Industrial machinery Market worth US$ 2, 63,251.2 million by 2027- Exclusive Research by The Insight Partners

According to the latest market study on "Industrial machinery Market to 2027 - COVID-19 Impact and Analysis and Forecast by Machinery Type (Packaging Machinery, Food Processing Equipment, Plastics Processing Machinery, Metal Forming Machine Tools, and Woodworking Machinery), and Geography,"the marketis estimated to reach US$ 2,63,251.2 million by 2027 from US$ 1,84,337.8 million in 2019. The report highlights the factorsdriving and restraining the market growth, as well as enumeratesprominent players in the market with their recent developments.
Growing manufacturing sector isanticipated to provide growth opportunities for industrial machinery providers

The manufacturing industry is still witnessing a massive investment in various automated and smart industrial solutions being adopted. Additionally, the adoption of data-driven solutions has gained considerable popularity among several leading manufacturers and business owners in mitigating unforeseen errors, faults, and damage through predictive techniques. Increasing demand for industrial machinery across various industrial applications is expected to provide substantial market growth opportunities across developed economies in the coming years. Besides, the strict policies of government and regulations to minimize workplace-based accidents are also anticipated to foster the market growth through ongoing individual monitoring. Thus, the manufacturing sector is capable of providing numerous profitable business opportunities for market players during the forecast period. The use of distributed fabrication enables manufacturers to reduce lead times and drastically save on freight costs. Also, IoT-based applicationsas well as machine learning make it less challenging to coordinate operations across multiple factories. As new technologies make it increasingly viable to coordinate large-scale activities across countries and continents, manufacturers expect to see significant resources invested in areas such as distributed manufacturing. While these investments may cost manufacturers in the short term, their long-term gains make the cost easily worth it.

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It is estimated that the AsiaPacific industrial machinery market will grow at a significant CAGR from 2020 to 2027. It is anticipated that the growing demand for industrial machinery from countries such as China, India, South Korea, and Japan will drive overall market demand during the forecast period. The government of China focuses on urbanization, and the new policies emphasize rapid industrialization. Because of favorable government regulations and policies, India is expected to observe rapid industrialization.
Digitization has resulted in increased efficiency of existing machines coupled with increased safety, and are expected to increase demand for industrial machinery. Moreover, increasing urban population and growing demand for better infrastructure have led to the growth of the construction industry, which is expected to drive the growth of the industrial machinery markets. Due to reliable offerings and high quality, manufacturers from the North American and European regions have dominated the global industrial machinery market in recent years.

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Impact of COVID-19 Pandemic on Industrial Machinery Market

The North America region especially the US witnessed an unprecedented rise in number of confirmed cases resulting in large-scale lockdown across different regions as well as industrial activities. As a result, several small & medium enterprise owners have limited their industry personnel whereas many other have laid off non-essential employees shortly owing to restricted business operation. Additionally, several companies minimized the allocated budget for manufacturing of industrial machineries owing to economic slowdown, which is anticipated to impact the growth of industrial machinery market during the forecast period.

The industrial machinery marketis segmented intomachinery type,and geography. Asia Pacific held the largest share of the industrial machinery market, followed by Europe and North America,in 2019. Based on machinery type, the industrial machinery market is segmented into packaging machinery, food processing equipment, plastics processing machinery, metal forming machine tools, and woodworking machinery. The food processing equipment segment led the industrial machinery market in 2019.

AB Electrolux, Alfa Laval, AMADA CO., LTD., GEA Group, HAITIAN INTERNATIONAL, MITSUBISHI HEAVY INDUSTRIES, LTD, SCHULER GROUP, Sumitomo Heavy Industries, Ltd., Syntegon Technology GmbH (Bosch Packaging Technology), and THE ADELPHI GROUP OF COMPANIES are among the major companies offering products in industrial machinery marketworldwide.

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