Global Machinery Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
4 May, 2021
The machinery market consists of sales of industrial and commercial machinery by entities (organizations, sole traders or partnerships) that produce industrial and commercial machinery. These establishments assemble parts into components, sub-assemblies and complete machines.
Global Machinery Market Size And Drivers:
The global machinery market is expected to grow from $2995.73 billion in 2020 to $3198.95 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4341.03 billion in 2025 at a CAGR of 8%. A rapid advance in technology is expected to drive innovation in machinery manufacturing, thus driving the market during the forecast period. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the machinery manufacturing market during the forecast period.
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Trends In The Global Machinery Market
The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the machinery manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Global Machinery Market Segments:
By Type: Agriculture, Construction, And Mining Machinery, Industrial Machinery, Commercial And Service Industry Machinery, Ventilation, Heating, Air-Conditioning, And Commercial Refrigeration Equipment, Metalworking Machinery, Engine, Turbine, And Power Transmission Equipment, Other General Purpose Machinery
By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others
By Nature: Organic, Conventional
Sub Segments covered: Construction Machinery, Agricultural Implement, Mining And Oil And Gas Field Machinery, Woodworking And Paper Machinery, Other Industrial Machinery, Printing Machinery And Equipment, Semiconductor Machinery, Food Product Machinery, Other Commercial And Service Industry Machinery, Photographic And Photocopying Equipment, Optical Instrument And Lens, HVAC And Commercial And Industrial Refrigeration Equipment, Commercial Fan And Air Purification Equipment, Heating Equipment (except Warm Air Furnaces), Special Die And Tool, Die Set, Jig, And Fixture, Machine Tool, Industrial Mold, Rolling Mill And Other Metalworking Machinery, Cutting Tool And Machine Tool Accessory, Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, And Gear
By Geography: The global machinery market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific machinery market accounts for the largest share in the global machinery market.
Read More On The Report For The Global Machinery Market At:https://www.thebusinessresearchcompany.com/report/machinery-global-market-report-2020-30-covid-19-impact-and-recovery
Machinery Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides machinery market overviews, analyzes and forecasts market size and growth for the global machinery market, machinery market share, machinery market players, machinery market segments and geographies, machinery market’s leading competitors’ revenues, profiles and market shares. The machinery market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.