Industrial Machinery Global Market Report 2022
- May 2022 •
- 400 pages •
- Report ID: 6282437 •
- Format: PDF
Major companies in the industrial machinery market include ASML Holding N.V, Tetra Laval International S.A, Tokyo Electron Ltd, Lam Research Corp, Applied Materials Inc, Canon Inc, Dover Corporation, Konica Minolta Inc, KLA-Tencor Corp, and Thyssenkrupp AG.
The global industrial machinery market is expected to grow from $461.89 billion in 2021 to $506.51 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The market is expected to grow to $703.68 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%.
The industrial machinery market consists of sales of industrial machinery such as food and beverage manufacturing machinery, semiconductor manufacturing machinery, sawmill and woodworking machinery (except handheld), machinery for making paper and paper products, printing and binding machinery and equipment, textile-making machinery, and machinery for making plastics and rubber products by entities (organizations, sole traders or partnerships) that produce industrial machinery.
The main types of industrial machinery are woodworking and paper machinery, other industrial machinery, printing machinery and equipment, semiconductor machinery, and food product machinery.Woodworking and paper machinery refers to the equipment that deals with wood and paper products.
The various operations include autonomous, semi-autonomous, and manual. The various cAsia Pacificity includes small, medium, and large.
The Asia Pacific was the largest region in the industrial machinery market in 2021.Western Europe was the second largest region in the industrial machinery market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Rapid advances in technology are expected to drive innovation in industrial machinery manufacturing, thus driving the market during the forecast period.Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs, and higher margins .
For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on a company’s growth and 86% of respondents considered that AI will help improve productivity.Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings.
IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services.Mobile applications, advanced sensors, and embedded software also created new opportunities for companies in this market.
These factors are expected to drive the engine, turbine, and power transmission equipment manufacturing market during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the industrial machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Machinery manufacturers depend heavily on the supply of raw materials, parts, and components from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of raw materials and components.The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the industrial machinery manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
3D log scanning is being integrated with saw mill manufacturing equipment to produce high-grade lumber at mills. A 3D log scanner is a scanner that measures the actual shape of the logs by coupling vision sensors with geometric data on the log. This helps to increase resolution quality, scan speeds, and laser lighting which is used to measure dark logs leading to a high-grade lumber recovery. This technology is widely used in super mills which are a conglomerate of satellite mills with around two three log lines. Also, sensors used in 3D log scanning help to capture the knots faster leading to an optimized yield. Major companies offering saw mill equipment with 3D log scanning technology include Raptor Integration Inc., LMI technologies, JoeScan.
The countries covered in the industrial machinery market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.