Global Machinery and Equipment Market Size Likely to Expand at a CAGR of 6.57% By 2033

As per the current market research conducted by the CMI Team, the global Machinery and Equipment Market size is expected to record a CAGR of 6.57% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 205.67 Billion. By 2033, the valuation is anticipated to reach USD 364.66 Billion.

Machinery and Equipment Market: Growth Factors and Dynamics

• Technological Advancements: Continuous innovation in technology, such as automation, artificial intelligence, and the Internet of Things (IoT), is enhancing the efficiency, precision, and capabilities of machinery and equipment, driving market growth.

• Industrialization and Urbanization: Rapid industrialization and urbanization, particularly in emerging economies, are increasing the demand for construction, mining, and manufacturing machinery to support infrastructure development and industrial activities.

• Rising Demand for Automation: The growing need for automation in various industries to improve productivity, reduce labor costs, and enhance operational efficiency is fueling the demand for advanced machinery and equipment.

• Environmental and Energy Efficiency: Increasing awareness and regulatory pressures regarding environmental sustainability and energy efficiency are driving the adoption of eco-friendly and energy-efficient machinery and equipment.

• Expansion of End-Use Industries: Growth in key end-use industries such as automotive, aerospace, healthcare, and agriculture are boosting the demand for specialized machinery and equipment tailored to specific applications in these sectors.

• Government Initiatives and Investments: Supportive government policies, investments in infrastructure projects, and initiatives promoting industrial growth and technological adoption are contributing to the expansion of the machinery and equipment market.

Machinery and Equipment Market: Product Launch and Acquisitions

• In April 2024, Frontline Machinery announced the acquisition of Lonetrack Equipment, a provider of specialized machinery for the aggregate, mining, and road construction industries in British Columbia and the Yukon.

• In July 2023, ROMCO Equipment Co., a division of SMT, is expanding its presence in the Southwest through the acquisition of Sierra Machinery. This strategic move exemplifies their unwavering commitment to growth, expansion, and long-term success.

• In March 2024, JCB, the innovative manufacturer of construction, agriculture, and demolition equipment, unveiled its latest generation of machines. The multinational British company is confident that these new machines will further establish its position at the forefront of the industry.

Report Scope

Machinery and Equipment Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Machinery and Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Supply Chain Disruptions: The pandemic caused significant disruptions in the global supply chain, affecting the manufacturing and distribution of machinery and equipment components. Production and logistics delays created challenges in meeting market demand.

• Shift in Market Demand: Government-imposed lockdowns and social distancing measures led to reduced industrial activity and capital expenditure in certain sectors, impacting the demand for machinery and equipment. However, increased demand in sectors such as telecommunications and medical applications partially offset these declines.

• Acceleration of Digital Transformation: The pandemic accelerated the adoption of digital technologies and remote working practices across industries. This shift drove the demand for machinery and equipment used in optical communication networks, data centers, and remote monitoring systems to support increased internet usage and digital connectivity.

• Focus on Healthcare Applications: The medical sector experienced a surge in demand for machinery and equipment used in medical devices, diagnostics, and treatments. Laser technology, for instance, played a crucial role in the development of COVID-19 testing equipment, therapeutic devices, and telemedicine solutions.

• Resilience and Innovation: Despite challenges, the pandemic fostered innovation and collaboration within the machinery and equipment industry. Companies adapted to the changing market conditions by developing new products, enhancing remote servicing capabilities, and exploring novel applications for their technologies.

• Government Support and Investments: Governments worldwide provided support and incentives to various industries, including the machinery and equipment sector, to stimulate economic recovery and innovation. Funding initiatives and grants for research and development projects helped drive advancements in machinery and equipment technology.

• Shift to Online Sales and Services: To adapt to social distancing measures and travel restrictions, companies in the machinery and equipment market expanded their online sales platforms and digital customer support services. Virtual demonstrations, webinars, and online training programs became essential for engaging customers and driving sales.

• Investment in Infrastructure Projects: Despite short-term disruptions, long-term infrastructure projects such as telecommunications network expansion, smart city initiatives, and high-speed rail developments continued to drive demand for machinery and equipment for data transmission, sensing, and monitoring applications.

• Focus on Sustainability and Energy Efficiency: The pandemic underscored the importance of sustainability and energy efficiency in manufacturing processes. Machinery and equipment known for their energy efficiency and environmental benefits gained traction as manufacturers prioritized sustainable solutions.

Thus, the COVID-19 pandemic posed significant challenges for the Machinery and Equipment Market, it also spurred opportunities for innovation, collaboration, and market diversification in response to evolving market dynamics.

List of the prominent players in the Machinery and Equipment Market:

• Caterpillar Inc.
• Komatsu Ltd.
• John Deere (Deere & Company)
• Hitachi Construction Machinery Co. Ltd.
• Volvo Construction Equipment
• Siemens AG
• Honeywell International Inc.
• ABB Ltd.
• Bosch Rexroth AG
• Mitsubishi Heavy Industries Ltd.
• CNH Industrial N.V.
• Kubota Corporation
• Doosan Infracore Co. Ltd.
• Sandvik AB
• JCB (J.C. Bamford Excavators Ltd.)
• Others

The Machinery and Equipment Market is segmented as follows:

By Product Type

• Heavy Machinery
• Packaging Machinery
• Food Processing Machinery
• Construction Machinery
• Metalworking Machinery
• Textile Machinery
• Others

By Mode of Operation

• Autonomous
• Semi-autonomous

By End Use Industry

• Automotive
• Aerospace
• Construction
• Food and Beverage
• Energy and Power
• Healthcare
• Packaging
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America