Industrial Machinery Market Analysis

Industrial Machinery Market Analysis

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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.