According to Global Market Insights ‘the Global Industrial Machinery Market was valued at $693.7 billion in 2023 and is anticipated to register a CAGR of 7.5% between 2024 and 2032, due to the increasing adoption of automation and smart technologies, which significantly enhance productivity and efficiency. Key sectors fuelling this growth include material handling and robotics, which are integral to modern industrial processes.
We know the global machinery industry is undergoing significant transformations, driven by technological advancements, sustainability demands, and evolving market dynamics. These changes are creating unique exporting opportunities for British companies and especially Greater Manchester and North West companies, who are keen to expand their reach and capitalise on emerging trends.
According to the International Trade Centre, it is estimated that the UK could be exporting an additional $£55bn worth of machinery and electronic equipment and related services in the next 5 years.
1. Automation and Industry 4.0 One of the most significant trends in the machinery sector is the rise of automation and smart manufacturing, often referred to as Industry 4.0. The integration of IoT (Internet of Things), AI (Artificial Intelligence), and robotics into machinery is revolutionising production processes. British companies, known for their engineering and innovation, can leverage this trend by offering advanced automated solutions, sensors, and data analytics services to global markets.
2. Green Manufacturing and Sustainability Sustainability is at the forefront of the machinery industry's transformation, with growing demand for energy-efficient equipment and environmentally friendly manufacturing processes. British firms with expertise in green technologies have a unique opportunity to tap into markets that are increasingly prioritising carbon reduction and eco-friendly innovations. Providing energy-saving machinery or integrating circular economy principles into product design can be a competitive advantage.
3. Growing Demand Across the world
Emerging markets in Asia, Africa, and Latin America are witnessing rapid industrialisation, driving demand for modern machinery. British companies can explore these regions by establishing partnerships, offering high-quality products, and supporting infrastructure development in sectors such as construction, agriculture, and mining. Countries such as China, Hong Kong and India combined are estimated to have an untapped export potential of $6.5bn combined!
Across Europe, markets such as Switzerland, Germany, France, Italy and Poland provide the largest untapped export growth opportunities estimated at $6.7bn, whilst North America is $6.3bn, with US alone accounting for 87% of the growth.
4. Digital Services and Aftermarket Support In addition to manufacturing, British companies can also provide digital services like predictive maintenance, remote monitoring, and aftermarket support. These services are becoming increasingly crucial as companies worldwide aim to maximize the lifespan and efficiency of their machinery. By focusing on these trends, British machinery companies have immense potential to expand their global footprint and strengthen their competitive position in the international market.
Sources: Global Market Insights, ITC
NEED SUPPORT TAPPING INTO THESE OPPORTUNITIES?
Have limited budget for your international expansion strategy and need to know which market is the most suitable for your business? Why not tap into our Market Identification Service?
Book a 121 complimentary meeting with one of our Global Approved Suppliers on the link below.
Join us on a next Global Market Insight Webinar Series (11-15th Nov) where we will be exploring business opportunities for British companies across North America, LATAC, Asia, Europe, Oceania, Africa and Middle East.
Comments