices, hospitals, educational institutions, retail stores, and malls, utilize floor polisher owing to its various advantages over brick-and-mortar construction. The demand for floor polishers has increased in developing countries such as China and India for cleaning and maintaining the floor of commercial buildings. Therefore, the growth in the construction of commercial buildings will drive the growth of the floor polisher market during the forecast period.
In terms of Geography, APAC led the market share in 2021. The region is expected to contribute 47% of the overall market growth during the forecast period. The growth in the region can be attributed to an increase in construction activities in the residential and commercial sectors across the region. China, Singapore, and India are the major revenue contributors to the construction industry in the region. Furthermore, the rising income levels of the middle-class population and rapid urbanization have increased the demand for residential and non-residential buildings in these countries, which is expected to drive the growth of the floor polisher market in APAC during the forecast period.
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Floor Polisher Market Scope:
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters
Floor Polisher Market Sizing
Floor Polisher Market Forecast
Floor Polisher Market Analysis
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Floor Polisher Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.31% |
Market growth 2022-2026 |
$ 4.31 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.75 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 47% |
Key consumer countries |
China, US, Germany, Canada, and South Korea (Republic of Korea) |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Boss Cleaning Equipment Co., Hawk Enterprises, Koblenz Electrica SA de CV, Mastercraft Industries Inc., Mercury Floor Machines Inc., Minuteman International, Nilfisk AS, NSS Enterprises Inc., Tacony Corp., and Tennant Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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