Future Market Insights (FMI) forecasts a robust expansion
of the grid casting machine market. The telecom boom in developing
regions is driving demand for grid casting machines, as they
produce lead-acid batteries for reliable backup power. According to
the report, India is expected to
witness the fastest growth within the market at a CAGR of 6.3%,
highlighting the immense potential that lies within developing
economies.
NEWARK, Del., April 29, 2024 /PRNewswire/ --
The grid casting machine market is valued at
US$ 2,818.90 million in 2024
and is anticipated to surpass a valuation of US$ 6,085.80 million by 2034. The grid
casting machine market size is projected to expand at a CAGR of
5.50% from 2024 to 2034.
Download the Sample PDF report to explore key market
insights and trends:
https://www.futuremarketinsights.com/reports/sample/rep-gb-19547
Energy storage systems and backup power solutions are in high
demand as telecommunications networks expand, especially in
developing regions, to maintain continuous connectivity. For
telecommunications infrastructure, lead-acid batteries provide
consistent backup power and crucial energy storage in the event of
grid disturbances or outages. The need for grid casting machines to
produce battery components increases as the telecommunications
industry grows to meet the rising demand for connectivity. This
drives market growth in tandem with the global expansion of
communication networks.
The demand for lead-acid batteries and grid casting machines is
increased because of the fast industrialization and urbanization of
emerging economies. This also drives infrastructure development and
an increase in energy consumption. The need for dependable energy
storage solutions is growing as emerging markets make investments
in extending their energy infrastructure and manufacturing
capacities. Because of their well-established technology and
reasonable price, lead-acid batteries continue to be appealing
choices for a range of uses in these markets, such as off-grid
power systems, telecommunication, and transportation. As a result,
the development of emerging markets offers grid casting machine
manufacturers substantial room for expansion, encouraging
investments in regionally focused production facilities and
customized solutions.
Key Takeaways from the Grid Casting Machine Market
Report
- The market size expanded at 5.10% CAGR from 2019 to 2023.
- The continuous grid casting machine segment is poised to hold
46.50% of the market share in 2024.
- The automotive end use industry segment is in line to capture
37.30% of the market share in 2024.
- The market size in the United
States is projected to rise at 4.80% CAGR through 2034.
- The market size in Germany is
anticipated to develop at 5.20% CAGR through 2034.
- The market size in China is
estimated to surge at 4.70% CAGR through 2034.
- The market size in India is
expected to increase at 6.30% CAGR through 2034.
Competitive Landscape
The grid casting machine market is highly competitive, with
prominent companies competing for market share and technical
leadership. Companies in the market are constantly looking for a
competitive advantage and expanding their footprint in the industry
by focusing on innovation, product differentiation, and strategic
partnerships. Manufacturers compete on a variety of fronts,
including product quality, security, effectiveness, and customer
service, to meet the changing needs of battery producers.
Recent Developments
- In April 2024, Nissan Motor
declared that by early 2029, the business would start producing
solid-state batteries on a wide scale for use in electric
vehicles.
- In April 2024, Magnus Metal, a
pioneer in industrial, high-volume digital casting for metal
alloys, announced securing US$ 74
million in Series B investment. Magnus Metal plans to use
the additional financing to develop further its revolutionary
casting methods, as well as expand its operations locally and
worldwide to assist its Fortune 100 customers.
Purchase now and gain full access to
the Grid Casting Machine Industry report, featuring comprehensive
Market Forecast, Company Share Analysis, Competition Intelligence,
DROT Analysis, Market Dynamics and Challenges, and Strategic Growth
Initiatives.
"Innovation, flexibility, and smart alliances are
essential for growth in the grid casting machine market. Businesses
must adapt as the market for energy storage solutions grows to suit
changing demands," says Nikhil Kaitwade (Associate Vice
President at Future Market Insights, Inc.).
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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