Industrial Machinery Market Opportunities and Strategies to 2033

This report describes and explains the industrial machinery market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global industrial machinery market reached a value of nearly $521.04 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.51% since 2018. The market is expected to grow from $521.04 billion in 2023 to $746.7 billion in 2028 at a rate of 7.46%. The market is then expected to grow at a CAGR of 6.98% from 2028 and reach $1.04 trillion in 2033.

Growth in the historic period resulted from the increasing demand for processed foods, increasing focus on infrastructure development and increasing trade. Factors that negatively affected growth in the historic period include geopolitical tensions and volatility in raw material prices.

Going forward, the increasing manufacturing output across industries, growth in the semiconductor industry, growing industrialization and strong economic growth in emerging markets will drive the market. Factors that could hinder the growth of the industrial machinery market in the future include a lack of skilled workers and supply chain disruptions.

The industrial machinery market is segmented by type into woodworking and paper machinery, printing machinery and equipment, semiconductor machinery, food product machinery and other industrial machinery. The other industrial machinery market was the largest segment of the industrial machinery market segmented by type, accounting for 44.40% or $231.36 billion of the total in 2023. Going forward, the semiconductor machinery segment is expected to be the fastest growing segment in the industrial machinery market segmented by type, at a CAGR of 9.85% during 2023-2028.

The industrial machinery market is segmented by operation into autonomous, semi-autonomous and manual. The semi-autonomous market was the largest segment of the industrial machinery market segmented by operation, accounting for 50.70% or $264.15 billion of the total in 2023. Going forward, the autonomous segment is expected to be the fastest growing segment in the industrial machinery market segmented by operation, at a CAGR of 9.69% during 2023-2028.

The industrial machinery market is segmented by capacity into small, medium and large. The medium market was the largest segment of the industrial machinery market segmented by capacity, accounting for 46.69% or $243.25 million of the total in 2023. Going forward, the small segment is expected to be the fastest growing segment in the industrial machinery market segmented by capacity, at a CAGR of 7.67% during 2023-2028.

Asia-Pacific was the largest region in the industrial machinery market, accounting for 41.90% or $218.31 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the industrial machinery market will be Africa and the Middle East, where growth will be at CAGRs of 15.18% and 14.72% respectively. These will be followed by South America and Asia-Pacific, where the markets are expected to grow at CAGRs of 14.31% and 7.38% respectively.

The global industrial machinery market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 16.85% of the total market in 2023.ASML Holdings N.V. was the largest competitor with a 2.88% share of the market, followed by Applied Materials Inc. with 2.65%, Tokyo Electron Ltd. with 2.53%, Lam Research Corporationwith 2.34%, KLA-Tencor Corporation with 1.78%, TETRA LAVAL GROUP with 1.47%, Toyota Motor Corporation with 1.03%, Alfa Laval AB with 0.81%, Caterpillar Inc. with 0.74% and Deere & Company with 0.64%.

The top opportunities in the industrial machinery market segmented by type will arise in the semiconductor machinery segment, which will gain $96.89 billion of global annual sales by 2028. The top opportunities in the industrial machinery market by operation will arise in the semi-autonomous segment, which will gain $116.87 billion of global annual sales by 2028. The top opportunities in the industrial machinery market by capacity will arise in the medium segment, which will gain $104.39 billion of global annual sales by 2028. The industrial machinery market size will gain the most in China at $39.17 billion.

Market-trend-based strategies for the industrial machinery market include focus on launching advanced flexible induction heating machines, focus on developing innovative 3D printers for home construction and light industrial applications, developing new versatile sawmills to enhance productivity in industrial settings, innovation in digital printing technology and launching advanced printers to boost speed and quality, deploying new autonomous mobile robots for mid-size payload transport, developing new lithography technology for semiconductor fabrication and focus on developing modular and miniature machines to gain a competitive advantage.

Player-adopted strategies in the industrial machinery market include focus on strengthening business operations through strategic partnerships, expanding business operations through strategic acquisitions, enhancing operational capabilities through strategic investments and enhancing business operations through the launch of new products and solutions.

To take advantage of the opportunities, the analyst recommends the industrial machinery companies to focus on advanced flexible induction heating machines, focus on innovation in digital printing technology, focus on autonomous mobile robots for payload transport, focus on sustainable lithography technology, focus on modular and miniature machines, focus on woodworking and paper machinery segment, focus on autonomous machinery segment, focus on small machinery segment, expand in emerging markets, focus on expanding distribution channels, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on tailoring strategies for end users.