Industrial Machinery Market Size

Industrial Machinery Market Size

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.

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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.

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.