Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Commercial And Service Industry Machinery Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The analysis unveils that the market has grown robustly from $215.06 billion in 2023 and is projected to reach $229.78 billion in 2024, marking a compound annual growth rate (CAGR) of 6.8%.
Key Drivers of the Market
Factors such as urbanization, infrastructure development, digitalization, and the growing hospitality and tourism sector are propelling the market's growth trajectory. Detailed within the report are the present conditions and future developments expected to shape the market upwards of $294.58 billion by 2028, at a steady CAGR of 6.4%.
Notably, the integration of IoT and smart building solutions is a trend of paramount importance, seamlessly coupled with the demand for sustainable practices within the industry. Additionally, the rise of robotic process automation (RPA), expansion in remote and contactless services, and enhancements in e-commerce and last-mile delivery solutions are anticipated to steer the market towards significant advances.
Advertising Industry as a Growth Catalyst
The advertising industry's expansion is also identified as a vital component of market growth, spurring the demand for specialized machinery like digital printers and large-format printing equipment. These trends suggest a positive outlook for machinery manufacturers catering to the advertising sector's dynamic requirements.
Disruptions and Recovery from COVID-19
The ongoing recovery from the COVID-19 pandemic impacts, which notably disrupted global supply chains and manufacturing activities in 2020, is also scrutinized. With the sector bouncing back from the temporary setbacks, poised resilience and a forecast for recovery are highlighted within the report.
Regional Market Analysis
The Asia-Pacific region took the lead in the market in 2023, followed by a strong presence in Western Europe. The comprehensive coverage extends to major economies and their contributions to the global market, including the trajectory and positioning of countries like China, India, and the United States.
Segmentation and Key Market Players
The diverse categories within the commercial and service industry machinery market are systematically segmented and analyzed, ranging from photographic and photocopying equipment to optical instruments. The report also identifies predominant market players who are innovating and shaping the industry's future, including leaders that are enhancing productivity and security with AI integration and advanced digital solutions.
A selection of companies mentioned in this report includes
- Canon Inc.
- Sunny Optical Technology Company Limited
- Berkshire Hathaway Inc.
- Ricoh Group
- Fujifilm Corporation
- Sony Corporation
- Nikon Corporation
- Sharp Corporation
- II-VI Incorporated
- Largan Precision Company Limited
- HP Inc.
- KLA Corporation
- Xerox Corporation
- Mitsubishi Heavy Industries
- Caterpillar Inc.
- General Electric Company
- Deere & Company
- Komatsu Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Sandvik AB
- Atlas Copco AB
- Metso Corporation
- Terex Corporation
- Manitowoc Company Inc.
- The Timken Company
- Kennametal Inc.
- Parker-Hannifin Corporation
- Dover Corporation
- Illinois Tool Works Inc.
- Ingersoll-Rand plc
For more information about this report visit https://www.researchandmarkets.com/r/ninkp9
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