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Industrial Machinery Market Size

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The industrial machinery market size is estimated to grow at an approximate CAGR of 6% from 2016 to 2024.
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Industrial Machinery Market Size, Growth, Segmentation,
Outlook, Trends, Research and Forecast Report, 2016 to 2024 |
Hexa Research
“The industrial machinery market size is estimated
to grow at an approximate CAGR of 6% from 2016 to
2024.”
20 March 2019, The Industrial Machinery Market size is estimated to grow at an approximate CAGR of 6%
from 2016 to 2024. The improving economic conditions worldwide is one of the major factor driving the
demand for the industrial machinery in various sectors such as packaging, agriculture, machine tools and
materials handling. Rapid industrialization and increasing investment in capital -intensive technologies has led
to a significant increase in the demand for the industrial machinery.
Industrial machinery is considered crucial in the operations of printing, food, textile, construction,
pharmaceuticals, chemical, automotive, agricultural, power generation, utility, transportation and shipping
industries.
The growth in the Industrial machinery market is driven by the increasing global demand for cars which will
lead to a rise in the spending on robotics and the tools used in the automotive sector. The increase in the
production of automobiles will also lead to an increase in the rubber and plastic industries which will, in turn,
drive overall market demand.
The increase in standard of living worldwide increased spending on nutrition and the growth in demand for
food will be a huge gain for the food and packaging industry. The rise in demand for housing, commercial
buildings, and better infrastructural facilities is expected to increase the demand for machinery used in the
construction sector.
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The increasing popularity of green technologies has led to an increase in demand for the industrial machinery
in photovoltaic and in wind turbines manufacturing companies. The growing demand for efficiency and
quality is anticipated to drive investments in the development of the industrial machinery market.
Automated machinery saves time, improves quality and also lowers operational cost of a manufacturing
company.
The packaging industry is expected to boost the demand for industrial machinery. Increasing investment in
lighter packaging which requires fewer materials, produces less waste and is more energy efficient is
projected to spur the demand for industrial machinery. Further, the technological advances in packaging like
wrapping food in ready-to-cook enclosures and new aseptic packaging technology is projected to drive the
market growth.
The increased dependency on machines is estimated to create a huge demand for ind ustrial machinery over
the forecast period. The industrial machinery aftermath market which includes maintenance and service
contracts is anticipated to influence the market growth positively. Increasing capital expenditure on
automated processes and increasing research & development and innovation in this market expected to
boost market growth over the forecast period.
The increasing cost of raw materials like steel, energy especially coal and fuel prices have adversely affected
the growth in the industrial machinery market. Government policies affecting prices along, import and export
tariffs, and trade relations with the other countries could also restrict the growth in the market.
The industrial machinery market can be categorized 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.
North America is anticipated to observe a decline in the market growth mainly due to a decrease in the
mining activities. A sharp fall in the demand for farm and mining machinery is expected over the coming
years. Currency fluctuations could also hinder the industrial machinery market growth.
The market in South Africa is expected to experience high growth rate as the government in focusing on
improving its manufacturing, chemical processing, agricultural sectors and mining. Huge investments mad e in
the residential, commercial, industrial and infrastructure segment is anticipated to boost market growth over
the future years.
The industrial machinery market in Asia-Pacific is estimated to grow at a significant CAGR from 2016 to 2024.
The growing demand for industrial machinery from countries such as China, India, South Korea and Japan is
anticipated to drive overall market demand over the forecast period. China's government is focusing on
urbanization and the recent policies stress on rapid industrialization. India is expected to observe rapid
industrialization on account of favorable government regulations and policies.
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The major market players are Caterpillar Inc. and Deere & Company. Caterpillar Inc. is the leading
manufacturer of industrial gas turbines, construction & mining equipment, diesel-electric locomotives, and
diesel & natural gas engines. Deere Company in engaged in the production and distribution of agricultural &
forestry equipment, construction equipment, and engines across the world.
The other prominent players in the market are AO Smith Corp, Lincoln Electric Holdings Inc., Manitowoc
Company, Illinois Tool Works, Terex Corp., Astec Industries, Toyota, Samsung Electronics, AGCO Corporation,
Alamo Group, Ford, Hewlett-Packard, Hitachi, IBM, Lindsay Corporation, Siemens and General Electric.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/automotive-andtransportation-industry
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Hexa Research is a market research and consulting organization, offering industry reports, custom research
and consulting services to a host of key industries across the globe. We offer comprehensive business
intelligence in the form of industry reports which help our clients obtain clarity about their business
environment and enable them to undertake strategic growth initiatives.
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Hexa Research
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Felton, California 95018
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Phone: +1-800-489-3075
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