Published On : 31 Aug 2018
In the global industrial machinery market, fierce competition has egged manufacturers to innovate and produce highly customized products. They are seen employing advanced multidisciplinary, next generation design techniques such as virtual simulation to build better performing, reliable machines in lesser time.
Industrial machinery essentially covers agriculture and food machinery, power and energy equipment, construction machinery, general purpose machinery, material handling machinery, aerospace machinery, metalworking equipment, personal protective equipment, and others. This makes the global industrial machinery market highly diversified with different players focused on various segments of machinery.
Food and Packaging Machinery Witnessing Significant Sales in Industrial Machinery Market Worldwide
The global industrial machinery market is being driven primarily by the demand from the construction, agriculture, food processing, packaging, mining, and semiconductor manufacturing sectors. The packaging machinery, among them, is at the forefront of driving growth in the market because of the burgeoning ecommerce and food and beverage sectors. The food processing machinery is also providing a major fillip to the global industrial machinery market. Increasing disposable incomes of people coupled with rising consumerism has majorly stoked the ecommerce and food and beverage sectors.
However, one factor inhibiting the growth pace of the global industrial machinery market is the reduction in demand from oil drillers.
Thrust on Integrating Latest Technologies into Products Bodes Well for Market
Continued thrust on incorporating latest technologies to the machinery to improve their efficiency is having a major positive impact on the global industrial machinery market. As a result industrial machinery is more complex than ever. For example, agricultural machinery are outfitted with GPS and sensors and interconnected with various other machines to gather actionable insights and predict needs of equipment maintenance.
Design improvements in technologies such as end-of-arm-tooling (EOAT) and vision sensors would likely drive the global industrial machinery market in the next couple of years.
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China Spells Massive Opportunity in the Global Industrial Machinery Market
Asia Pacific is a major contributor to the global industrial machinery market because of the massive and speedy industrialization in China, which has emerged as a dominant exporter of goods. Rising demand and manufacture of cars, emergence and high uptake of robotic automation technologies in manufacturing, and growth in the rubber, food processing, consumer durables, and plastic industries are some of the factors shaping the trajectory of industrial machinery market in Asia Pacific.
Europe is another prominent region in the global industrial machinery market. Strict norms pertaining to the environment, proper operation methods that are safe, quiet, and nonpolluting have forced manufacturers to adopt more sophisticated high-end industrial machinery. They are seen integrating sensors to the machinery for extraction of useful data patterns.
Meanwhile, the North America industrial equipment market is set to see a slower pace of growth because of the reduction in mining activities and farming activities in the U.S. particularly. New machinery orders in the region is also set to take a plunge.
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