Considering global industrial machinery market, APAC region contributed majorly towards worldwide revenue in 2015. China will lead the Asia Pacific industrial machinery industry growth. The attributing factors are increasing foreign investment for local production facilities and development across consumer durables & food processing sectors.
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Europe industrial machinery market size is predicted to register a growth rate of 4.7% over the above-mentioned time, owing to the strict government regulations pertaining to emissions, noise free operations, and safety. Expanding construction equipment rental market will also positively influence the industrial machinery business share.
Growth in the global construction equipment market size as well as mining equipment industry is pivotal for growing industrial machinery market share. These segments are forecast to grow at over 4.5% CAGR from 2016 to 2024.
Smart packaging solution adoption and high demand for food processing and packaging due to changing consumer lifestyle will positively impact revenue generation over the next few years.
Escalating industrialization & growing trend of automation will stimulate industrial machinery market growth over the coming years. Agricultural sector is significantly sharing the industrial machinery business space, driven by the ease of crop harvesting and growing demand for agricultural automation. According to the report by Global Market Insights, Inc., “Global industrial machinery market share is estimated to surpass a revenue of USD 771 billion by 2024.” Incorporation of technological features such as GPS in agricultural equipment along with economic development will propel industrial machinery market trends. Agricultural equipment includes farm tractors, planting & fertilizing, plowing & cultivating, haying, harvesting, liquid fertilizer sprayers, and livestock machinery.
Moreover, supporting regulatory norms regarding infrastructural tax will boost construction activities across the countries such as India, South Korea, and Japan. Growing need of excavators for heavy lifting, landscaping, brush cutting, river dredging, etc. will positively influence the industrial machinery market size. Furthermore, upgrowing R&D in various segments such as automation of operations, steering systems, and data management is likely to positively impact the market.
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Food processing, semiconductor manufacturing, mining, agriculture, construction, packaging are the key application areas of the global industrial machinery market. Packaging application will surpass a revenue USD 65 billion by 2024, primarily driven by increasing demand for packaged food and beverages across the burgeoning middle-class population. Additionally, rising demand for multi-functional systems and emerging technologies such as vision sensors, EOAT (end-of-arm-tooling) design will boost industrial machinery market size. Moreover, growing industrialization will drive construction and mining applications, with a growth rate of 4.5% over the period of 2016 to 2024.
Furthermore, rapid urbanization, changing consumer lifestyle, and increasing disposable income will notably impact revenue generation in food processing application, which will exhibit lucrative annual growth rate of 7% over the coming seven years. Moreover, the liberalization of trades in food & agriculture, growing awareness about food brands will further drive industrial machinery market size in food processing application.
Table of content for this research report:
Chapter 4 Industrial Machinery Market Application Insights
4.1 Global industrial machinery market share by application, 2015 & 2024
4.2.1 Industrial machinery market demand from agriculture, 2013 – 2024
4.3.1 Industrial machinery market demand from construction, 2013 – 2024
4.4.1 Industrial machinery market demand from packaging, 2013 – 2024
4.5 Food Processing
4.5.1 Industrial machinery market demand from food processing, 2013 – 2024
4.6.1 Industrial machinery market demand from mining, 2013 – 2024
4.7 Semiconductor Manufacturing
4.7.1 Industrial machinery market demand from semiconductor manufacturing, 2013 – 2024
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Companies accounting for industrial machinery market share differ on the basis of product offering. Major players include Atlas Copco, Caterpillar, Sandvik, Hitachi, Komatsu, Terex, etc.
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