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Machinery Market Report: In-Depth Analysis Of Industry Share, Size, Growth And Outlook Up To 2033
Machinery Market Report
The Business Research Company presents an extensive market research report on the Machinery Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The machinery market size has grown strongly in recent years. It will grow from $3580.77 billion in 2023 to $3849.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to industrialization and economic growth, focus on precision and accuracy, globalization and trade, increased labor costs, consumer demand for efficiency.
The machinery market size is expected to see strong growth in the next few years. It will grow to $5034.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to growth of sustainable and eco-friendly machinery, global supply chain challenges, shift towards circular economy, cybersecurity measures, remote monitoring and maintenance, resilience and disaster preparedness. Major trends in the forecast period include digital transformation, autonomous machinery, customization and modular design, human-machine collaboration, advanced materials and manufacturing technique.
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Key Market Players:
Major companies operating in the machinery market report are Robert Bosch GmbH, Siemens AG, United Technologies Corporation, Caterpillar Inc., Midea Group Corporation Limited, Deere & Company, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Canon Inc., ABB Ltd., Gree Electric Appliances Inc. of Zhuhai, Johnson Controls International plc, Komatsu Ltd., CNH Industrial N.V., Eaton Corporation plc, Kubota Corporation, Emerson Electric Co., Parker-Hannifin Corporation, Tetra Laval International S.A., Liebherr-International AG, Atlas Copco AB, XCMG Group Co. Ltd., Hitachi Construction Machinery Co. Ltd., Rockwell Automation Inc., Ingersoll Rand Inc., Zoomlion Heavy Industry Science and Technology Co. Ltd., SANY Heavy Industry Co. Ltd., Volvo Construction Equipment AB, Doosan Heavy Industries & Construction Co. Ltd.
Market Drivers:
Rapid advances in technology are expected to drive innovation in machinery manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs, and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on a company's growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolios and enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, and central feedback systems and to offer other services. Mobile applications, advanced sensors, and embedded software also created new opportunities for companies in this market. These factors are expected to drive the machinery manufacturing market during the forecast period.
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The machinery market covered in this report is segmented -
1) By Type: Automatic, Semi-Automatic
2) By Capacity: Small, Medium, Large
3) By Application: Automotive, Precision Engineering, Transport, Other Applications
Subsegments Covered: Construction Machinery, Agricultural Implement, Mining And Oil And Gas Field Machinery, Woodworking And Paper Machinery, Other Industrial Machinery, Printing Machinery And Equipment, Semiconductor Machinery, Food Product Machinery, Other Commercial And Service Industry Machinery, Photographic And Photocopying Equipment, Optical Instrument And Lens, HVAC And Commercial And Industrial Refrigeration Equipment, Commercial Fan And Air Purification Equipment, Heating Equipment (except Warm Air Furnaces), Special Die And Tool, Die Set, Jig, And Fixture, Machine Tool, Industrial Mold, Rolling Mill And Other Metalworking Machinery, Cutting Tool And Machine Tool Accessory, Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, And Gear
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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