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Industrial Machinery Market Trends

Report ID: GMI801
Published Date: Jul 2023
Report Format: PDF

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Industrial Machinery Market Trends

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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of industrial machinery was reached USD 682.7 billion in 2022 and is set to witness over 6% CAGR from 2023- to 2032, driven by the flourishing agricultural sector and the rising demand for advanced agricultural equipment.

The construction segment accounted for 24% of the market share in 2022, attributed to the increasing investments in infrastructure development projects and strong economic growth.

Asia Pacific market held over 45% of revenue share in 2022, owing to the strong outlook of the construction sector in the region.

Notable companies in the market are Caterpillar Inc., Deere & Co., AGCO Corporation, CNH Industrial, Tetra Pak, Krones AG, Applied Material, ASML, Komatsu Ltd., and Sandvik AB