Industrial Machinery Market size forecast to grow at a CAGR of over 6% from 2015 to 2023
Rising population along with high disposable income among middle class people is expected to drive the industry growth over the forecast period.
Germany industrial machinery market size was valued at USD 734.92 billion in 2014 and it is estimated to witness significant growth owing to its highly industrialized environment. Major sectors include chemicals, electronics, automotive and food & beverage in the region.
The industry is estimated to be driven by number of factors such as rising global demand for cars, which is likely to surge the spending on robotics as well as tools in automotive sector. In addition, plastics as well as rubber industries are anticipated to experience high growth due to the increasing car production. These factors are expected to surge the global demand during the coming few years.
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The global industrial machinery market is anticipated to experience huge growth owing to rising investment in sustainable packaging market which requires less input material and generates less waste. In addition, it also facilitates in energy efficient production and improves aesthetic appeal of the product. Thus, the packaging technology is now gaining its prominence in developing countries as processed products are seemed to be more attainable to the growing middle class population.
Growing sanitation and nutritional awareness are expected to positively impact food and packaging sector over the forecast period which in turn, provides growth avenues for the global industrial machinery market. In addition, rising standard of living is also anticipated to fuel the food and packaging sector. High precision and pace offered by these machines provides huge growth potential to the industry. Proliferating use of these machines aids faster accomplishment of work with high precision. It also aids widening the scope for employment, as it helps in generating employment due to advent of new machineries. The aforementioned factors are responsible for the boost in the demand growth over the forecast period.
The decline in demand from oil drillers is anticipated to challenge growth. Flourishing use of industrial machinery might lead to loss of skill among workers as there is no longer need of craftsman with superior abilities. However; the only skill required is to handle the machine. Increasing dependence on the equipment might pose a challenge to the industry demand, as any small error in the machine might cause entire system failure. In addition, low capital expenditure and lack of research and development investment might also hinder the industry growth over the forecast period.
The industry can be segmented into agricultural and food machinery, manufacturing machinery, construction machinery and related equipment, industrial process machinery and power and energy equipment. The U.S. industrial machinery market size is anticipated to drop due to low mining activities and limitation in the utility industries. In 2015, the U.S. Census Bureau report implies that machinery shipments are likely to fall by 2.2%, farm shipments by 48%, mining shipments by 13.9% and new machinery orders by 9.3% compared to the previous year. The plunge in the industry can be subjected to fluctuating currency movements accompanied by uncertain global growth.
India industrial machinery market size is likely to grow at significant gains over the forecast period. The spur in the region can be attributed to favourable climatic conditions and policy improvements. Furthermore, increasing government initiatives to accentuate foreign capital inflow might impact the industry growth. Brazil is forecast to exhibit 1% growth owing to high labour costs, inadequate infrastructure and less private investments in the region.
Key companies in industrial machinery market share offer variety of machinery solutions in construction, agriculture, manufacturing and energy and mining sectors. The major companies are Caterpillar Inc. and Deere & Company. Caterpillar Inc. operates in numerous sectors such as construction, mining equipment, diesel & natural gas engines along with industrial gas turbines. Other industry players encapsulate Astec Industries, Inc., Terex Corp., The Manitowoc Company, Inc., Illinois Tool Works, Inc. and Lincoln Electric Holdings Inc. among others.
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