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DUBLIN--(BUSINESS WIRE)--Sep 29, 2022--
The "Machinery Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global machinery market as it emerges from the COVID-19 shut down.
The global machinery market is expected to grow from $3,220.15 billion in 2021 to $3,552.69 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The market is expected to grow to $5,057.47 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%.
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The machinery market consists of sales of agricultural, industrial and commercial machinery by entities (organizations, sole traders, or partnerships) that produce agricultural, industrial and commercial machinery. These establishments assemble parts into components, sub-assemblies, and complete machines.
The main types of machinery are automatic and semi-automatic. The automatic machinery refers to the machinery that works automatically without human intervention. The cAsia Pacificities are small, medium, and large. The various applications are automotive, precision engineering, transport, and other applications.
The Asia Pacific was the largest region in the machinery market in 2021. Western Europe was the second largest region in the machinery market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Rapid advances in technology are expected to drive innovation in 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 to 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, 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 machinery manufacturing market during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the 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 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.
HVAC systems are being integrated with building automation systems for the overall management of a building to maximize energy efficiency. BAS receives analog or digital inputs from the sensors installed in HVAC and the integrated system is managed by a single dashboard accessed from a computer.
These integrated systems improve building performance, save energy, and shrink the environmental footprint. HVAC systems account for 60-70% of the total energy consumption of a typical commercial building, thus integrated systems enable commercial establishments to reduce power consumption.
For more information about this report visit https://www.researchandmarkets.com/r/4e3a81
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INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/29/2022 06:18 AM/DISC: 09/29/2022 06:18 AM
http://www.businesswire.com/news/home/20220929005440/en