The recent report “Global Industrial Machinery Market Report 2021: Recovering COVID-19 Impact By 2030” released by Reportlinker.com has revealed a compound annual growth rate of 7.1%. The growth is largely attributed to the organizations rearranging their operations to recover from the pandemic’s impact. The global market is projected to hit $793.85 billion by the end of 2025 at a CAGR of 9%.
In addition, growing investment in capital-intensive technologies and fast industrialization has resulted in the high demand for industrial machinery.
Overview of the Global Industrial Market
The industrial machinery market is made up of sales of the following industrial types of machinery:
- Food and beverage manufacturing
- Sawmill and woodworking
- Semiconductor manufacturing
- Paper and paper products making.
- Printing and binding
- Textile making
- Making plastics and rubber products
In addition to this, many other industrial machineries make up the industry.
Largest Region: Asia Pacific
The Asia Pacific accounted for nearly 56% of the global industrial machinery market in 2020. Western Europe hold the second position, accounting for 20% of the market.
Africa won the crown of the smallest region in the international industrial machinery market.
Factors Driving the Market Growth
Significant growth in the demand for quality and efficiency calls for investments in the industrial machinery market. Automated machineries improve efficiency and save time while cutting down overall operating costs for manufacturing companies.
Following are the things that drive the growth in the global Industrial machinery sector:
- Increasing global demand for cars: This has led to a higher demand for robotics and tools used in the automotive industry. The increase in automobile production further drives growth in the rubber and plastic industries, which, in turn, fuel the overall demand in the market.
- Increased standard of living: Global spending on food and nutrition is fueling the food and packaging industry.
- Increased demand for residential and commercial buildings: Rightmove predicts a 4% national average growth in house price in 2021. Despite a hike in the pricing of both – commercial and residential property – the demand is growing. This further leads to a rise in the demand for machinery used in the building and construction sector.
- The growing popularity of green technologies: This drives increased demand for types of machinery in wind turbines and photovoltaic manufacturing companies.
The pandemic outbreak disrupted the supply chain due to lockdowns worldwide. This impacted machinery manufacturers who heavily rely on the supply of raw materials and components from different corners of the world.
In addition, a report released on National Apprenticeship Week reveals that demand for tradespersons has increased despite the pandemic.
Moving ahead in 2021, industry experts predict that the global industrial machinery manufacturing market will soon recover from the impact. Advanced technologies, embedded software, IoT applications, and mobile apps will also add to the market opportunities.
All in all, the Global Industrial Machinery Market Report 2021 suggests a significant growth in the industry very soon.