The global equipment industry is marked by proliferation of various other segments such as construction industry, medical industry, automobile industry, food and beverage industry, etc. The growth of this market varies from sector to sector. Hence, it is difficult to calculate the total revenues generated by the global equipment industry. The global equipment industry is categorized in two parts, the first is general equipment and other is heavy-duty equipment.
Global Equipment Market Segmentation
Under the general equipment sector there are sub-sectors such as electrical equipment, military equipment, sports equipments, camping equipment, laboratory equipment, fire apparatus, scribe equipment, etc. On the other hand, heavy duty equipment refers to heavy duty vehicles which are designed especially for carrying out construction tasks and are most frequently used in earthwork-related operations.
Construction is one of the oldest industries in the world and the equipment this industry uses is driven by factors such as emergence of lease-based equipment, mining activities, and increasing government investment in the development of infrastructure especially in the emerging economies. Some examples of construction equipment are earth moving equipment, material handling equipment, concrete mixers and pavers, pumps, concrete and road construction equipment, etc. A market intelligence company has forecasted that this industry will experience significant growth and generate revenue of USD 192.3 billion by the end of 2017, during the forecast period of 2012 to 2017 with a CAGR of 6.0%.
Another major industry which employs a variety of equipment is the healthcare industry. Different types of equipment are used by the medical/clinical sector. Medical equipment is used for diagnostic and treatment purposes. Some examples of equipment used in this field are Ultrasound and MRI machines, medical ventilators, heart-lung machines, anesthetic machines, PET and CT scanners, medical monitors (such as ECG, blood pressure, and EEG monitors), and laboratory equipment (equipment to analyze blood, genes, urine, etc). This market is driven by the growing number of chronic conditions worldwide and the increasing geriatric population. According to the market intelligence company, the medical imaging equipment market will grow at 5.4% CAGR during the 2013 to 2019 duration, and is estimated to generate revenue of USD 35,359.4 million in 2019.
A sub-sector of the medical equipment market is sports medicine devices market. This market deals with preventing exercise and sports-related injuries. The products used in this sector are orthopedic products and recovery and support products. The global sports devices/equipment market is estimated by the market intelligence company to reach a value of 8,284.0 billion by 2019 with a CAGR of 4.4% during the forecast period of 2013 to 2019.
The global sports equipment market caters to a large target audience who can be children or adults or can be professionals or amateurs. The global sports industry is growing faster than overall GDP, and the future for this industry is bright. According to the sports, the type of equipment differs. The sports equipment is designed keeping in mind the age, sex, type of sports, and other special needs of the consumer. Some examples of sports equipments are footwear, exercise equipment, nets, goals, protective equipment, sticks, bats, and clubs, rods and tackle, vehicles, flying discs, wickets and bases, etc. Currently, there is an increase in licensed sports merchandise market and it is closely related to the spending patterns of consumers. Proliferation of digital origin properties, decline in licensing contracts, and alternative deal structures are some of the key trends observed in the licensed sports merchandise equipment market.
These were some of the major segments of the global equipment market that support the overall growth of the equipment market. The equipment industry is driven by industrial development and holds good prospects for the future.