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.
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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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