Press release
Industrial Machinery Market to grow at 5.3% CAGR from 2016 to 2024
Fractovia.Org
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A steady growth and improvement in the manufacturing activities after the economic turmoil has heightened the demand for new industrial machinery. The global industrial machinery market will continue to gain from the soaring demand from metalworking, construction, automotive, semiconductor manufacturing and agricultural applications. Escalating economic development in the market has led to an increased machinery demand in the aforementioned sectors.
Apart from this, the packaging machinery market is foreseen to generate USD 65 billion by 2024, in order to achieve high efficiency in packaging sector. The food processing machinery is also set to grow at an annual rate of 7% over the period of 2016-2024. Changing food manufacturing & eating trends, rapid industrialization, and increasing spending capacity have favored the overall growth of industrial machinery market to expand in every sector.
Asia Pacific industrial machinery market procured a major chunk of the global revenue in 2015, mainly led by China. Furthermore, improving conditions in downstream markets of Europe have resulted in a higher demand for the regional industrial machinery market. The advent of advanced machinery including agricultural drones/ UAVs are likely to prove beneficial in boosting the market expansion.
The companies operating in industrial machinery market make use of multiple choices such as outright purchase, rentals, and leasing of the machines which allows the user to invest smartly in the industrial set-up. As per a report by Global Market Insights, Inc., industrial machinery market is set to exhibit a revenue generation of over USD 771 billion by 2024, having had a valuation of USD 485 billion in 2015. The continued improvements in the industrial machinery market trends will sustain its growth through 2024.
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Key participants of global Industrial Machinery industry held more than 40% of the overall share in 2015, these statistics prove that this market is fairly consolidated. Leading players adopt strategies such as collaborations and partnerships with chemical and pharmaceutical companies to enhance their business position. Major firms operating in this market include Chemtrix BV, ThalesNano Inc., Uniqsis Ltd., Vapourtec Ltd., AM Technology, ThalesNano Inc., Milestone Srl, Koninklijke DSM N.V., and FutureChemistry Holding BV.
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