Published Date : Aug 06, 2018
ALBANY, New York, Aug 6, 2018 – Industrial machinery and equipment manufacturers provide for a range of products to their end users, ranging from basic power and hand tools and hardware to metal restructuring machines, motors, batteries, valves, pneumatic hoses, power saws, and others. On the back of the growth of end use industries that these players are catering to, such as packaging, construction, mining, food processing, and semiconductor, the industrial machinery market is flourishing.
According to an up to date business publication added to the repository of MarketResearchReports.Biz, the global industrial machinery market was in good stead as of 2017 and the demand will be incrementing at a notable compound annual growth rate (CAGR) during the forecast period of 2018 to 2025. The report is titled “Global Industrial Machinery Market Research Report 2018.”
The analyst of the report has credited the zest of the industrial machinery and components (IM&C) industry to adopt automation technologies as the key factor that is keeping this market in good health. The industry has been highly accepting to the growing possibilities with the Internet of Things (IoT) and the adoption of cloud solutions is strong too. For instance, smart products are now being produced using embedded software and sensors that enables real-time exchange of data, which can be then used for machine learning.
With predictive analytics, vendors can substantially increment their efficiencies and hence growing adoption. Added information such as equipment maintenance requirements before breakdown, experimentations with machine-as-a-service models, and growing concept of Industrial Internet of Things (IIoT) are expected to open new revenue avenues in the industrial machinery market over the course of aforementioned forecast period. The industry has also make itself flexible to provide customized services to diverse sectors, which is further adding to the health of the market.
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Based on product type, the market for industrial machinery has been segmented into mining and industrial process machinery, automotive, general purpose industrial machinery, metalworking machinery, personal protective equipment, material handling machinery, aerospace, power and energy equipment, construction machinery and related equipment, and agriculture and food machinery. Application-wise, the industrial machinery market has been bifurcated into utility industries, power generation industries, agricultural industries, chemical industries, pharmaceutical industries, construction industries, textile industries, food industries, and printing industries.
Geographically, the report has showcased the demand potential of industrial machinery in terms of capacity, production, value, and consumption of all important regions and countries. But that is not all. The report also has a dedicated chapter on competitive developments such as agreements, expansions, acquisitions, and new product launches. Some of the prominent companies profiled under this report are General Electric, Lincoln Electric Holdings, AO Smith Corp, Terex Corp, Hewlett-Packard, Illinois Tool Works, Manitowoc Company, Samsung Electronics, Ford, AGCO Corporation, IBM, Alamo Group, Toyota, Hitachi, Astec Industries, Siemens, and Lindsay Corporation.
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