The Global Industrial Machinery Market Size accounted for USD 592.4 Billion in 2022 and is projected to achieve a market size of USD 1,041.6 Billion by 2032 growing at a CAGR of 5.3% from 2023 to 2032.
Report Key Highlights
Industrial machinery refers to equipment, machines, and tools that are used in the manufacturing, processing, and production of goods in different industries. Industrial machinery can be categorized into various types, such as material handling equipment, industrial robots, packaging machinery, machine tools, and printing equipment. These machines and equipment are designed to increase productivity, efficiency, and accuracy in production processes, leading to cost savings and improved quality of goods.
The industrial machinery market has been growing steadily over the years, driven by the demand for automation and the modernization of production processes. The market growth is also fueled by the growth of the manufacturing sector, especially in developing countries. The market growth of the industrial machinery is also being driven by technological advancements in the industry. Manufacturers are increasingly adopting advanced technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and Robotics to enhance the efficiency and productivity of their machinery. These technologies offer several benefits, such as real-time monitoring, predictive maintenance, and improved safety in the workplace. With the increasing demand for high-quality goods and improved production processes, the industrial machinery market is expected to continue its growth trajectory in the coming years.
Global Industrial Machinery Market Trends
Industrial Machinery Market Report Coverage
|Industrial Machinery Market
|Industrial Machinery Market Size 2022
|USD 592.4 Billion
|Industrial Machinery Market Forecast 2032
|USD 1,041.6 Billion
|Industrial Machinery Market CAGR During 2023 - 2032
|Industrial Machinery Market Analysis Period
|2020 - 2032
|Industrial Machinery Market Base Year
|Industrial Machinery Market Forecast Data
|2023 - 2032
|By Product type, By Operation, By Industry vertical, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Caterpillar Inc., Deere & Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, ABB Ltd., General Electric Company, Komatsu Ltd., CNH Industrial N.V., Atlas Copco AB, Hitachi, Ltd., Sandvik AB, and Manitowoc Company, Inc.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis
The technologically advanced and equipped equipment helps in increasing and elevating overall productivity and efficiency. In addition, rising investments in research and development in various segments including data management, steering systems, interface, and automation of operations among others are projected to impact the global industrial machinery market share positively. Excavators are highly used in heavy lifting, general grading/landscaping, demolition, river dredging, digging trenches, and brush cutting with hydraulic attachments. Heavy-duty excavators are majorly used in mining and heavy construction industries.
Several favorable regulatory norms about the benefits of tax in infrastructure ventures are projected to accelerate the construction activities in developing countries including Japan, India, China, and South Korea among others. Moreover, increasing demand for earthmoving equipment is expected to offer dynamically positive potential growth opportunities to the global industrial machinery market owing to the increasingly growing urban population. The growing prevalence of augmentation in capacity in the cement industry is projected to catalyze market growth over the coming years and thereby fueling the overall industrial machinery market growth. On the other hand, risks associated with mining activities such as rock falls and slope failures a key factor analyzed to hinder the market growth. Although, surface mines are huge sites wherein human laborers deal with large moving equipment. Thus, major factors such as obstructions and blind intersections along with irregular designs of the road are some other key factors expected to hamper the demand for industrial machinery over the forecast period. In addition, stringent government regulations regarding a number of aspects including safety, quiet operation, and limitations on emissions of exhaust gases play a vital and crucial role in the launch of enhanced and refined machinery. Sophisticated structural designs have aided in optimizing the overall quantity of orifice diameter as well as hydraulic fluid. Furthermore, it aids in the reduction of vehicle vibration levels as compared to traditional products. Moreover, the addition of sensors in agricultural machinery like tractors is expected to act strongly instrumental for the analysis of crops since these measurements pertain to minimum vulnerability to problems related to weather and offer accurate and closest crop assessments in real-time.
Industrial Machinery Market Segmentation
The global industrial machinery market segmentation is based on product type, operation, industry vertical, and geography.
Industrial Machinery Market By Product type
According to the industrial machinery industry analysis, the heavy machinery segment accounted for the largest market share in 2022. The heavy machinery segment is a significant part of the industrial machinery industry, which includes equipment such as cranes, excavators, bulldozers, loaders, and backhoes. This segment has experienced steady growth over the years, driven by several factors such as increasing demand for construction and infrastructure development, mining activities, and agriculture. Moreover, with the increasing adoption of advanced technologies, such as IoT and AI, in heavy machinery equipment, the segment is expected to experience further growth in the coming years. The implementation of these technologies is expected to improve the efficiency, safety, and reliability of heavy machinery equipment, thus increasing its demand in various industries.
Industrial Machinery Market By Operation
In terms of operations, the autonomous segment is expected to witness significant growth in the coming years. One of the main drivers of the autonomous segment is the increasing demand for automation in various industries. Autonomous machinery and equipment offer several benefits, such as increased efficiency, reduced labor costs, improved safety, and accuracy in production processes. This has led to their adoption in industries such as manufacturing, construction, agriculture, and mining. Another factor driving the growth of the autonomous segment is technological advancements. The use of advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) has improved the capabilities of autonomous machinery and equipment. This has enabled them to perform more complex tasks and operate in more challenging environments.
Industrial Machinery Market By Industry vertical
According to the industrial machinery market forecast, the construction segment is expected to witness significant growth in the coming years. This growth is driven by several factors such as urbanization, infrastructure development, and the growing demand for commercial and residential buildings. One of the main drivers of the construction segment is the increasing demand for infrastructure development. The need for new roads, bridges, airports and other infrastructure projects has led to a high demand for construction machinery and equipment. With the increasing population growth and urbanization, the demand for construction machinery is expected to continue to rise. Moreover, the growth of the construction sector has also been fueled by technological advancements in machinery and equipment. The development of advanced technologies, such as telematics, GPS, and robotics, has enabled construction machinery to become more efficient, accurate, and safe. This has increased the demand for high-tech machinery and equipment in the construction industry.
Industrial Machinery Market Regional Outlook
The Middle East & Africa
Industrial Machinery Market Regional Analysis
The Asia-Pacific region is leading the industrial machinery market due to several factors. One of the key factors is the rapid expansion of the manufacturing industry in countries like China, Japan, and India. The region is home to several of the world's largest manufacturing economies, and the growth of these economies is driving the demand for industrial machinery. The increasing investments in infrastructure and the adoption of advanced technologies like Industry 4.0 are also contributing to the growth of the market in this region. Another factor contributing to the growth of the industrial machinery market in Asia-Pacific is the rising disposable income of the population. This has led to increased demand for products like automobiles, consumer electronics, and other goods that require advanced manufacturing processes. As a result, manufacturers in the region are investing heavily in new technologies and equipment to meet this demand, driving the growth of the industrial machinery market.
Industrial Machinery Market Player
Some of the top industrial machinery market companies offered in the professional report include Caterpillar Inc., Deere & Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, ABB Ltd., General Electric Company, Komatsu Ltd., CNH Industrial N.V., Atlas Copco AB, Hitachi, Ltd., Sandvik AB, and Manitowoc Company, Inc.
The market size of industrial machinery was USD 592.4 Billion in 2022.
The CAGR of industrial machinery is 5.3% during the analysis period of 2023 to 2032.
The key players operating in the global market are including Caterpillar Inc., Deere & Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, ABB Ltd., General Electric Company, Komatsu Ltd., CNH Industrial N.V., Atlas Copco AB, Hitachi, Ltd., Sandvik AB, and Manitowoc Company, Inc.
Asia-Pacific held the dominating position in industrial machinery industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of industrial machinery during the analysis period of 2023 to 2032.
The current trends and dynamics in the industrial machinery industry include growing demand in food and beverage industry, and increasing demand for biodegradable polymers.
The semi-autonomous operation held the maximum share of the industrial machinery industry.