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Industrial Machinery Market size was valued at USD 682.7 billion in 2022 and is anticipated to register a CAGR of 6% between 2023 and 2032. The agricultural sector is expected to witness substantial growth over the forecast period owing to the rising demand for advanced agricultural equipment. The increasing need to harvest multiple crop types is likely to propel market demand.
The incorporation of electronic devices, such as Global Positioning System (GPS), into agricultural machinery aids in interconnecting other machines to create a network, enabling technology to become a part of the overall process. Technologies, such as GPS, automated steering, and yield mapping, are also being gradually adopted into agricultural machinery.
Report Attribute | Details |
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Base Year: | 2022 |
Industrial Machinery Market Size in 2022: | USD 682.7 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 6% |
2032 Value Projection: | USD 1,226.2 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 166 |
Segments covered: | Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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The rising value for packaging machinery from various sectors, such as pharmaceuticals, chemicals, and food & beverage, will boost the market size . Packaging machinery is likely to witness prominence in the food & packaging industry owing to its high capacity, incredible speeds, and substantial efficiency to form, fill & seal products. Factors including enhanced automation, shorter turnaround time, integrated systems, and versatility, are expected to drive the market growth.
Industrial machinery market lacks skilled labor and technicians. As machinery becomes more complex and technologically advanced, there is a growing demand for skilled workers who can operate, maintain, and repair the equipment. However, there is a shortage of qualified technicians, resulting in delays in maintenance and repair services, increased downtime, and decreased productivity for businesses. This shortage also hampers the adoption of new machinery and limits the overall increase potential of the market. Efforts to address this issue include investing in training programs and promoting technical education to develop a skilled workforce.
The COVID-19 pandemic significantly impacted the market for industrial machinery. The decreased production and growth for industrial machinery are due to lockdowns, travel restrictions, and disrupted supply chains. Capital investments decreased as many manufacturing facilities were temporarily shut down. Businesses had to also postpone or cancel the purchase of machinery due to economic uncertainties and decreased operations.
The integration of advanced technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), big data analytics, and automation, is revolutionizing industrial machinery. Industry 4.0 concepts are driving the development of smart factories, where machines, processes & systems are interconnected and communicate in real time. This trend enables predictive maintenance, remote monitoring, optimized production, and improved efficiency.
The growing emphasis on sustainability and environmental responsibility is expanding the industrial machinery market growth. Manufacturers are developing eco-friendly machines that reduce energy consumption, minimize emissions, and optimize resource usage. Sustainability considerations encompass efficient energy management, waste reduction, recycling, and the use of environmental-friendly materials. Customers prefer businesses that focus on reducing their carbon footprint, thereby enhancing their position for future progression.
The construction segment held around 24% of the industrial machinery market share in 2022. Increased infrastructure spending, urbanization, and population progress are a few factors fueling the construction segment. Governments are investing in infrastructure development projects to stimulate economic growth and improve public infrastructure. Rapid urbanization and population growth in many regions also contribute to the demand for new residential & commercial buildings.
Asia Pacific industrial machinery market accounted for 45% of revenue share in 2022. Countries in the APAC region are investing in construction projects including transportation, energy, and urban development. This trend is augmenting the demand for industrial equipment such as construction machinery, earthmoving equipment, and material handling equipment. Asia Pacific is also witnessing massive urbanization as the growing population is migrating to cities. This surge in urbanization is leading to an increased demand for the construction of residential buildings, commercial complexes, and other infrastructure, propelling the demand for industrial equipment.
The major companies operating in the industrial machinery market include
These companies are focused on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are also heavily investing in research to introduce innovative products and garner the maximum market revenue.
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Market, By Application
The above information has been provided for the following regions and countries: