Report : Digital Manufacturing Market Forecast to 2027 - Covid-19 Impact and Global Analysis - by Process (Computer-based Designing, Computer-based Simulation, Computer 3D Visualization, Analytics, and Others); Application (Automotive & Transportation, Aerospace & Defense, Consumer Electronics, Utilities & Processes, Industrial Machinery, and Hi-tech Electronics)
Growing Manufacturing Sector Provide Growth Opportunitiesto Industrial Machinery Market Players
According to the latest market study on “Industrial machinery Market to 2027 – COVID-19 Impact and Analysis and Forecast by Machinery Type (Packaging Machinery, Food Processing Equipment, Plastics Processing Machinery, Metal Forming Machine Tools, and Woodworking Machinery), and Geography,”the marketis estimated to reach US$ 2,63,251.2 million by 2027 from US$ 1,84,337.8 million in 2019. The report highlights the factorsdriving and restraining the market growth, as well as enumeratesprominent players in the market with their recent developments.
Growing manufacturing sector isanticipated to provide growth opportunities for industrial machinery providers
The manufacturing industry is still witnessing a massive investment in various automated and smart industrial solutions being adopted. Additionally, the adoption of data-driven solutions has gained considerable popularity among several leading manufacturers and business owners in mitigating unforeseen errors, faults, and damage through predictive techniques. Increasing demand for industrial machinery across various industrial applications is expected to provide substantial market growth opportunities across developed economies in the coming years. Besides, the strict policies of government and regulations to minimize workplace-based accidents are also anticipated to foster the market growth through ongoing individual monitoring. Thus, the manufacturing sector is capable of providing numerous profitable business opportunities for market players during the forecast period. The use of distributed fabrication enables manufacturers to reduce lead times and drastically save on freight costs. Also, IoT-based applicationsas well as machine learning make it less challenging to coordinate operations across multiple factories. As new technologies make it increasingly viable to coordinate large-scale activities across countries and continents, manufacturers expect to see significant resources invested in areas such as distributed manufacturing. While these investments may cost manufacturers in the short term, their long-term gains make the cost easily worth it.
The industrial machinery marketis segmented intomachinery type,and geography. Asia Pacific held the largest share of the industrial machinery market, followed by Europe and North America,in 2019. Based on machinery type, the industrial machinery market is segmented into packaging machinery, food processing equipment, plastics processing machinery, metal forming machine tools, and woodworking machinery. The food processing equipment segment led the industrial machinery market in 2019.
AB Electrolux, Alfa Laval, AMADA CO., LTD., GEA Group, HAITIAN INTERNATIONAL, MITSUBISHI HEAVY INDUSTRIES, LTD, SCHULER GROUP, Sumitomo Heavy Industries, Ltd., Syntegon Technology GmbH (Bosch Packaging Technology), and THE ADELPHI GROUP OF COMPANIES are among the major companies offering products in industrial machinery marketworldwide.
The report segments the global industrial machinery marketas follows:
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