Industrial Machinery Market Size, Share, Growth, and Industry Analysis by Type (Agriculture & Food Machinery, Construction Machinery & Related Equipment, Power & Energy Equipment, Aerospace, Material Handling Machinery, Personal Protective Equipment, Metalworking Machinery, General Purpose Industrial Machinery, Automotive, Mining and Industrial Process Machinery), By Application (Printing, Food, Textile), Forecast, 2024-2032

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INDUSTRIAL MACHINERY MARKET REPORT OVERVIEW

The global industrial machinery market size was USD 668.7 billion in 2023 and is projected to grow from USD 691.44 billion in 2024 to USD 906.25 billion by 2032, exhibiting a CAGR of 3.4% during the forecast period. Asia-Pacific holds leading position in industrial machinery market share in 2023.

Industrial machinery and equipment utilized by a manufacturer at a manufacturing plant are referred to as industrial machinery and equipment. Any mechanical, electrical, or electronic equipment intended and employed to execute a certain function and generate a specific effect or result is referred to as machinery. The term encompasses not only the fundamental unit of machinery but also any adjunct or attachment required for the basic unit to perform its intended purpose. The term also encompasses any equipment utilized or necessary to control, regulate, or run a piece of machinery, provided that such devices are physically linked to or are an essential component of the machinery and are principally employed for control, regulation, or operation of machinery.

It is a big global corporation, providing everything from tools and heavy equipment for the food and beverage sectors to machinery required for energy generation and infrastructure growth. Many industries' success may be attributed to the continual production of industrial machinery. Manufacturing speed, quality, and quantity have all increased as a result of technological developments, increasing productivity and profitability. Consequently, one of the key drivers of the industrial machinery market growth is the rising dependence on machinery.

COVID-19 Impact: Combined Effect of the Pandemic Slowed Market Growth.

The global COVID-19 pandemic has been unprecedented and staggering, with industrial machinery experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The outbreak of coronavirus illness (COVID-19) has served as a significant limitation on the industrial machinery market in 2020, as supply chains have been disrupted owing to trade restrictions and production activity has decreased due to worldwide government lockdowns. COVID-19 is an infectious illness that causes flu-like symptoms such as fever, coughing, and trouble breathing. Machinery makers rely largely on the supply of raw materials, parts, and components from all around the world. Because many governments imposed restrictions on the transportation of commodities across borders, firms were forced to suspend production owing to a scarcity of raw materials and components.

LATEST TRENDS

"Popularity of E Commerce Lead to Market Expansion"

This is the internet era. Almost every product in every category is now available on the internet. A smartphone with an internet connection is all that is required to purchase something from afar. Today's B2B clients want to be in charge of their online experience; therefore, in addition to a transactional website, they must include self-service options. It is not only about engaging customers online. E-commerce enables businesses to reap the benefits of bigger digital transformation and business evolution projects. The industry is quickly expanding as a result of e-commerce.

INDUSTRIAL MACHINERY MARKET SEGMENTATION

• By Type

Based on Type; the market is divided into Agriculture & Food Machinery, Construction Machinery & Related Equipment, Power & Energy Equipment, Aerospace, Material Handling Machinery, Personal Protective Equipment, Metalworking Machinery, General Purpose Industrial Machinery, Automotive, Mining and Industrial Process Machinery.

Construction Machinery & Related Equipment is the leading part of the platform segment.

• By Application

Based on Application; the market is divided into Printing, Food, Textile, Construction, Pharmaceuticals, Chemical, Automotive, Agricultural, Power Generation.

Construction is the leading part of the application segment.

DRIVING FACTORS

"Technological Advancement Speed Up the Market Demand"

Rapid technological advancements are likely to fuel innovation in this industry, propelling the market over the forecast period. Furthermore, in manufacturing, technologies such as 3D printing, artificial intelligence, and big data analytics are being applied, resulting in increased productivity, lower operating costs, and larger profits. For example, according to a global poll conducted by The Economist Intelligence Unit, almost 90% of business leaders believe that artificial intelligence (AI) would have a positive influence on company growth and 86% believe that AI will assist in boosting productivity.

"Low Operating Costs Leads to an Increase in Market Demand"

Lower operational costs result in larger margins, allowing enterprises to expand their product portfolios and enter new markets by making cost-cutting investments. IoT applications are also being incorporated into these devices to provide services such as remote monitoring and central feedback systems, as well as additional services. Mobile apps, improved sensors, and embedded software have also given enterprises in this industry additional prospects. During the projected period, these factors are likely to boost the engine, turbine, and power transmission equipment manufacturing market.

RESTRAINING FACTORS

"Government Regulations to Slow Down the Market's Growth"

Manufacturing and selling this product encounters several hurdles, including restrictions from individual nations. Each country has its own norms and rules pertaining to industry. The restrictions encompass not only the manufacture but also the selling of this type of machinery. The government regulates the import and export rates, which can occasionally have an impact on corporate profits and slow market expansion.

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INDUSTRIAL MACHINERY MARKET REGIONAL INSIGHTS

"North America to lead market owing to Industrialization"

North America has the majority of the world's industrial machinery market share. The region's demand for the product is increasing as a result of urbanization, which should result in decent growth in the next few years. First and foremost, growing industrialization propels the industrial machinery market forward. People's expenditure on nutrition and vitamins grew as their quality of life improved. As a result, customers may pay greater attention to health and diet, implying that food processing technologies may become more significant. Human work has been substituted by equipment in order to increase production and efficiency. Industrial robots are becoming increasingly important. This region's expanding need for this is expected to boost global market demand during the forecast period.

KEY INDUSTRY PLAYERS

"Key Participants to Accelerate Market Growth"

The information in this market was gathered from a variety of sources. Examples include trade periodicals, data from professional groups, academic studies, and government publications. Manufacturers, distributors, sellers, retailers, micro-experts, and other market players provide information in addition to these primary sources. The report includes data on market players as well as their regional activity. Companies are focusing their efforts on growing their market position through strategies such as mergers and acquisitions, collaborations, and the development of innovative products.

List Of Top Industrial Machinery Companies

• AO Smith Corp (U.S.)
• Lincoln Electric Holdings (U.S.)
• Manitowoc Company (U.S.)
• Illinois Tool Works (U.S.)
• Terex Corp (U.S.)
• Astec Industries (U.S.)
• Toyota (Japan)
• Samsung Electronics (South Korea)
• AGCO Corporation (U.S.)
• Alamo Group (U.S.)
• Ford (U.S.)
• Hewlett-Packard (U.S.)
• Hitachi (Japan)
• IBM (U.S.)
• Lindsay Corporation (U.S.)
• Siemens (Germany)
• General Electric (U.S.)

REPORT COVERAGE

The study includes a complete examination of the market's present state as well as an examination of raw materials, technology, and machinery, as well as supply and demand, production capacity, and industry chain analysis. This study evaluates the market opportunities and risks associated with the establishment of certain categories. It also investigates the effects of key market drivers and industry development obstacles. The efficacy of large corporations is evaluated throughout time, and their influence on market dynamics is explored.