According to the latest market study on “Industrial Machinery Market to 2027 – COVID-19 Impact and Analysis and Forecast by Machinery Type (Packaging Machinery, Food Processing Equipment, Plastics Processing Machinery, Metal Forming Machine Tools, and Woodworking Machinery), and Geography,” the market is estimated to reach US$ 2,63,251.2 million by 2027 from US$ 1,84,337.8 million in 2019. The report highlights the factors driving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.
The manufacturing industry is still witnessing a massive investment in various automated and smart industrial solutions being adopted. Additionally, the adoption of data-driven solutions has gained considerable popularity among several leading manufacturers and business owners in mitigating unforeseen errors, faults, and damage through predictive techniques. Increasing demand for industrial machinery across various industrial applications is expected to provide substantial market growth opportunities across developed economies in the coming years. Besides, the strict policies of government and regulations to minimize workplace-based accidents are also anticipated to foster market growth through ongoing individual monitoring. Thus, the manufacturing sector is capable of providing numerous profitable business opportunities for market players during the forecast period. The use of distributed fabrication enables manufacturers to reduce lead times and drastically save on freight costs. Also, IoT-based applications well as machine learning make it less challenging to coordinate operations across multiple factories. As new technologies make it increasingly viable to coordinate large-scale activities across countries and continents, manufacturers expect to see significant resources invested in areas such as distributed manufacturing. While these investments may cost manufacturers in the short term, their long-term gains make the cost easily worth it.
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The industrial machinery market is segmented into machinery type and geography. The Asia Pacific held the largest share of the industrial machinery market, followed by Europe and North America, in 2019. Based on machinery type, the industrial machinery market is segmented into packaging machinery, food processing equipment, plastics processing machinery, metal forming machine tools, and woodworking machinery. The food processing equipment segment led the industrial machinery market in 2019.
It is estimated that the Asia-Pacific industrial machinery market will grow at a significant CAGR from 2020 to 2027. It is anticipated that the growing demand for industrial machinery from countries such as China, India, South Korea, and Japan will drive overall market demand during the forecast period. The government of China focuses on urbanization, and the new policies emphasize rapid industrialization. Because of favorable government regulations and policies, India is expected to observe rapid industrialization.
Impact of COVID-19 Pandemic on Industrial Machinery Market
The North American region especially the US witnessed an unprecedented rise in the number of confirmed cases resulting in large-scale lockdown across different regions as well as industrial activities. As a result, several small & medium enterprise owners have limited their industry personnel whereas many others have laid off non-essential employees shortly owing to restricted business operation. Additionally, several companies minimized the allocated budget for manufacturing of industrial machinery owing to the economic slowdown, which is anticipated to impact the growth of the industrial machinery market during the forecast period.
Growing Digitization is Driving Growth of Industrial Machinery Market
Digitization has resulted in increased efficiency of existing machines coupled with increased safety and is expected to increase demand for industrial machinery. Moreover, increasing urban population and growing demand for better infrastructure have led to the growth of the construction industry, which is expected to drive the growth of the industrial machinery markets. Due to reliable offerings and high quality, manufacturers from the North American and European regions have dominated the global industrial machinery market in recent years. The emergence of new industrial machinery market players from Asia Pacific (particularly China) was a new challenge for established leaders. Asia Pacific machinery manufacturers offer price-competitive copies with comparable quality and reliability. Aggressive pricing by new players has led to the eroding of profit margins in the industrial machinery domain. Digitization offers industrial machinery players an attractive opportunity. Manufacturers have implemented analytics and automation to improve their products & services as well as to enrich customers’ experience. The concept of digital machinery has transformed manufacturers from suppliers with ‘hardware only’ into suppliers with ‘hardware, software, and services,’ which in turn has led to the development of new business models. Industrial machinery manufacturers utilize these new models to build a loyal customer base and generate a steady stream of revenues.
The List of Companies – Industrial Machinery Market
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The Industrial Machinery Market research study is designed to keep in focus all the major countries. Although all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries that are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
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