Sellbyville, DE -- (SBWire) -- 01/10/2019 --Industrial Machinery Market in agriculture segment is witnessing an augmented demand for machinery owing to economic development in several regions around the globe. These demands are majorly for harvesting, haying, plowing, planting & fertilizing, livestock machinery and farm tractors, as well as planters, cultivating machinery and liquid fertilizer sprayers/spreaders.
By application, the construction segment is anticipated to hold a high market share owing to the increased demand for commercial buildings, infrastructure and housing, which is benefiting the construction equipment sectors. Growing social awareness of green technologies is resulting in high demand for industrial machinery in wind turbines and in photovoltaics (PV) which is further expected to boost the industrial machinery market.
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Industrial Machinery Market is anticipated to grow at a CAGR of over 5% to reach over USD 700 billion by 2022. Increasing adoptions and high demand for machines in several manufacturing sectors ranging from packaging to auto making will provide an impetus to the market over the coming years. Moreover, highly industrialized environment across companies is anticipated to support the industry growth over the forecast timespan.
The growth in industrial machinery market sales for 2016 is being driven by several factors such as an increase in the living standard and increasing spending on nutrition which will profit the food and packaging machinery sectors. The packaging sector is slated for high growth over the coming years owing to high investments in lighter packaging.
Developments in packaging technologies such as food wrapping in cartons, ready-to-cook enclosures, and new sterile packaging technology are generating high demand for machines in packaging sector, thereby providing positive growth aspects for the industrial machinery market. Moreover, the increasing investments in technology from several manufacturers will boost the demand for semiconductor equipment, mining, robotics, and oil & gas machinery.
Health & safety concerns and lack of skilled labor & technicians will pose as challenges to the industrial machinery market growth. Manufacturing jobs have changed compared to the old jobs and have now become automated. The jobs in the manufacturing industry are majorly focused on maintaining, operating, or programming the industrial machines which require and lack skilled labor and technicians.
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Need for advanced vehicles in Asia Pacific market equipped with emission control systems is likely to propel the industrial machinery market growth. Government regulations and regulatory support in the form of tax benefits have positively affected the infrastructure activities in China, India, Japan, and South Korea. Escalating focus on infrastructure developments coupled with the growing need for modernization of industrial procedures is expected to drive the industrial machinery market growth.
Some of the major manufacturers in the global industrial machinery market includes Caterpillar Inc., CNH Industrial, Honeywell International Inc., Volvo Construction, Terex Corp, Komatsu Ltd, Ingersoll Rand, Hitachi Construction Machinery and Gerdau S.A. The players are majorly focusing on technological advancements, strategic initiatives to increase customer reach and R&D to come up with enhanced industrial machinery performances.
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Industrial Machinery Market to Witness 5.3% CAGR Till 2024: Volvo Group, ESCO, Caterpillar, AGCO, BHP Billiton and 15 Other Companies Profiled
Asia Pacific leads the global revenue, on account of the considerable China industrial machinery market share across application areas