Commercial And Service Industry Machinery Global Market Report 2024

The commercial and service industry machinery market size has grown strongly in recent years. It will grow from $215.06 billion in 2023 to $229.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period can be attributed to several factors, including urbanization and infrastructure development, the expansion of the hospitality and tourism sector, the digitalization of services, the development of commercial real estate, and a growing focus on energy efficiency and sustainability.

The commercial and service industry machinery market size is expected to see strong growth in the next few years. It will grow to $294.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be attributed to various factors, including the adoption of IoT and smart building solutions, an increased focus on sustainability and green practices, the demand for customization and personalization, the ongoing process of digital transformation, and the globalization of commercial services. Some major trends expected in the forecast period include the use of robotic process automation (RPA), the expansion of remote and contactless services, the implementation of sustainable facility management practices, the integration of 3D printing in commercial design, and advancements in e-commerce and last-mile delivery solutions.

The anticipated growth of the commercial and service industry machinery market in the future is expected to be driven by the expansion of the advertising industry. The advertising industry encompasses various activities related to the creation, planning, execution, and management of promotional campaigns and messages designed to reach and persuade specific target audiences. Within the advertising sector, there is a growing reliance on digital signage, displays, and the production of promotional materials. This reliance fuels the demand for commercial machinery such as digital printers, large-format printing equipment, and photographic and photocopying equipment. These machines play a significant role in the advertising industry by facilitating the production of various advertising materials. For example, in March 2023, as reported by Canadian Industry Statistics (CIS), a database provided by Statistics Canada, the display advertising sector generated an average revenue of $422.3 thousand in 2021, marking an increase from the $416.8 thousand generated in 2020. Therefore, the expansion of the advertising industry is a driving force behind the projected growth of the commercial and service industry machinery market in the future.

The primary categories of commercial and service industry machinery encompass other machinery specific to commercial and service industries, photographic and photocopying equipment, and optical instruments and lenses. Photographic and photocopying equipment comprises machinery related to photocopying and is employed by professionals such as photographers. These machines operate through various modes, including autonomous, semi-autonomous, and manual, while their capacity ranges from small to medium and large.

The commercial and service industry machinery market research report is one of a series of new reports that provides commercial and service industry machinery market statistics, including commercial and service industry machinery industry global market size, regional shares, competitors with a commercial and service industry machinery market share, detailed commercial and service industry machinery market segments, market trends and opportunities, and any further data you may need to thrive in the commercial and service industry machinery industry. This commercial and service industry machinery market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The commercial and service industry machinery manufacturing market is poised for growth, thanks to the projected stable economic conditions in many developed and developing nations. When economies exhibit stability, it often leads to heightened business activities. Growing economies typically drive industries to expand, upgrade, or renew their machinery and equipment to meet rising demands and improve operational efficiency. Consequently, this surge in demand for machinery manufacturing within the commercial and service industry is anticipated. For example, as per data from the International Monetary Fund (IMF), a US-based financial agency, China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022. Furthermore, emerging markets and developing economies experienced a growth rate of 3.9% in 2020, which further rose to 6.1% in 2022. Hence, stable economic growth is expected to drive increased investments in the end-user markets, fostering market growth during the forecast period.

The COVID-19 outbreak significantly hindered the commercial and service industry machinery manufacturing market in 2020. The disruption in global supply chains, attributed to trade restrictions and government-imposed lockdowns, led to a decline in manufacturing activity. COVID-19, a contagious ailment presenting flu-like symptoms such as fever, cough, and breathing difficulties, initially emerged in Wuhan, Hubei province, China, in 2019. It subsequently spread worldwide, affecting regions like Western Europe, North America, and Asia. Manufacturers of machinery rely extensively on the global supply of raw materials, components, and parts. Due to government-imposed restrictions on the movement of goods between countries, many manufacturers had to cease production due to shortages of essential raw materials and components. The repercussions of the outbreak are anticipated to continue affecting businesses throughout 2020 and into 2021. Nonetheless, the commercial and service industry machinery manufacturing sector is projected to recover from this disruption over the forecast period. This event is regarded as a 'black swan,' not indicative of any inherent or long-term weaknesses in the market or the global economy.

Prominent companies within the commercial and service industry machinery market are committed to the development of cutting-edge technologies and products that provide them a competitive edge. An example of this innovation is the VersaLink B625 Multifunction Printer (MFP), introduced to enhance workgroup efficiency with the integration of AI-powered task optimization and high-capacity scanning capabilities. For instance, in April 2023, Xerox Holdings Corporation, a US-based manufacturer specializing in commercial machinery like printers, scanners, and photocopying machines, introduced the Xerox VersaLink B625 Multifunction Printer (MFP). This innovative solution aims to elevate productivity and bolster security for hybrid working environments. The VersaLink incorporates ConnectKey technology to cater to the demands of dynamic workgroups. It shares advanced functionalities with the AltaLink 8100 Series and harnesses machine learning to simplify common tasks, reduce setup complexities, and improve overall efficiency. Moreover, it offers high-capacity, single-pass scanning, enabling the swift conversion of physical documents into digital formats, facilitating seamless digital workflows.

Manufacturers of optical instruments have introduced three-dimensional scanning electron microscopes for the purpose of high-resolution imaging. These 3D SEMs (Scanning Electron Microscopes) have the capability to produce highly detailed three-dimensional models of microscopic objects, offering exceptional spatial resolution. They function by employing a beam of electrons to meticulously scan an object's surface, resulting in an image that provides a comprehensive depiction of the object's surface topography and composition. With a remarkable height resolution of 10nm, 3D SEMs are proficient in quantitatively assessing surface undulations. Beyond surface features and composition, a 3D SEM is adept at identifying and analyzing surface fractures, characterizing microstructures, inspecting surface contaminations, unveiling variations in chemical compositions, offering qualitative chemical analyses, and pinpointing crystalline structures. These 3D SEMs find extensive applications across diverse industries, including aerospace, automotive, medical devices, and the semiconductor sector. Leading companies engaged in the manufacturing of 3D SEMs encompass CAMECA, Carl Zeiss, FEI Company, Oxford Instruments, and JOEL.

Major companies operating in the commercial and service industry machinery market include Canon Inc., Sunny Optical Technology Company Limited, Berkshire Hathaway Inc., Ricoh Group, Fujifilm Corporation, Sony Corporation, Nikon Corporation, Sharp Corporation, II-VI Incorporated, Largan Precision Company Limited, HP Inc., KLA Corporation, Xerox Corporation, Mitsubishi Heavy Industries, Caterpillar Inc., General Electric Company, Deere & Company, Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., Sandvik AB, Atlas Copco AB, Metso Corporation, Terex Corporation, Manitowoc Company Inc., The Timken Company, Kennametal Inc., Parker-Hannifin Corporation, Dover Corporation, Illinois Tool Works Inc., Ingersoll-Rand plc.

The Asia-Pacific was the largest region in the commercial and service industry machinery market in 2023. Western Europe was the second largest region in the commercial and service industry machinery market. The regions covered in the commercial and service industry machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the commercial and service industry machinery market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The commercial and service industry machinery market consists of sales of commercial and service industry machinery that are used in the commercial and service sector, such as floor sanding machines, industrial vacuum cleaners, scrubbing machines, commercial cooking and food warming equipment, and commercial dishwashing machines. 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 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.


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