Press release
Global Machinery Market: Projected Market Size Growth and Key Trends for 2024-2029
Machinery Market Insights
What Is The Projected Market Size of the Global Machinery Market and Its Growth Rate?
The global machinery market has been undergoing strong growth with significant increases in market size expected:
- Grow from $3761.53 billion in 2024 to $4044.79 billion in 2025 (CAGR of 7.5%).
- Rise to $5247.52 billion in 2029 (CAGR of 6.7%).
The primary drivers for this growth include industrialization, increased labor costs, demand for efficiency, sustainable and eco-friendly machinery and digital transformation.
What Is Driving the Growth in The Machinery Market?
The machinery market's growth is primarily driven by rapid advances in technology leading to innovation in machinery manufacturing. Technologies such as 3D printing, artificial intelligence (AI), and big data analytics are increasingly used in manufacturing, enhancing productivity and reducing operating costs. With 90% of corporate executives believing that AI will positively impact the company's growth and 86% considering AI to improve productivity, the application of these technologies is expected to drive the machinery market further. Additionally, the integration of IoT applications into devices is creating opportunities for services such as remote monitoring, central feedback systems, and other services.
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Who Are the Key Players Driving Machinery Market Growth?
Key players driving the growth of the machinery market include:
- Robert Bosch GmbH
- Siemens AG
- Caterpillar Inc.
- Midea Group Corporation Limited
- Deere & Company
- Schneider Electric SE
- Honeywell International Inc.
- Mitsubishi Heavy Industries Ltd.
- Canon Inc., ABB Ltd.
What Are The Key Trends in The Machinery Market?
Key trends in the machinery market include:
- Digital transformation
- Autonomous machinery
- Customization and modular design
- Human-machine collaboration
- Advanced materials and manufacturing techniques
What Are The Segments of The Global Machinery Market?
The global machinery market report are segmented into the following:
1) By Type: Automatic, Semi-Automatic
2) By Capacity: Small, Medium, Large
3) By Application: Automotive, Precision Engineering, Transport, Other Applications
Which Region Leads The Machinery Market?
Asia-Pacific was the largest region in the machinery market in 2024 followed by Western Europe. The other regions covered in the machinery market report include Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Machinery Market Global Market Report?
- Market Size Analysis: Analyze the Machinery Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Machinery Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Machinery Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Machinery Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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