The industrial machinery market size is projected to reach US$ 362.70 billion by 2031 from US$ 234.75 billion in 2023. The market is expected to register a CAGR of 5.6% in 2023–2031. The development of smart factories and growing demand for eco-friendly machines is likely to remain a key industrial machinery market trend.
The industrial machinery market is growing at a rapid pace due to the growing need for lowering operational costs and the increasing adoption of industrial machinery from automotive, food & beverages, pharmaceutical, manufacturing, and other industries. The market is expanding steadily, driven by the growing urbanization & industrial automation. Moreover, technological advancements and the integration of AI and 3D digital printing technology are providing lucrative opportunities for market growth.
Industrial machinery refers to any mechanical, electrical, or electronic equipment that is designed and used to perform a given function and produce a specific result. Manufacturers in manufacturing plants use these machinery for cutting, shaping, forming, laminating, or coordinating production processes. Industrial machinery plays a crucial in supporting industrial activities worldwide. The growing digitalization, technological advancements, and Industry 4.0 initiatives are creating opportunities in the market.
Lower operating costs lead to higher margins, allowing businesses to diversify their product offerings and access new markets by making cost-cutting initiatives. The growing need among businesses to lower operational costs, increases the demand for technologically advanced machinery. Manufacturers are integrating IoT applications into these devices to provide enhanced services such as remote monitoring, central feedback systems, and other features. Moreover, manufacturers are also adopting enhanced sensors, mobile apps, and embedded software to streamline their operational processes by lowering the overall business costs is driving the market.
Rapid technological advancements are expected to drive innovation in industrial machinery market during the forecast period. Furthermore, manufacturing industries are adopting advanced technologies such as artificial intelligence, 3D printing, and big data analytics to reduce operational costs, improve productivity, and gain higher profits. However, the potential integration of 3D printing and AI technology is creating growth opportunities for both international and domestic players present in the industrial machinery market.
Key segments that contributed to the derivation of the industrial machinery market analysis are machinery type.
The geographic scope of the industrial machinery market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, Asia Pacific accounted for the largest industrial machinery market share, due to the rising investment in infrastructure projects such as transportation, energy, and urban development. The growing need for a variety of industrial equipment, such as construction machinery, earthmoving equipment, and material handling equipment, is fueling the market in the region.
The regional trends and factors influencing the Industrial Machinery Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Machinery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 234.75 Billion |
| Market Size by 2031 | US$ 362.70 Billion |
| Global CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Machinery Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Industrial Machinery Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Industrial Machinery Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The industrial machinery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for industrial machinery and strategies:
The “Industrial Machinery Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global industrial machinery market was estimated to be US$ 234.75 billion in 2023 and is expected to grow at a CAGR of 5.6% during the forecast period 2023 - 2031.
The growing need for lowering operational costs and the increasing adoption of industrial machinery from automotive, food & beverages, pharmaceutical, manufacturing, and other industries are the major factors that propel the global industrial machinery market.
The development of smart factories and the growing demand for eco-friendly machines are anticipated to play a significant role in the global industrial machinery market in the coming years.
The key players holding majority shares in the global industrial machinery market are AB Electrolux, Alfa Laval, AMADA CO., LTD., GEA Group, and HAITIAN INTERNATIONAL.
The global industrial machinery market is expected to reach US$ 362.70 billion by 2031.
The incremental growth expected to be recorded for the global industrial machinery market during the forecast period is US$ 127.95 billion.