Industrial Machinery Market Size - By Operation (Automated Machinery, Semi-Automated Machinery, Manual Machinery, Robotic Machinery), By Application (Agriculture, Construction, Packaging, Food processing, Mining), By Distribution Channel & Forecast, 2024 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndustrial Machinery Market Size - By Operation (Automated Machinery, Semi-Automated Machinery, Manual Machinery, Robotic Machinery), By Application (Agriculture, Construction, Packaging, Food processing, Mining), By Distribution Channel & Forecast, 2024 – 2032
Industrial Machinery Market Size
Get ready for a major shakeup in the world of industrial machinery! It's a huge industry, worth a whopping $693.7 billion in 2023. And guess what? It's only expected to grow bigger and better in the years to come. Why? Because more and more companies are jumping on the automation and smart technology train. These clever machines make factories more efficient and productive, so it's no wonder they're becoming so popular. The stars of this show are material handling equipment and robots, which are game-changers for modern manufacturing. The Asia-Pacific region is leading the charge in this industrial revolution. Countries like China and India are rapidly industrializing, creating a huge demand for industrial machinery. It's all thanks to these advancements that the world's industries are becoming leaner, meaner, and more competitive.
The increasing mechanization of farming operations is boosting demand for advanced agricultural machinery, enhancing productivity and efficiency in the agriculture sector. Escalating infrastructure spending, particularly in developing regions, is spurring the need for construction machinery and related equipment. The rising adoption of smart packaging solutions is driving growth in the packaging machinery sector, as industries seek more efficient and sustainable packaging methods. Surging globalization is triggering expansion in the food processing sector, necessitating sophisticated machinery to meet global food safety and production standards.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Industrial Machinery Market Size in 2023 | USD 693.7 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 7.5% |
| 2032 Value Projection | USD 1.3 Trillion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 176 |
| Segments covered | Operation, application, distribution channel, and region |
| Growth Drivers |
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| Pitfalls & Challenges |
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The lack of skilled labor and technicians poses a major challenge; the advanced nature of modern industrial machinery requires specialized knowledge for installation, maintenance, and operation. The Manufacturing Institute estimates a skills gap of 4.6 million jobs in the U.S. manufacturing sector by 2030. This skills gap can lead to inefficiencies, increased downtime, and higher operational costs for companies struggling to find and retain qualified personnel. Addressing these issues is critical for sustaining the growth business development.
Industrial Machinery Market Trends
Imagine thisour trusty industrial machines are becoming smarter than ever before! They're now packed with sensors that act like super snoops, collecting tons of juicy data about how they're performing. This data is a goldmine for manufacturers, who can use it to spot problems before they become major headaches and even make their machines work better than ever. And hold on tight, because we're not stopping at these smart machines. We're heading full speed into the realm of "hyper automation." This means combining cool technologies like robots, AI, and machine learning to automate even more factory tasks. Why? Because manufacturers are on a mission to boost productivity and keep those costs low.
Consumers are increasingly demanding customized products, which is putting pressure on manufacturers to be more flexible. This is leading to a rise in demand for industrial machinery that can be easily adapted to produce different products.
Industrial Machinery Market Analysis
Get ready for a huge surge in automated machines! In 2023, they were worth a whopping $302.3 billion. And guess what? By 2032, that number is set to soar to an incredible $569.9 billion. Why the surge? It's all about efficiency, precision, and productivity. Companies in all sorts of industries are scrambling for these automated machines because they're like magic wands that cut down costs and boost quality. Plus, these machines are getting smarter every day with AI and the Internet of Things (IoT). That means they can monitor and control themselves in real time, which is like having a superhero on your production line. Sure, semi-automated and manual machines still have their place, especially in places that are a bit behind the tech curve. But the trend is clearcompanies are racing towards full automation to stay ahead of the game. And let's not forget robotic machinery, which is another part of the automation boom. These robots are taking over factories and helping them crank out more stuff than ever before. So, buckle up! The future of manufacturing is all about automation, and it's happening now.
Based on application, the construction segment accounted for over 43.3% market share in 2023, attributed to the high demand for construction equipment driven by significant infrastructure development and urbanization projects worldwide. The construction segment is expected to grow further, projected to reach USD 569.8 billion by 2032. This growth is fueled by ongoing investments in residential, commercial, and industrial infrastructure, particularly in emerging economies. Additionally, advancements in construction machinery, such as automation and IoT integration, are enhancing operational efficiency and productivity, further solidifying the sector's leading position in the industrial machinery market.
In the world of sales, companies have two main ways to reach customersdirectly or through intermediaries. In 2023, the indirect sales channel, which uses intermediaries like distributors, dealers, and resellers, accounted for a whopping 69.8% of the market. That means businesses were tapping into their networks to sell their products and services. There's a good reason for thatindirect sales have some serious perks. Intermediaries have deep local knowledge and strong relationships, so they can reach customers in far-flung areas and cater to their specific needs. They also handle logistics like shipping and storage, freeing up companies to focus on what they do best. Plus, they provide after-sales support, ensuring that customers are happy with their purchases. This makes indirect sales a great way for companies to expand their reach and boost customer satisfaction. It's especially helpful in places where it's tough to set up a direct sales operation. As a result, the indirect sales segment is expected to keep growing, hitting $887.5 billion by 2032. That's a lot of indirect sales love!
North America region dominated 45% share of the industrial machinery market in 2023. The region boasts a highly developed industrial base with significant investments in advanced manufacturing technologies and automation, driving demand for sophisticated machinery. Strong economic stability and substantial capital expenditure by industries across sectors such as automotive, aerospace, and construction further fuel market growth.
Additionally, North America is home to numerous leading industrial machinery manufacturers and innovators, fostering a competitive and dynamic market environment. The region's well-established infrastructure, coupled with a skilled workforce and favourable regulatory landscape, supports the efficient production and distribution of industrial machinery. Furthermore, the emphasis on research and development, coupled with the rapid adoption of Industry 4.0 and IoT technologies, positions North America at the forefront of technological advancements in the industrial machinery sector.
Country Level Analysis
In North America, the United States is a powerhouse in the Industrial Machinery market, raking in a whopping $246.5 billion in 2023. And guess what? It's expected to skyrocket to $402.9 billion by 2032. Why the US? Well, they've got the industrial chops, the tech savvy, and the money to invest in making their machinery the best of the best. Tons of top-notch manufacturers and innovators call the US home. They're constantly pushing the boundaries, giving the US a serious edge. Plus, they've got a well-oiled supply chain and distribution system, meaning they can get their machinery to your doorstep in no time.
The presence of major industries, such as automotive, aerospace, and construction, generates substantial demand for advanced industrial machinery. Furthermore, the U.S. government’s supportive policies and initiatives aimed at enhancing manufacturing capabilities and promoting automation contribute to the market's dominance. The skilled workforce, combined with a strong emphasis on adopting cutting-edge technologies like Industry 4.0 and IoT, ensures the U.S. maintains its leadership position in the North American industrial machinery market.
Europe In terms of country, UK is dominating the Europe industrial machinery industry with revenue of around USD 37.4 billion in the year 2023 and expected to reach around USD 65.1 billion by 2032. the UK benefits from a highly diversified industrial base, encompassing a wide range of sectors such as automotive, aerospace, pharmaceuticals, and food processing, all of which require advanced industrial machinery. The country's historical leadership in industrial innovation and engineering excellence has established a strong foundation for the development and production of cutting-edge machinery.
Additionally, the UK's strategic geographical location and well-developed infrastructure facilitate efficient trade and logistics, enabling easy access to European and global markets. The presence of world-class research institutions and a skilled workforce further enhances the UK's competitive advantage in developing and adopting new technologies. Moreover, supportive government policies and initiatives, along with robust investment in research and development, foster innovation and drive growth in the industrial machinery sector, solidifying the UK's position as a leader in the European market.
Asia Pacific In terms of country China dominated with the overall market share of around 22.3% in the Asia Pacific market. As the world's largest manufacturing hub, China benefits from extensive industrialization and urbanization, driving substantial demand for industrial machinery across various sectors including automotive, electronics, and construction. The country's robust economic growth and government initiatives such as "Made in China 2025" aim to upgrade industrial infrastructure and foster innovation, further boosting demand for advanced machinery and automation solutions.
China's vast domestic market provides scale advantages for manufacturers, enabling economies of scale and cost efficiencies. Moreover, the availability of a skilled and relatively low-cost labor force supports the production and assembly of industrial machinery, enhancing competitiveness in both domestic and international markets. Additionally, strategic investments in research and development, alongside partnerships with global technology leaders, contribute to China's leadership in the adoption of cutting-edge technologies like artificial intelligence and robotics in industrial applications.
Industrial Machinery Market Share
edge technologies like artificial intelligence and robotics in industrial applications.
Imagine a vast factory floor filled with all sorts of industrial machinery. It's like a giant jigsaw puzzle, with each piece fitting into a specific task. From towering cranes lifting steel beams to delicate looms weaving intricate fabrics, each machine serves a different purpose. Now, picture a marketplace where thousands of companies are jostling to sell these machines. There are huge corporations like Deere and Caterpillar, with their massive factories and global reach. There are mid-sized companies like Sandvik and ASML, specializing in niche areas. And then there's a swarm of smaller players, each with their own unique skills. This marketplace is like a wild garden, where a vibrant mix of players blooms and competes. No one company has a stranglehold on the entire industry. Instead, there's a kaleidoscope of manufacturers, each carving out their own little niche in the vast machinery landscape.
Industrial Machinery Market Companies
Major players operating in the Industrial Machinery industry include
- AGCO Corporation
- ALFA LAVAL
- ASML
- Atlas Copco AB
- Brandt Industries Ltd.
- Caterpillar Inc.
- CNH Industrial N
- Deere & Company
- ESCO Corp.
- Gerdau S.A.
- GEA Group
- Hitachi Construction Machinery Co., Ltd.
- Honeywell International Inc.
- Illinois Tool Works Inc.
- Ingersoll Rand
- Komatsu Ltd.
- Mitsubishi Electric Corporation
- Sandvik AB
- ShawCor Ltd.
- Terex Corporation
- Volvo Construction Equipment
Industrial Machinery Industry News
- In April 2023, Bosch BASF Smart Farming and AGCO Corporation together announced that they will integrate and commercialize Smart Spraying technology on Fendt Rogator sprayers, and jointly develop additional, new features.
- In November 2022, Ingersoll Rand launched a new 135MAX heavy-duty air hammer. It is an ergonomic tool designed for tasks in the auto shop. The hammer's feather-touch trigger, which offers technicians the accuracy required for precise pin driving and sheering, allows effective control. The feather-touch trigger is used in tasks that require light handling as well as powerful & effective performance in demanding applications.
This industrial machinery market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Thousand Units) from 2021 to 2032, for the following segments
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Market, by Operation
- Automated Machinery
- Semi-Automated Machinery
- Manual Machinery
- Robotic Machinery
Market, by Application
- Agriculture
- Construction
- Packaging
- Food processing
- Mining
- Semiconductor manufacturing
- Others
Market, by Distribution channel
- Direct sales
- Indirect sales
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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