Industrial machinery market size in agricultural sector is experiencing a stupendous growth worldwide. Farm tractors, haying, livestock machinery, plowing, and other cultivating machinery are the prominent products witnessing global adoption. Agronomists are nowadays deploying sensors on agricultural vehicles, satellites, light aircraft for precise field mapping. In this regard, UK is technologically a step ahead. Farmers here use crop canopy measure to monitor the growth status prior to nitrogen application. This helps them determine the amount of nitrogen required for local plants. These technological integrations in agriculture sector to enhance the overall productivity is stimulating global industrial machinery market dynamics.
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 industry trends. Agricultural equipment includes farm tractors, planting & fertilizing, plowing & cultivating, haying, harvesting, liquid fertilizer sprayers, and livestock machinery.
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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.
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 industry size. Moreover, growing industrialization will drive construction and mining applications, with a growth rate of 4.5% over the period of 2016 to 2024.
Market players will enhance their sale by strategic partnerships with the key suppliers to attract more customers. Heavy investment in R&D to come up with better quality products will be a major growth strategy over the coming years. Komatsu Limited, Caterpillar Inc., Hitachi, Atlas Copco, Volvo, Terex, and Sandvik are some of the leading companies in the industrial machinery market.
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Glimpse of Table of Content (ToC)
Chapter 3 Industrial Machinery Market Insights
3.1 Industry segmentation
3.2 Industry Size and forecast, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Vendor matrix
3.4 Technology & innovation landscape
126.96.36.199 Soil compaction
188.8.131.52 Mapping fields and crops
184.108.40.206 Wearable smart sensors
220.127.116.11 Tool tracking
18.104.22.168 Tablets and Wi-Fi
22.214.171.124 Mobile apps
3.5 Regulatory landscape
126.96.36.199 Occupational Safety and Health Administration (OSHA)
188.8.131.52.1 ANSI Standards
184.108.40.206.2 National Fire Protection Association(NFPA)
220.127.116.11.1 Duty-Free Manufacturing Tariff Regime
18.104.22.168 Machinery Directive 2006/42/EC
22.214.171.124 MEP (Ministry of Environmental Protection, the People’s Republic of China)
126.96.36.199 CCC Mark
188.8.131.52 Protection of intellectual property rights
184.108.40.206 Occupational Health and Safety (OH&S)
220.127.116.11 Emission standards for diesel construction machinery
18.104.22.168 Emission standards for diesel agricultural tractors
3.6 Industry Impact forces
3.6.1 Growth drivers
22.214.171.124 Increasing mechanization of farming operations
126.96.36.199 Escalating infrastructure spending
188.8.131.52 Rising adoption of smart packaging solutions
184.108.40.206 Surging globalization to trigger food processing sector
3.6.2 Industry pitfalls & challenges
220.127.116.11 Health and safety concerns
18.104.22.168 Lack of skilled labor and technicians
3.7 Growth potential analysis
3.8 Company market share analysis, 2015
3.8.1 Strategic landscape
3.9 Porter’s analysis
3.10 PESTEL analysis
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