Industrial Machinery Market Outlook 2024 By Industry Players: AGCO Corporation, Atlas Copco, BHP, Caterpillar Inc., CNH Industrial, Gerdau, Honeywell, ITW, Ingersoll Rand, John Deere, Joy Global Inc., Komatsu America Corp., Terex Corpoeration, Volvo Group

According to a new research report by Global Market Insights, Inc., Industrial Machinery Market is anticipated to grow at a CAGR of over 5% to reach over USD 700 billion by 2022. Increasing adoptions and high demand for machines in several manufacturing sectors ranging from packaging to auto making will provide an impetus to the market over the coming years. Moreover, highly industrialized environment across companies is anticipated to support the industry growth over the forecast timespan.

Agricultural machinery market has witnessed increased demand due to economic development. These mainly include farm tractors, harvesting, planting & fertilizing, haying, and livestock machinery, as well as liquid fertilizer spreaders/sprayers, planters, haying, plowing & cultivating machinery, etc.

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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. Agronomists use sensors on light aircraft, satellites, and agricultural vehicles in order to map crop conditions by observing its red & near-infrared reflectance. This helps in determining the NVDI (normalized difference vegetation index).

Health & safety concerns and lack of skilled labor & technicians will pose as challenges to the industrial machinery market growth. Manufacturing jobs have changed compared to the old jobs and have now become automated. The jobs in the manufacturing industry are majorly focused on maintaining, operating, or programming the industrial machines which require and lack skilled labor and technicians. 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.

By application, the construction segment is anticipated to hold a high market share owing to the increased demand for commercial buildings, infrastructure and housing, which is benefiting the construction equipment sectors. Growing social awareness of green technologies is resulting in high demand for industrial machinery in wind turbines and in photovoltaics (PV) which is further expected to boost the industrial machinery market.

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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Manufacturing firms prefer creating their own supplier and distributors network to market their products. More collaborations with key suppliers for co-development of parts and systems among manufacturers offer efficient supply chains to reach out to more customers. U.S. based companies earn revenues through the export of machines in other countries such as Brazil, Canada, Australia, Mexico, etc. Though these products are made available at large retail outlets, e-commerce represents an attractive channel to reduce cost.

Asia Pacific leads the global revenue, on account of the considerable China industrial machinery market share across application areas. Untapped potential as well as steady demand in the region will contribute to high growth rate. The region also leads in semiconductor fabrication plant base, which will drive demand in the coming years.

Companies accounting for industrial machinery market share differ on the basis of product offering. Major players include AGCO Corporation, Atlas Copco AB, BHP Billiton, Brandt Industries Ltd., Caterpillar Inc., CNH Industrial, ESCO Corp., Gerdau S.A., Hitachi Construction Machinery, Honeywell International Inc., Illinois Tool Works Inc. (ITW), Ingersoll Rand, John Deere, Joy Global Inc., Komatsu Ltd, Sandvik AB, ShawCor Ltd., Terex Corp, and Volvo Construction.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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