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Machinery Market Report 2024 - Machinery Market Trends, Growth And Insights
Machinery Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Machinery Market 2024 Key Insights:
• 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%.
• Technological Advancements And Their Transformative Impact On Machinery Manufacturing
• Caterpillar'S Breakthrough In Battery-Electric Machinery
• The Asia-Pacific was the largest region in the machinery market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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