Press release
Machinery Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Machinery
What Will the Machinery Industry Market Size Be by 2025?
The size of the machinery market has seen robust growth in the past few years. The market is anticipated to expand from $3761.53 billion in 2024 to reach $4044.79 billion by 2025, with a compound annual growth rate (CAGR) of 7.5%. Factors such as industrial advancements and economic development, an emphasis on precision and accuracy, global trade and globalization, rising labor costs, and the consumer's need for proficiency have significantly contributed to the growth during the historic period.
What's the Long-Term Growth Forecast for the Machinery Market Size Through 2029?
There is a projection for robust expansion in the machinery market in the following years, with an estimated value of $5247.52 billion by 2029, and a compound annual growth rate (CAGR) of 6.7%. Factors contributing to this rise during the forecast period include the development of eco-friendly and sustainable machinery, changes in global supply chains, transition towards a circular economy, and initiatives for cybersecurity, remote monitoring, and disaster preparedness. Key trends predicted for the forecast period consist of digital shifts, autonomy in machinery, customisation with modular designs, collaboration between humans and machines, and the adoption of advanced materials and manufacturing techniques.
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What Are the Key Growth Drivers Fueling the Machinery Market Expansion?
The surge in technological advancements is anticipated to propel machinery manufacturing market innovation, thus stimulating the market throughout the forecast timeline. Additionally, the utilization of tech features like 3D printing, artificial intelligence, and big data analysis in manufacturing are contributing to greater efficiency, decreased operational costs, and increased profit margins. For example, a worldwide survey by The Economist Intelligence Unit established that around 90% of business executives believe artificial intelligence (AI) positively impacts company growth, and 86% feel AI enhances productivity. Lower operational costs yield higher margins, facilitating firms to broaden their product ranges and penetrate new markets through investment from cost savings. IoT applications are also being incorporated into these devices to provide services like distant monitoring, central feedback systems and other offerings. Mobile applications, sophisticated sensors, and integrated software are also opening new doors for businesses in this sector. The machinery manufacturing market is therefore expected to be motivated by these elements during the forecast period.
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What Are the Key Trends Driving Machinery Market Growth?
In efforts to boost their profit margins in the machinery market, major corporations are introducing innovative products. As an example, Caterpillar Inc, a U.S.-based engine equipment producer, launched four novel battery-electric machine prototypes - 301.9 mini excavator, 320 medium excavator, 950 GC medium wheel loader and 906 compact wheel loader - in October 2022. These new machines aim to provide an efficient and eco-friendly alternative to traditional diesel-powered devices. Equipped with an onboard AC charger, these machines run on Caterpillar's prototype batteries.
How Is the Machinery Market Segmented?
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:
1) By Automatic: Fully Automated Machinery, Robotics and Automated Systems
2) By Semi-Automatic: Semi-Automatic Assembly Machines, Semi-Automatic Packaging Machines, Semi-Automatic CNC Machines
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Which Companies Are Leading the Charge in Machinery Market Innovation?
Major companies operating in 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., 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.
Which Regions Are Leading the Global Machinery Market in Revenue?
Asia-Pacific was the largest region in the machinery market in 2024. 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.
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