The Business Research Company has released its updated global market reports, incorporating the latest data for 2024 and forecasts up to 2033.
The Machinery Global Market Report 2024 by The Business Research Company provides a comprehensive analysis of the market structure, offering insights into various segments and sub-segments to help businesses gain a competitive advantage.
Emphasizing emerging trends, key drivers, challenges, and opportunities, the report equips businesses with essential data to thrive in the industry. It offers a holistic perspective, including detailed analysis of current and future scenarios within the sector.
Market Size:
The machinery market has witnessed robust growth in recent years, with a projected increase from $3580.77 billion in 2023 to $3849.18 billion in 2024, at a compound annual growth rate (CAGR) of 7.5%. This growth is attributed to factors such as industrialization, economic growth, focus on precision and accuracy, globalization, increased labor costs, and consumer demand for efficiency.
Expectations for strong growth continue into the next few years, with the market projected to reach $5034.8 billion in 2028, growing at a CAGR of 6.9%. This growth is fueled by factors like the rise of sustainable and eco-friendly machinery, global supply chain challenges, transition towards a circular economy, cybersecurity measures, remote monitoring and maintenance, and emphasis on resilience and disaster preparedness.
Key Market Players:
Prominent companies operating in the machinery market include 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., and others.
Market Drivers:
Rapid technological advancements are expected to drive innovation in machinery manufacturing, fueling market growth during the forecast period. Technologies such as 3D printing, artificial intelligence, and big data analytics are enhancing productivity, reducing operating costs, and improving margins. Integration of IoT applications enables services like remote monitoring and central feedback systems, creating new opportunities for companies in the market. Mobile applications, advanced sensors, and embedded software are also driving innovation and growth in the sector.
To learn more about the market report and its insights, visit: [link to report]
The machinery market covered in this report is segmented by type (automatic, semi-automatic), capacity (small, medium, large), and application (automotive, precision engineering, transport, and other applications). Subsegments include construction machinery, agricultural implements, mining and oil and gas field machinery, woodworking and paper machinery, printing machinery and equipment, semiconductor machinery, food product machinery, and others.
The report addresses key questions such as the primary factors driving market growth, regions expecting substantial growth, and trends expected to dominate in the upcoming period.
