June 19, 2020
According to the research report titled ‘Industrial machinery Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Machinery Type, available with Market Study Report LLC, global industrial machinery market is expected to register significant growth through 2027.
Notably, an industrial machinery makes use of mechanical and electrical energy to perform operations. This includes heavy machines that are utilized in mining, farming, manufacturing and construction industries.
Growing population and rising per capita income are major factors fueling the growth of industrial machinery market. These machines not only increase the speed and efficiency of work, but also reduce the workload on humans. Rising integration of advanced technology such as GPS systems and other devices in farming helps in connecting various tools to develop a systematic and balanced approach for operations, thereby aiding the market expansion. Additionally, advancements in industrial machinery have led to increased productivity and efficiency, which in turn is stimulating the industry outlook.
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As per machinery type, the market is split into woodworking machinery, metal forming machine tools, plastic processing machinery, food processing equipment and packaging machinery. The report states that food processing equipment segment accounted for substantial market share in the year 2019 and is expected to record momentous growth during the forecast period.
The Adelphi Group of Companies, Syntegon Technology GmbH (Bosch Packaging Technology), Sumitomo Heavy Industries Ltd., Schuller Group, Mitsubishi Heavy Industries Ltd., Haitian International, GEA Group, Amada Co. Ltd., Alfa Laval and AB Electrolux are the key participants in global industrial machinery market.