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Industrial Machinery Market size worth over $771.59bn by 2024

News   •   Nov 04, 2016 06:32 EDT

Industrial Machinery Marketsize is expected to reach USD 771.59 billion by 2024; according to a new research report by Global Market Insights, Inc.

Asia Pacific leads the global revenue, on account of the considerable China industrial machinery market share across application areas. Untapped potential as well as steady demand in the region will contribute to high growth rate. The region also leads in semiconductor fabrication plant base, which will drive demand in the coming years.

Government regulations, financial constraints and the increasing cost of ownership make rental an attractive alternative for an increasing number of government authorities, contractors and other construction equipment users. The rental landscape in the Europe an U.S. industrial machinery market includes short-term rentals that are mainly provided to small contractors. A growing number of equipment has become available on rent, with many companies engaging in both exclusive as well as non-exclusive contracts.

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Agronomists use sensors on light aircraft, satellites, and agricultural vehicles to map crop conditions by observing its red & near-infrared reflectance. This helps in determining the NVDI (normalized difference vegetation index). For instance, in the UK, farmers measure the crop canopy status just before the nitrogen application, typically at three growth stages in the crop development from February till May. Comparing canopy size to healthy crop helps in determining the application map to match the amount of nitrogen spread to local plants. Similar technological developments on a global scale will drive the global industrial machinery market size.

Agricultural machinery market has witnessed increased demand due to economic development. These mainly include farm tractors, harvesting, planting & fertilizing, haying, and livestock machinery, as well as liquid fertilizer spreaders/sprayers, planters, haying, plowing & cultivating machinery, etc.

Browse key industry insights spread across 100 pages with 82 market data tables & 13 figures& charts from the report, “Industrial MachineryMarket Size By Application (Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/industrial-machinery-market

Key insights from the report include:

  • Need for advanced vehicles equipped with emission control systems is also likely to propel industrial machinery market share. Regulatory support in the form of tax benefits have favorably influenced infrastructure activities in Japan, India, and South Korea. Escalating focus on infrastructure as well as increasing need for mechanization of manufacturing processes is projected to drive growth over the forecast timeline.
  • Growth in the global construction equipment market size as well as mining equipment industry is pivotal for growing industrial machinery market share. These segments are forecast to grow at over 4.5% CAGR from 2016 to 2024.
  • Smart packaging solution adoption and high demand for food processing and packaging due to changing consumer lifestyle will positively impact revenue generation over the next few years.
  • Manufacturing firms prefer creating their own supplier and distributors network to market their products. More collaborations with key suppliers for co-development of parts and systems among manufacturers offer efficient supply chains to reach out to more customers. U.S. based companies earn revenues through the export of machines in other countries such as Brazil, Canada, Australia, Mexico, etc. Though these products are made available at large retail outlets, e-commerce represents an attractive channel to reduce cost.
  • Companies accounting for industrial machinery market share differ based on product offering. Major players include Atlas Copco, Caterpillar, Sandvik, Hitachi, Komatsu, Terex, etc.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.