The industrial machinery market can include a variety of sub-sectors, but for the purpose of this market overview the following segments will be included:
Construction Equipment - equipment, which may be mobile, semi-permanent, or permanent, intended for heavy work such as earthmoving, lifting containers or materials, drilling holes in earth or rock, or concrete or paving application.
Mining Equipment - equipment and machinery used to mine and extract natural resources. These include mining and materials handling equipment and process controls, pumps, electric motors, and fluid power.
Agricultural Equipment - equipment used in farming (such as cultivators and tillers), used to break up the surface of the soil for aeration and weed control, planting, harvesting and post harvesting.
Food Processing Equipment - equipment that transforms raw ingredients, by physical or chemical means, into food for consumption. Food processing combines raw food ingredients to produce marketable food products that can be easily prepared and served by the consumer.
Packaging Equipment - packaging equipment automates the enclosure or protection of products for distribution, storage, sale, and use. Common packaging equipment includes filling machines, sealing machines, wrapping machines, strapping machines, labeling machines and coding machines.
The 2015 global market for industrial equipment is approximately $461 billion, with the largest two industry sectors being construction and agriculture. Overall, the global industrial machinery market is expected to grow at a CAGR of 9.2% from 2015 through 2020. Construction and mining are predicted to be the fastest-growing global sectors. The growth in the construction equipment market is being led by the continued strong growth in China. Mining growth is being driven in large part by the continued strength in the energy sectors (which are included as part of mining).
The US market for industrial equipment market, which represents less than 20% of the global market, is expected to grow from $88 billion in 2015 to almost $123 billion by 2020. This represents a CAGR of just below 8%, showing slower growth than the overall global projection. Food equipment is projected to be the fastest growing sector in the US, primarily driven by slower than average growth over the next few years in traditionally higher growth segments.
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