Global Machinery Market Surges, Projected to Reach ,928.07 Billion by 2027

Machinery Global Market Report 2023 : Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company’s Machinery Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Machinery Global Market Report 2023 by The Business Research Company presents information on market size, trends, and a global forecast for the years 2023 to 2032.”

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LONDON, GREATER LONDON, UK, December 6, 2023 / — The global machinery market demonstrates robust growth, escalating from $3,542.77 billion in 2022 to $3,810.37 billion in 2023, achieving a compelling compound annual growth rate (CAGR) of 7.6%. Forecasts indicate sustained growth, propelling the machinery market to an estimated $4,928.07 billion by 2027, maintaining a solid CAGR of 6.6%.

Innovation Driven by Technological Advances
Rapid technological advancements are steering innovation in machinery manufacturing, propelling the market forward. Technologies such as 3D printing, artificial intelligence (AI), and big data analytics are revolutionizing the manufacturing landscape, resulting in heightened productivity, reduced operating costs, and improved profit margins. A global survey by The Economist Intelligence Unit reveals that around 90% of corporate executives believe AI will positively impact company growth, with 86% acknowledging its role in enhancing productivity. Lower operating costs, achieved through technological integration, empower companies to expand product portfolios and venture into new markets. The integration of Internet of Things (IoT) applications further enhances machinery capabilities, enabling features like remote monitoring and central feedback systems.

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Key Players Shaping the Market
Major players contributing to the dynamism of the machinery market include Caterpillar Inc., Deere & Company, Hitachi Ltd., Mitsubishi Heavy Industries Ltd., Komatsu Ltd., Johnson Controls International plc, Gree Electric Appliances Inc., Midea Group Co Ltd., Canon Inc., and Tetra Laval International S.A. These companies play a crucial role in driving innovation and setting industry standards.

Integration of HVAC Systems with Building Automation
The integration of Heating, Ventilation, and Air Conditioning (HVAC) systems with building automation systems (BAS) is a noteworthy trend in the machinery market. This integration optimizes building management, maximizing energy efficiency and reducing environmental impact. HVAC systems, accounting for a significant portion of commercial building energy consumption, benefit from BAS integration, resulting in improved energy efficiency. For instance, advanced BAS technology integrates various building systems, including lighting, water, elevators, security, and HVAC, into a single automated platform. This integration allows for centralized control, reducing energy consumption and costs. Industry leaders like GE and Trane offer solutions that seamlessly integrate HVAC with BAS.

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Regional Dynamics
In 2022, the Asia-Pacific region dominated the machinery market, with Western Europe securing the second-largest share. The global market analysis report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Segmentation Overview
The global machinery market is segmented based on:

• Type: Automatic, Semi-Automatic
• Capacity: Small, Medium, Large
• Application: Automotive, Precision Engineering, Transport, Other Applications

Subsegments Covered:
Construction Machinery, Agricultural Implement, Mining And Oil And Gas Field Machinery, Woodworking And Paper Machinery, Other Industrial Machinery, Printing Machinery And Equipment, Semiconductor Machinery, Food Product Machinery, Other Commercial And Service Industry Machinery, Photographic And Photocopying Equipment, Optical Instrument And Lens, HVAC And Commercial And Industrial Refrigeration Equipment, Commercial Fan And Air Purification Equipment, Heating Equipment (except Warm Air Furnaces), Special Die And Tool, Die Set, Jig, And Fixture, Machine Tool, Industrial Mold, Rolling Mill And Other Metalworking Machinery, Cutting Tool And Machine Tool Accessory, Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, And Gear

Machinery Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Machinery Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on machinery market size, machinery market drivers and trends, machinery market major players, machinery market competitors’ revenues, machinery market positioning, and machinery market growth across geographies. The machinery market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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