The industrial machinery market in Europe is expected to grow from US$ 52,236. 9 million in 2019 to US$ 79,343. 9 million by 2027; it is estimated to grow at a CAGR of 6. 20% from 2020 to 2027. Increasing urban population and growing demand for better infrastructure have led to the growth of the construction industry, which is expected to drive the growth of the industrial machinery market in Europe.
New York, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Industrial Machinery Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Machinery Type ; and Country" - https://www.reportlinker.com/p05974360/?utm_source=GNW
Digitization offers industrial machinery players an attractive opportunity.
It has triggered the efficiency of existing machines along with enhancing safety in the work environment; this is expected to increase demand for industrial machinery in the coming years.Manufacturers have implemented analytics and automation to improve their products and services, as well as to provide enhanced experience to customers.
The concept of digital machinery has facilitated the manufacturer transition from” hardware” suppliers to “hardware, software, and service” suppliers, which, in turn, has led to the development of new business models.This helps the industrial machinery manufacturers in building a loyal customer base and generating a steady stream of revenues.
For example, as part of its hardware offering, Caterpillar, a manufacturer of construction machinery, offered telematics to capture essential information about the use of equipment. The manufacturer then used the information to introduce a new model on the market that appealed to lighter-duty operations. Digitization has paved the way for industrial machinery manufacturers to introduce new business models based on equipment utilization or performance level. It has created new opportunities across different processes in the value chain of industrial machinery, from designing stage to manufacturing, selling, and after-sales services. Industrial machinery manufacturers use data collected from equipment through digitization to innovate and introduce new products to the market, based on the varied consumer demands. For example, Kaeser Kompressoren, an air compressor manufacturer, introduced a new “pay-per-use” model based on usage, under which consumers were charged based on compressed air consumption.
Digitization helps the industrial machinery manufacturers in:
Building smart factories through connected equipment that can operationalize mass personalization and industrialize IoT with real-time manufacturing Integrating planning as well as real-time collaboration and transparency through digital supply networks Offering new service-based models which enhances customer satisfaction Developing and identifying innovative products that may appeal to a niche market
In Europe, Italy is the hardest-hit country by the COVID-19 outbreak.It is expected to suffer an economic hit due to a lack of revenue from various industries.
Other member states have implemented drastic measures and travel restrictions, including partially closing their borders.This is anticipated to impact market growth in Europe.
The pandemic has had varied impact of European countries as selective countries witnessed a surge in number of confirmed cases and subsequently attracted stringent as well as longer lockdown period or social isolation, resulting in disruption of business.For instance, in Italy and Spain, industrial machinery demand declined significantly owing to notable number of positive cases.
However, owing to robust healthcare infrastructure, western European countries such as Germany, France, and the UK have witnessed a comparatively moderate decline in their demand for various essential services and products. Lockdowns are expected to negatively impact the market and virtually disrupt the market growth across selected countries during the next few months, as well as potentially in the next few years.
Overall size of the Europe industrial machinery market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Europe industrial machinery market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe industrial machinery market. A few of the players operating in the market in this region are AB Electrolux, Alfa Laval, GEA Group, and AMADA CO., LTD.
Read the full report: https://www.reportlinker.com/p05974360/?utm_source=GNW
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