26 April 2019, The industrial machinery market size is estimated to grow at an approximate CAGR of 6% from 2016 to 2024. The improving economic conditions worldwide is one of the major factor driving the demand for the industrial machinery in various sectors such as packaging, agriculture, machine tools and materials handling. Rapid industrialization and increasing investment in capital-intensive technologies has led to a significant increase in the demand for the industrial machinery.
Industrial machinery is considered crucial in the operations of printing, food, textile, construction, pharmaceuticals, chemical, automotive, agricultural, power generation, utility, transportation and shipping industries.
The growth in the Industrial machinery market is driven by the increasing global demand for cars which will lead to a rise in the spending on robotics and the tools used in the automotive sector. The increase in the production of automobiles will also lead to an increase in the rubber and plastic industries which will, in turn, drive overall market demand.
The increase in standard of living worldwide increased spending on nutrition and the growth in demand for food will be a huge gain for the food and packaging industry. The rise in demand for housing, commercial buildings, and better infrastructural facilities is expected to increase the demand for machinery used in the construction sector.
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The increasing popularity of green technologies has led to an increase in demand for the industrial machinery in photovoltaic and in wind turbines manufacturing companies. The growing demand for efficiency and quality is anticipated to drive investments in the development of the industrial machinery market. Automated machinery saves time, improves quality and also lowers operational cost of a manufacturing company.
The packaging industry is expected to boost the demand for industrial machinery. Increasing investment in lighter packaging which requires fewer materials, produces less waste and is more energy efficient is projected to spur the demand for industrial machinery. Further, the technological advances in packaging like wrapping food in ready-to-cook enclosures and new aseptic packaging technology is projected to drive the market growth.
The increased dependency on machines is estimated to create a huge demand for industrial machinery over the forecast period. The industrial machinery aftermath market which includes maintenance and service contracts is anticipated to influence the market growth positively. Increasing capital expenditure on automated processes and increasing research & development and innovation in this market expected to boost market growth over the forecast period.
The increasing cost of raw materials like steel, energy especially coal and fuel prices have adversely affected the growth in the industrial machinery market. Government policies affecting prices along, import and export tariffs, and trade relations with the other countries could also restrict the growth in the market.
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