Albany, NY -- (SBWIRE) -- 01/04/2018 -- The global industrial floor scrubbers market exhibit a highly fragmented vendor landscape on account of the presence of a large number of companies. As these enterprises try out various marketing strategies to gain a stronger foothold, the industrial floor scrubbers market will fiercer competition in the coming years, finds Transparency Market Research (TMR) in a new study.
Also many of the leading companies are seeking acquisition of smaller concerns to expand their geographic footprint and product portfolio. In 2016, companies such as Wiese, Inc., Bortek Industries, and Hako Holding GMBH & Co. KG held the leading share in the market. Meanwhile, iRobot Corporation is planning to reinforce its presence worldwide. Strategies adopted by these companies to increase their stake have significant influence on the market.
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According to TMR, the global industrial floor scrubbers market, which in 2016 was valued at US$3.24 bn, is expected to reach US$6.62 bn by the end of 2025. If these figures hold true, the global industrial floor scrubbers market will expand at a CAGR of 8.5% between 2017 and 2025. Regionally, North America held the dominant share of 33.7% in the overall market in 2016. Europe emerged as the close second-lead. Over the course of the forecast period, both these regions will continue exhibiting lucrative prospects for the market players. By type, walk-behind scrubber is expected to hold the leading share of 51.1% by the end of 2017.
Increasing Demand for Green Technologies for Industrial Cleaning to Aid Growth
"The global industrial floor scrubbers market is primarily gaining from the rising demand for green cleaning technologies," said a lead TMR analyst. Government incentives provided to companies adopting green technologies, and stringent regulations aimed towards ensuring sustainable environment, especially across mature markets in North America and Europe, constitute the chief market driver.
Presently, on account of surging environment sustainability concerns, industrial floor scrubbers' manufacturers are emphasizing on research and development to come up with more eco-friendly and efficient products. Considering these activities, recent developments in the field of robotics with incorporated touch and vision have improved the speed and efficiency of various production and supply systems. The demand for robotic floor scrubbers is thus expected to rise in industries such as healthcare and pharmaceuticals, hospitality, food, manufacturing, retail, and warehousing.
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Besides this, the market is projected to gain from the growing health and hygiene concern among end users. With the growing adoption of advanced cleaning services, consumers are more likely to use eco-friendly products. In addition, stringent government regulations are impelling industries to maintain high level of cleanliness, thereby bolstering opportunities for the industrial floor scrubbers market.
High Cost of Floor Scrubbers Emerges as Major Growth Deterrent
On the downside, high cost of industrial floor scrubbers is a major challenge inhibiting the market. In addition, manufacturing companies may incur additional cost in procuring battery, electricity, and in maintenance of equipment. These factors will further add to the cost of industrial floor scrubbers thus curbing their sales to an extent.
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Furthermore, low industrialization and the availability of cheap labors will make it tough for the market players to penetrate into developing nations. Nevertheless, soon the technology is expected to establish their presence in the untapped market on account of the recent advancements in the technology. Additionally, the rising awareness among consumers about benefits industrial floor scrubbers offer, will aid the market's expansion in the coming years.