Industrial Machinery Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

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

• Global industrial machinery market revenue is expected to increase by USD 1,041.6 Billion by 2032, with a 5.3% CAGR from 2023 to 2032
• Asia-Pacific region led with more than 40% of industrial machinery market share in 2022
• According to the Department of Labor Statistics, the machinery manufacturing business employed around 1.3 million people in the United States in 2020
• According to the World Trade Organization, total global trade in industrial machinery was around $1.5 trillion in 2019, with China, Germany, and the United States being the top exporters
• According to the European Commission, industrial machinery and equipment represented 20% of overall manufacturing turnover in the European Union in 2019
• Development of smart factories and Industry 4.0, drives the industrial machinery market size

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

Market Drivers

• Increasing demand for automation and modernization of production processes
• Technological advancements in the industry, such as IoT, AI, and robotics
• Growing manufacturing sector, especially in developing countries
• Rising demand for energy-efficient machinery

Market Restraints

• High cost of industrial machinery
• Lack of skilled labor to operate and maintain machinery

Market Opportunities

• Development of smart factories and Industry 4.0
• Growing demand for sustainable and green industrial machinery

Industrial Machinery Market Report Coverage

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

• Heavy Machinery
• Packaging Machinery
• Food Processing Machinery
• Construction Machinery
• Metalworking Machinery
• Textile Machinery
• Others

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

• Autonomous
• Semi-autonomous
• Manual

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

• Automotive
• Aerospace
• Construction
• Food and Beverage
• Energy and Power
• Healthcare
• Packaging
• Others

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

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)