The global Industrial Machinery Manufacturing market, a part of the machinery manufacturing industry, grew at a compound annual growth rate (CAGR) of around 0.1% during the historic period. The growth is mainly a result of replacement of traditional equipment with modern and more efficient machinery. However, the machinery manufacturing industry, experienced a fall in 2015 due the global oil crisis that led to a further decline in the crude oil prices. This slow growth was partially due to slowdown in the global economy and in particular in the Chinese manufacturing market.
In the forecast period, the global Industrial Machinery Manufacturing market size is expected to be over $123 billion by 2021, growing at a CAGR of nearly 2.3%. This is expected due to continued industrialization and automation worldwide which will drive the market for industries such as food product equipment and printing equipment. Furthermore, rising population, exploration of shale oil, and increasing per capita incomes are expected to drive the global Industrial Machinery Manufacturing market in the future.
Find TBRC’s report on the Industrial Machinery Manufacturing market: https://www.thebusinessresearchcompany.com/report/industrial-machinery-manufacturing-global-market-report-2018
Industrial machinery manufacturers are using industrial internet of things (IIoT) for faster production and delivery of industrial machinery to customers. IIoT is a technology in which sensors, computers, networks interact with their environment to generate data and improve industrial processes. IIoT streamlines the flow of information and enables real-time decisions.
Major companies in the Industrial Machinery Manufacturing market, offering industrial internet of things include Tetra Laval International S.A., Applied Materials Inc., Tokyo Electron Ltd., ASML Holding N.V., Lam Research, Heidelberger Druckmaschinen AG, Krones Inc., Dainippon Screen Manufacturing Co., Ltd., KLA-Tencor Corp, and Xerox Corporation.
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