What Has Been the Progress and Growth of the Machinery Market in Recent Years?
The machinery market has seen considerable growth due to a variety of factors.
• There has been robust growth in the machinery market size in the past few years. It is projected to expand from $3761.53 billion in 2024 to $4044.79 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.5%.
Factors contributing to the growth during the historic period include industrialization and economic progress, an emphasis on precision and accuracy, global trade and globalization, rising labor expenses, and an increased consumer demand for efficiency.
What Is The Expected Growth In The Machinery Market Size?
The machinery market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the machinery market is predicted to expand significantly in the coming years, reaching $5247.52 billion in 2029 with a 6.7% Compound Annual Growth Rate (CAGR). This expected uplift during the forecast period could be due to an increase in eco-friendly and sustainable machinery, global supply chain issues, the movement towards a circular economy, cybersecurity efforts, as well as remote monitoring and upkeep of systems. Furthermore, resilience and disaster readiness are factors that contribute to this estimated growth. Key trends forecasted for the same period include digital transformation, autonomous machinery, customization and modular design, cooperation between humans and machines, and the use of advanced materials and manufacturing techniques.
What Are the Critical Driver Fuelling the Machinery Market's Growth?
The prediction is that rapid progression in technology will be a key factor in boosting machinery manufacturing and subsequently, the market in the forecast period. Techniques like 3D printing, artificial intelligence, and big data analytics are finding applications in manufacturing, leading to an increase in productivity, reduced operating expenses, and enhanced profits. Citing a worldwide survey conducted by The Economist Intelligence Unit, nearly 90% of high-ranking executives were of the opinion that the incorporation of artificial intelligence (AI) would contribute positively towards the company’s expansion, while 86% agreed that it would augment productivity levels. Companies can expand their product range and venture into fresh markets using the investments accrued from reduced operating costs leading to better margins. Additionally, IoT applications are being merged with these devices to facilitate services such as remote monitoring and centralized feedback systems, in addition to other provisions. The availability of mobile applications, high tech sensors, and embedded software has opened new doors for companies in this market. These elements are anticipated to propel the machinery manufacturing market in the forecast period.
What Are The Primary Segments In The Global Machinery Market?
The machinery market covered in this report is segmented –
1) By Type: Automatic, Semi-Automatic
2) By Capacity: Small, Medium, Large
3) By Application: Automotive, Precision Engineering, Transport, Other Applications
Subsegments:
1) By Automatic: Fully Automated Machinery, Robotics and Automated Systems
2) By Semi-Automatic: Semi-Automatic Assembly Machines, Semi-Automatic Packaging Machines, Semi-Automatic CNC Machines
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Which Key Trends Are Driving Changes In The Machinery Market?
Prominent businesses in the machinery market are introducing innovative products to boost their market profits. For example, in October 2022, Caterpillar Inc., an American firm specializing in engine equipment production, revealed four new battery-electric machine prototypes – the 301.9 mini excavator, the 320 medium excavator, the 950 GC medium wheel loader, and the 906 compact wheel loader. These machines are designed to be an eco-friendly and efficient alternative to traditional diesel-operated devices. Equipped with an onboard AC charger, these machines are powered by prototype batteries developed by Caterpillar.
Who Are the Key Players in the Machinery Market?
Major companies operating in the machinery market include:
• Robert Bosch GmbH
• Siemens AG
• 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.
• Eaton Corporation plc
• Kubota Corporation
• Emerson Electric Co.
• Parker-Hannifin Corporation
• Tetra Laval International S.A.
• Liebherr-International AG
• Atlas Copco AB
• XCMG Group Co. Ltd.
• Hitachi Construction Machinery Co. Ltd.
• Rockwell Automation Inc.
• Ingersoll Rand Inc.
• Zoomlion Heavy Industry Science and Technology Co. Ltd.
• SANY Heavy Industry Co. Ltd.
• Volvo Construction Equipment AB
• Doosan Heavy Industries & Construction Co. Ltd.
What Is The Most Dominant Region In The Machinery Market?
Asia-Pacific was the largest region in the machinery market in 2024. Western Europe was the second largest region in the machinery market. The regions covered in the machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
