Industrial Machinery Market Key Players and Opportunities by 2031

The industrial machinery market size is projected to reach US$ 362.70 billion by 2031 from US$ 234.75 billion in 2023. The market is expected to register a CAGR of 5.6% in 2023–2031. The development of smart factories and growing demand for eco-friendly machines is likely to remain a key industrial machinery market trend.

Industrial Machinery Market Analysis

The industrial machinery market is growing at a rapid pace due to the growing need for lowering operational costs and the increasing adoption of industrial machinery from automotive, food & beverages, pharmaceutical, manufacturing, and other industries. The market is expanding steadily, driven by the growing urbanization & industrial automation. Moreover, technological advancements and the integration of AI and 3D digital printing technology are providing lucrative opportunities for market growth.  

Industrial Machinery Market Overview

Industrial machinery refers to any mechanical, electrical, or electronic equipment that is designed and used to perform a given function and produce a specific result. Manufacturers in manufacturing plants use these machinery for cutting, shaping, forming, laminating, or coordinating production processes. Industrial machinery plays a crucial in supporting industrial activities worldwide. The growing digitalization, technological advancements, and Industry 4.0 initiatives are creating opportunities in the market.

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Industrial Machinery Market: Strategic Insights

Industrial Machinery Market Drivers and Opportunities

Growing Need for Lowering Operational Costs is Driving the Market

Lower operating costs lead to higher margins, allowing businesses to diversify their product offerings and access new markets by making cost-cutting initiatives. The growing need among businesses to lower operational costs, increases the demand for technologically advanced machinery. Manufacturers are integrating IoT applications into these devices to provide enhanced services such as remote monitoring, central feedback systems, and other features. Moreover, manufacturers are also adopting enhanced sensors, mobile apps, and embedded software to streamline their operational processes by lowering the overall business costs is driving the market.

Technological Advancements – An Opportunity in the Industrial Machinery Market

Rapid technological advancements are expected to drive innovation in industrial machinery market during the forecast period. Furthermore, manufacturing industries are adopting advanced technologies such as artificial intelligence, 3D printing, and big data analytics to reduce operational costs, improve productivity, and gain higher profits. However, the potential integration of 3D printing and AI technology is creating growth opportunities for both international and domestic players present in the industrial machinery market.

Industrial Machinery Market Report Segmentation Analysis

Key segments that contributed to the derivation of the industrial machinery market analysis are machinery type.

• Based on machinery type, the industrial machinery market is divided into packaging machinery, food processing equipment, plastics processing machinery, metal forming machine tools, woodworking machinery.
• The packaging machinery segment is sub-segmented into filling machines, palletizing machines, labelling machines, wrapping machines, and others. The food processing equipment segment is sub-segmented into slicers and dicers, extruding equipment, depositors and mixers, storage and refrigeration equipment, and others. The plastics processing machinery segment is sub-segmented into inspection molding machines, blow molding machines, extrusion molding machines, and others. The metal forming machine tools segment is sub-segmented pressure machine, bending machine, casting machine, punching machine, and others. The woodworking machinery segment is sub-segmented lathes machine, grinding machine, bandsaw machine, and others.

Industrial Machinery Market Share Analysis by Geography

The geographic scope of the industrial machinery market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

In terms of revenue, Asia Pacific accounted for the largest industrial machinery market share, due to the rising investment in infrastructure projects such as transportation, energy, and urban development. The growing need for a variety of industrial equipment, such as construction machinery, earthmoving equipment, and material handling equipment, is fueling the market in the region.

The regional trends and factors influencing the Industrial Machinery Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Industrial Machinery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Industrial Machinery Market Report Scope

Industrial Machinery Market Players Density: Understanding Its Impact on Business Dynamics

The Industrial Machinery Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Industrial Machinery Market News and Recent Developments

The industrial machinery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for industrial machinery and strategies:

• In November 2022, Ingersoll Rand launched 135MAX Heavy Duty Air Hammer for industrial uses. The 135MAX HD Air Hammer is the next-generation air hammer that builds on the foundation set by 119MAX to offer incredible performance and power at an accessible cost––while leveraging a fine-tuned feather-able trigger inspired by legendary Ingersoll Rand impact wrenches for more precision and even better results. (Source: Ingersoll Rand, Press Release, 2022)

Industrial Machinery Market Report Coverage and Deliverables

The “Industrial Machinery Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles