Global Industrial Machinery Market to Reach $1.6 Trillion by 2030
The global market for Industrial Machinery estimated at US$1.1 Trillion in the year 2023, is expected to reach US$1.6 Trillion by 2030, growing at a CAGR of 4.6% over the analysis period 2023-2030. Agriculture Application, one of the segments analyzed in the report, is expected to record a 4.7% CAGR and reach US$407.3 Billion by the end of the analysis period. Growth in the Construction Application segment is estimated at 4.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $326.8 Billion, While China is Forecast to Grow at 7.9% CAGR
The Industrial Machinery market in the U.S. is estimated at US$326.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$287.1 Billion by the year 2030 trailing a CAGR of 7.9% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3.9% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$214.2 Billion by the year 2030.
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