Machinery Global Market Report 2023

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New York, April 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Machinery Global Market Report 2023” – https://www.reportlinker.com/p06282435/?utm_source=GNW
, Midea Group co Ltd., Canon Inc., and Tetra Laval International S.A.

The global machinery market grew from $3,542.77 billion in 2022 to $3,810.37 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. 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 machinery market is expected to grow to $4,928.07 billion in 2027 at a CAGR of 6.6%.

The machinery market consists of sales of industrial and commercial machinery such as farm machinery and equipment, construction machinery, oil and gas field and underground mining machinery and equipment, food and beverage manufacturing machinery, semiconductor manufacturing machinery, sawmill and woodworking machinery (except handheld), printing and binding machinery and equipment, photographic and photocopying equipment, automatic vending machinery, commercial laundry and dry-cleaning machinery, office machinery, automotive maintenance equipment (except mechanics’ hand tools), commercial-type cooking equipment and machinery for making paper products, textiles, plastic products, rubber products and optical instruments. 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. The machinery market is segmented into agriculture, construction, and mining machinery; industrial machinery; commercial and service industry machinery; ventilation, heating, air-conditioning, and commercial refrigeration equipment; metalworking machinery; engine, turbine, and power transmission equipment; and other general purpose machinery.

A machine is an equipment with several moving parts that are mechanically, electrically, or electronically operated to perform a specific task.

The Asia-Pacific was the largest region in the machinery market in 2022.Western Europe was the second largest region in the machinery market.

The regions covered in the this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of machinery are automatic and semi-automatic.Automatic machinery refers to machinery that works automatically without human intervention.

The specificities are small, medium, and large. The various applications are automotive, precision engineering, transport, and other applications.

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 portfolios 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 machinery manufacturing market during the forecast period.

The outbreak of COVID-19 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 example, advanced BAS technology integrates lighting, water, elevators, security, and HVAC systems into a single automated platform.An integrated lighting and HVAC system automatically controls the lighting and temperature to ideal levels, thus reducing energy consumption and costs.

GE and Trane are offering solutions that integrate HVAC with BAS.

The countries covered in the 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 machinery market research report is one of a series of new reports that provides machinery market statistics, including machinery industry global market size, regional shares, competitors with a machinery market share, detailed machinery market segments, market trends, and opportunities, and any further data you may need to thrive in the machinery industry. This machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282435/?utm_source=GNW

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