New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Machinery Global Market Report 2023" - https://www.reportlinker.com/p06282437/?utm_source=GNW
, KLA-Tencor Corp, and Thyssenkrupp AG.
The global industrial machinery market grew from $506.67 billion in 2022 to $545.67 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The industrial machinery market is expected to grow to $708.3 billion in 2027 at a CAGR of 6.7%.
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.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Industrial machinery is power-driven machines or groups of machines working together in a coordinated manner in various industrial activities.This is used to cut, shape, form, press, lamination, or a combination of these processes.
They are not portable by hand while working.
The Asia-Pacific was the largest region in the industrial machinery market in 2022.Western Europe was the second largest region in the industrial machinery market.
The regions covered in the industrial machinery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of industrial machinery are woodworking and paper machinery, other industrial machinery, printing machinery and equipment, semiconductor machinery, and food production 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 specificity includes small, medium, and large.
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 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, and 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 COVID-19 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 sawmill 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 or three log lines. Also, sensors used in 3D log scanning help to capture the knots faster leading to an optimized yield. Major companies offering sawmill equipment with 3D log scanning technology include Raptor Integration Inc., LMI technologies, and 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The industrial machinery market research report is one of a series of new reports that provides industrial machinery market statistics, including industrial machinery industry global market size, regional shares, competitors with an industrial machinery market share, detailed industrial machinery market segments, market trends and opportunities, and any further data you may need to thrive in the industrial machinery industry. This industrial machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06282437/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
