- Report ID: BMRC 494 | Number of pages: 197 | Publish Date: Jan 2020
Status: Published | Category: Heavy Industry | Delivery Timeline:
Industrial Machinery Market report is segmented on application and by regional & country level. Based upon application, industrial machinery market is classified into Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing.
Industrial Machinery Market is valued at USD 563.0 Billion in 2018 and expected to reach USD 797.5 Billion By 2025 with CAGR of 5.1% over the forecast period.
Industrial machinery is equipment used by manufacturer in the manufacturing organization. Industrial machinery is a device or machine which uses electrical and mechanical energy to accomplish work. Industrial machines include heavy machines which are used in construction, production, agriculture, mining and others. These industrial machines reduce the human efforts and increase the work efficiency and speed of work done. The technological advancement and increasing urbanization is gaining traction over the period of time.
The regions covered in this Industrial Machinery market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Industrial Machinery market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Industrial Machinery market are Deere & Company, Caterpillar Inc., AO Smith Corp, Terex Corp., Lincoln Electric Holdings Inc., Manitowoc Company, IBM, Astec Industries, Toyota, Hewlett-Packard, Samsung Electronics, AGCO Corporation, Alamo Group, Illinois Tool Works, Ford, Siemens, Lindsay Corporation, Hitachi, and General Electric among others.
Technological advancement coupled with changing regulatory norms is the key factor which helps Industrial Machinery Market to grow.
There are various factors contributing the growth of industrial machinery market over the forecast period some of the factors include technological advancement. The technological advancement has led to the increase in the efficiency of existing machines coupled with increased safety are expected to increase the demand for industrial machinery. Moreover, increasing automation has also led to the increase in the demand for industrial machines. Furthermore, increasing urban population and increasing demand for better infrastructure has led to the increase in construction industry which is expected to promote the growth of industrial machinery market. There are various favorable regulatory policies about infrastructure tax benefits are also expected to support the growth of industrial machinery market. There is an constant increase in earth moving vehicles from the past few years which are expected to create opportunities in the industrial machinery market. However, risk associated with the equipment handling and high costs of the machines are expected to hamper the growth of industrial machinery market.
Asia Pacific is expected to dominate the Industrial Machinery Market.
North America is expected to experience the moderate rate closely followed by Europe in terms of growth. There regions are well developed and have well developed infrastructure coupled with various safety norms such as quite operation, reduced emission and others. However, Asia Pacific is expected to account for the major market share due to the presence of developed economies such as India, China and Others. These economies are growing significantly due to the increase in urbanization and industrialization and due to the cheap labor and easy availability of raw materials have increased the factory setup in the region. Furthermore, increase in automation to fulfill the demand of constant increasing population the demand of industrial machinery has increased drastically over the forecast period. Latin America is expected to follow the Asia Pacific in terms of growth and expected to develop moderately. Africa and Middle East is expected to develop at ac considerable rate.
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Industrial Machinery Market Size 2020 | Overview by Key Factors, Scope, Drivers 2025