Machinery is used to run various operations in many industries. These include oil and gas, transportation, shipping, power generation, utilities, agricultural, chemical mining, pharmaceuticals, construction, food, textile, and paper. The global machinery market is a mature market and contributes significantly to the overall global economy. The industry is projected to witness significant growth in the coming few years.
The global machinery market is driven by the growing spending in several countries on industrial machinery and equipment. The global machinery market experienced a sharp downturn during the recession of 2008-2009. However, it was revived by demand from high-growth markets such as oil and gas drilling. At present, the global machinery market is driven by the growing demand for construction equipment due to the rising number of construction activities in developing economies. Furthermore, demand for machinery is following trends such as industrialization.
The global machinery market is projected to benefit greatly from the integration of information technology, sensors, and machinery. Moreover, integrated technologies such as industrial robots and robotic arms are helping boost productivity and efficiency in the global market. Research studies on the global machinery market bring the latest industry intelligence to readers. These studies will help identify the growth prospects, size, and shares of the major key segments in the global machinery market. In addition to this, the research reports will also help SMBs and MNCs identify the market opportunities in these segments.