Industrial Machinery Market Analysis – Trends Evolution, Revenue, Growth Drivers, Strategies, Application and Region-Forecasts, 2024
Europe Industrial Machinery Market is contributing noticeably to the global demand and is estimated to register a CAGR of 4.7% over the forecasts period.
Sellbyville, United States – August 27, 2019 /MarketersMedia/ —
Industrial Machinery Market will be stimulated by rising industrialization and growing trend of automation 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. 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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The growth in industrial machinery market sales for 2016 is being driven by several factors such as an increase in the living standard and increasing spending on nutrition which will profit the food and packaging machinery sectors. The packaging sector is slated for high growth over the coming years owing to high investments in lighter packaging. Developments in packaging technologies such as food wrapping in cartons, ready-to-cook enclosures, and new sterile packaging technology are generating high demand for machines in packaging sector, thereby providing positive growth aspects for the industrial machinery market. Moreover, the increasing investments in technology from several manufacturers will boost the demand for semiconductor equipment, mining, robotics, and oil & gas machinery.
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.
The industrial machinery market in agriculture segment is witnessing an augmented demand for machinery owing to economic development in several regions around the globe. These demands are majorly for harvesting, haying, plowing, planting & fertilizing, livestock machinery and farm tractors, as well as planters, cultivating machinery and liquid fertilizer sprayers/spreaders.
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Asia pacific dominated the global industrial machinery market landscape in term of revenue in 2015. With a considerable share of China, APAC market is anticipated to remain one of the prominent regions driving the overall industry in the years ahead. Food processing and smart packing are the leading trends catering the regional industrial machinery market.
Industrial machinery industry is highly competitive with some of the key market players investing heavily in research activities to improve their performance portfolio. Manufacturers are taking various strategic initiations to build a strong dealer supplier network that would provide a better consumer reach. Industrial machinery market is also characterized by the global inclination toward eco-friendly products. Though the business is majorly driven by large retail outlets, yet e-commerce serves also as an attractive channel for the massive expansion. As per Global Market Insights Inc., Industrial machinery market is slated to exceed USD 770 billion by 2024.
Table Of Content For This Research Report:
Chapter 4 Industrial Machinery Market, Application Insights
4.1 Global market share by application, 2015 & 2024
4.2 Agriculture
4.2.1 Market demand from agriculture, 2013 – 2024
4.3 Construction
4.3.1 Market demand from construction, 2013 – 2024
4.4 Packaging
4.4.1 Market demand from packaging, 2013 – 2024
4.5 Food Processing
4.5.1 Market demand from food processing, 2013 – 2024
4.6 Mining
4.6.1 Market demand from mining, 2013 – 2024
4.7 Semiconductor Manufacturing
4.7.1 Market demand from semiconductor manufacturing, 2013 – 2024
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