Government regulations, financial constraints and the increasing cost of ownership make rental an attractive alternative for an increasing number of government authorities, contractors and other construction equipment users.
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Industrial Machinery Market size is expected to reach USD 771.59 billion by 2024; according to a new research report.
The rental landscape in the Europe an U.S. industrial machinery market includes short-term rentals that are mainly provided to small contractors. A growing number of equipment has become available on rent, with many companies engaging in both exclusive as well as non-exclusive contracts.
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Industrial machinery market by application: Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing.
Growth drivers: Increasing mechanization of farming operations, Escalating infrastructure spending, Rising adoption of smart packaging solutions, Surging globalization to trigger food processing sector.
The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, Asia Pacific, China, Japan, Latin America, Brazil, MEA, South Africa.
Asia Pacific leads the global revenue, on account of the considerable China industrial machinery market share across application areas. Untapped potential as well as steady demand in the region will contribute to high growth rate.
The region also leads in semiconductor fabrication plant base, which will drive demand in the coming years.
Agronomists use sensors on light aircraft, satellites, and agricultural vehicles in order to map crop conditions by observing its red &near-infrared reflectance. This helps in determining the NVDI (normalized difference vegetation index).
For instance, in the UK, farmers measure the crop canopy status just before the nitrogen application, typically at three growth stages in the crop development from February till May. Comparing canopy size to healthy crop helps in determining the application map in order to match the amount of nitrogen spread to local plants.
Similar technological developments on a global scale will drive the global industrial machinery market size.
Agricultural machinery market has witnessed increased demand due to economic development. These mainly include farm tractors, harvesting, planting &fertilizing, haying, and livestock machinery, as well as liquid fertilizer spreaders/sprayers, planters, haying, plowing &cultivating machinery, etc
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Key insights from the report include:
Need for advanced vehicles equipped with emission control systems is also likely to propel industrial machinery market share. Regulatory support in the form of tax benefits have favorably influenced infrastructure activities in Japan, India, and South Korea.
Escalating focus on infrastructure as well as increasing need for mechanization of manufacturing processes is projected to drive growth over the forecast timeline.
Growth in the global construction equipment market size as well as mining equipment industry is pivotal for growing industrial machinery market share. These segments are forecast to grow at over 4.5% CAGR from 2016 to 2024.
Smart packaging solution adoption and high demand for food processing and packaging due to changing consumer lifestyle will positively impact revenue generation over the next few years.
Manufacturing firms prefer creating their own supplier and distributors network to market their products. More collaborations with key suppliers for co-development of parts and systems among manufacturers offer efficient supply chains to reach out to more customers.
U.S. based companies earn revenues through the export of machines in other countries such as Brazil, Canada, Australia, Mexico,. Though these products are made available at large retail outlets, e-commerce represents an attractive channel to reduce cost.
Companies accounting for industrial machinery market share differ on the basis of product offering. Major players include Atlas Copco, Caterpillar, Sandvik, Hitachi, Komatsu, Terex,.
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