According to a new report from Global Market Insights, the industrial machinery market is expected to reach $771.59 billion by 2024.

Asia Pacific will lead the global revenue, on account of the considerable China industrial machinery market share across application areas. Untapped potential as well as steady demand in the region will contribute to high growth rate. The region also leads in semiconductor fabrication plant base, which will drive demand in the coming years.

Government regulations, financial constraints and the increasing cost of ownership make rental an attractive alternative for an increasing number of government authorities, contractors and other construction equipment users. The rental landscape in the Europe and U.S. industrial machinery market includes short-term rentals that are mainly provided to small contractors. A growing number of equipment has become available on rent, with many companies engaging in both exclusive as well as non-exclusive contracts.

Other key insights from the report include:

• Need for advanced vehicles equipped with emission control systems is also likely to propel industrial machinery market share. Regulatory support in the form of tax benefits have favorably influenced infrastructure activities in Japan, India and South Korea. Escalating focus on infrastructure as well as increasing need for mechanization of manufacturing processes is projected to drive growth over the forecast timeline.
• Growth in the global construction equipment market size as well as mining equipment industry is pivotal for growing industrial machinery market share. These segments are forecast to grow at over 4.5% CAGR from 2016 to 2024.
• Smart packaging solution adoption and high demand for food processing and packaging due to changing consumer lifestyle will positively impact revenue generation over the next few years.
• Manufacturing firms prefer creating their own supplier and distributors network to market their products. More collaborations with key suppliers for co-development of parts and systems among manufacturers offer efficient supply chains to reach out to more customers. U.S.-based companies earn revenues through the export of machines in other countries such as Brazil, Canada, Australia and Mexico. Though these products are made available at large retail outlets, e-commerce represents an attractive channel to reduce cost.
• Companies accounting for industrial machinery market share differ on the basis of product offering. Major players include Atlas Copco, Caterpillar, Sandvik, Hitachi, Komatsu and Terex.