Industrial Machinery Market 2020 by Industry Growth & Regional Forecast To 2024 | AGCO Corporation, Atlas Copco AB, BHP Billiton, Brandt Industries Ltd., Caterpillar Inc., CNH Industrial, ESCO Corp., Gerdau S.A., Hitachi Construction Machinery, Honeywell

Europe industrial machinery market is contributing noticeably to the global demand and is estimated to register a CAGR of 4.7% over the period of 2016-2024. A large number of equipment companies in this region who provide numerous options such as outright purchases, rentals, leasing, financing which allows contractors to utilize these technologically advanced products available in the market at an affordable price range. Furthermore, spreading awareness regarding harmful gas emissions as well as a less noisy operation is further allowing an increasing penetration of sophisticated refined based industrial machinery industry.

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 market.

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Increasing consumer preference toward packaged food, especially across the middle-class population, is playing a pivotal role behind the commendable industrial machinery industry share in the packaging sector. Multifunctional modular systems are witnessing increasing demand, owing to the high flexibility and efficiency offered by these systems. The impact of changing consumer lifestyles will also substantially influence the market size over the coming seven years. Industrial machinery market from packaging is expected to exceed a revenue of USD 65 billion by 2024.

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.

With the rapid expansion of processed food industry fueled by the increasing demand for packaged food, food processing applications is also witnessing a positive changeover. Driven by the globalization of food manufacturing units, consumers are more aware of the nutritional benefits of processed food, which in a way is spurring industrial machinery market size from this sector. The overall industry from food processing is anticipated to chart a sharp growth curve at an annual rate of 7% in the coming seven years.

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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.

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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