Machinery Market Size, Share, Industry Analysis, Segments And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Machinery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $5034.8 billion In 2028 At A CAGR Of 6.9% :
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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Machinery Market Major Segments
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

Key Driver - Technological Advancements And Their Transformative Impact On Machinery Manufacturing

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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Prominent Trend - Caterpillar'S Breakthrough In Battery-Electric Machinery
Major companies operating in the machinery market are innovating new products to increase their profitability in the market. For instance, in October 2022, Caterpillar Inc., a US-based engine equipment manufacturing company unveiled four new battery-electric machine prototypes named 301.9 mini excavator, 320 medium excavator, 950 GC medium wheel loader and 906 compact wheel loader. these devices are intended to offer a green and effective replacement for conventional diesel-powered devices. The machines have an onboard AC charger and are powered by Caterpillar battery prototypes.

Machinery 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.

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Largest And Fastest Growing Region In The Market
The Asia-Pacific was the largest region in the machinery market in 2023. Western Europe was the second largest region in the machinery market. The regions covered in the machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Machinery Market Report Structure
3. Machinery Market Trends And Strategies
4. Machinery Market - Macro Economic Scenario
5. Machinery Market Size And Growth
…..
27. Machinery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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