Industrial Machinery Market size is forecast to reach USD 771.59 billion by 2024; according to a new research report by Global Market Insights Inc.
Asia Pacific leads the global market revenue on account of the considerable share from China. Untapped potential as well as steady demand in the region will contribute to high growth rate. The region also leads in semiconductor fabrication plant base, which will drive demand in the coming years.
Government regulations, financial constraints and the increasing cost of ownership make rental an attractive alternative for an increasing number of government authorities, contractors and other construction equipment users. The rental landscape in the Europe and U.S. includes short-term rentals that are mainly provided to small contractors. A growing number of equipment has become available on rent, with many companies engaging in both exclusive as well as non-exclusive contracts.
Agricultural machinery market is witnessing growing demand through 2024 due to economic development. These mainly include farm tractors, harvesting, planting & fertilizing, haying, and livestock machinery, as well as liquid fertilizer spreaders/sprayers, planters, haying, plowing & cultivating machinery, etc.
Browse key industry insights spread across 130 pages with 82 market data tables & 13 figures& charts from the report, “Industrial Machinery Market Size By Application (Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
Need for advanced vehicles equipped with emission control systems is likely to propel market share. Regulatory support in the form of tax benefits have favorably influenced infrastructure activities in Japan, India, and South Korea. Escalating focus on infrastructure as well as increasing need for mechanization of manufacturing processes is projected to drive industry growth.
Growing global construction equipment as well as mining equipment industry is pivotal for growing industrial machinery demand. This segment is forecast to see around 4.5% growth rate till 2024.
Smart packaging solution adoption and high demand for food processing and packaging owing to changing consumer lifestyle will positively impact revenue generation.
Manufacturing firms prefer creating their own supplier and distributors network to market their products. More collaborations with key suppliers for co-development of parts and systems among manufacturers offer efficient supply chains to reach out to more customers. U.S. based companies earn revenues through the export of machines in other countries such as Brazil, Canada, Australia, Mexico, etc. Though these products are made available at large retail outlets, e-commerce represents an attractive channel to reduce cost.
Companies accounting for industrial machinery share differ on the basis of product offering. Major players include Atlas Copco, Caterpillar, Sandvik, Hitachi, Komatsu, Terex, etc.