Home > Sustainable & Smart Technologies > Industrial Machinery Market
Industrial Machinery Market size exceeded USD 485 billion in 2015 and is growing at more than 5.3% CAGR through 2024. Escalating need to harvest multiple crop types is likely to propel the industry growth. These technologically equipped products aid in elevating productivity as well as efficiency.
Increasing R&D in various segments such as steering systems, data management, automation of operations and interface is poised to positively impact the market demand.
Favorable regulatory norms regarding tax benefits for infrastructure ventures is fuelling the construction activities in countries such as India, Japan and South Korea. Increasing demand for products such as earthmoving equipment is anticipated to offer potential growth opportunities due to rapidly growing urban population. Heavy duty excavators are primarily implemented in heavy construction and mining industries. Rising prevalence of capacity augmentation in cement industry is predicted to catalyze the excavator market growth.
The industrial machinery market witnessed a sharp decline in the wake of coronavirus pandemic. The COVID-19 pandemic is penetrating higher and increasing human loss across the globe has led to imposition of lockdown to reduce infection among the population across countries. The lockdown led to shutdown of the factories and industries and the manufacturing companies are highly dependent on the supply of raw materials, components from other parts from different countries across the globe. It has been analysed that the lack of supply of raw materials to manufacturing companies discontinued in production.
|Market Size in 2015:||485 Billion (USD)|
|Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||5.3%|
|2024 Value Projection:||100 Billion (USD)|
|Historical Data for:||2013 to 2015|
|No. of Pages:||100|
|Tables, Charts & Figures:||95|
|Segments covered:||Application and Region|
|Pitfalls & Challenges:|
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The government restrictions on the trade and movement of the products led to disruption in demand and supply chain, impeding the production and growth of the market. The global industry witnessed a drop in demand and economic uncertainty resulted into companies delaying the purchase of the new industrial machinery, postponing scheduled upgrades and cancel the existing orders due to lack of fund or investment.
Risks involved in mining activities such as slope failures and rock falls will hamper the industrial machinery market outlook. Surface mines are massive industrial sites where humans deal with huge and moving equipment. Factors such as blind intersections and obstructions as well as irregular road designs may also hinder the market demand.
Packaging machinery market is set to cross USD 65 billion by 2024. Rising demand for packaged beverages and food owing to growing middle class population accompanied by urbanization will act as a key growth driver. Other factors include increasing focus on achieving high efficiency as well as growing demand for multi-functional systems. Modular systems are expected to exhibit substantial growth over the forecast timeframe on account of high flexibility offered during the packaging process. Technologies such as EOAT (end-of-arm-tooling) design advancements and vision sensor constitute the key industry trends.
Food processing machinery segment is projected to grow at over 7% CAGR till 2024. Globalization in food manufacturing, rapid urbanization, and increasing disposable income is driving market growth. Additionally, liberalization of trade in agriculture & food, increasing awareness regarding food brands led by advertising by transnational corporations, along with growing demand for ready-to-eat food is propelling industrial machinery market revenue.
Asia Pacific is forecast to contribute a majority of the global market revenue up to 2024 impelled by the significant demand from China. Burgeoning foreign investment for local production facilities accompanied by fused improvisation in food processing & consumer durables sectors are the major regional trends.
Europe industrial machinery market demand is estimated to observe 4.7% CAGR through 2024. Stringent regulatory norms regarding numerous aspects such as quiet operation, safety and limitations on exhaust emissions, play a key role in introduction of refined machineries. Sophisticated strut design has helped optimize the quantity of hydraulic fluid as well as orifice diameter. Moreover, it helps in reducing vehicle vibration level by about 50% when compared to conventional models.
Due to the diversified nature of the industry, major players differ on the basis of the product offering. Caterpillar, Komatsu, Hitachi, Volvo, Atlas Copco, and Terex represent key participants in the global industrial machinery market.
Technological advancements such as use of hydraulic engines and electric drives deliver increased efficiency in agriculture and in heavy industries. Various strategic initiatives are implemented to build strong dealer and supplier base to increase customer reach. The participating firms invest heavily in R&D to come up with improved performance. The manufacturing standards and safety norms are regulated by government and international authorities. The industry is characterized by adoption of environment friendly products for achieving sustainable growth.
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Market, by application
The above information is provided on a regional and country basis for the following: