Commercial And Service Industry Machinery Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Commercial and service industry machinery refers to machinery that is used in commercial and service industries. This machinery has applications in photocopying, dry-cleaning, as well as cleaning industrial space.

Sizing and Forecast

The commercial and service industry machinery market size has grown strongly in recent years. It will grow from $215.06 billion in 2023 to $229.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to urbanization and infrastructure development, hospitality and tourism growth, digitalization of services, commercial real estate development, energy efficiency and sustainability.

The commercial and service industry machinery market size is expected to see strong growth in the next few years. It will grow to $294.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to iot and smart building solutions, sustainability and green practices, customization and personalization, digital transformation, globalization of commercial services. Major trends in the forecast period include robotic process automation (RPA), remote and contactless services, sustainable facility management, 3D printing in commercial design, e-commerce and last-mile delivery solutions.

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Segmentation & Regional Insights

The commercial and service industry machinery market covered in this report is segmented –

1) By Type: Commercial And Service Industry Machinery, Photographic And Photocopying Equipment, Optical Instrument And Lens

2) By Operation: Autonomous, Semi-Autonomous, Manual

3) By Capacity: Small, Medium, Large

Subsegments Covered: , Cameras (Except Television And Video), Projectors, Photocopying Equipment, Other Photographic And Photocopying Equipment, Binoculars, Microscopes (Except Electron, Proton), Telescopes, Other Optical Instrument And Lens

The Asia-Pacific was the largest region in the commercial and service industry machinery market in 2023. Western Europe was the second largest region in the commercial and service industry machinery market. The regions covered in the commercial and service industry machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Major Driver Impacting Market Growth

Expanding the advertising industry is expected to propel the growth of the commercial and service industry machinery market going forward. The advertising industry refers to the sector that encompasses activities related to creating, planning, executing, and managing promotional campaigns and messages to reach and persuade target audiences. The advertising industry’s reliance on digital signage, displays, and the production of promotional materials drives the demand for commercial machinery such as digital printers, large-format printing equipment, and photographic and photocopying equipment that play a significant role in the advertising industry by facilitating the production of various advertising materials. For instance, in March 2023, according to Canadian Industry Statistics (CIS), a database provided by Statistics Canada, the Canadian national statistical agency, the display advertising industry generated an average revenue of $422.3 thousand in 2021, up from $416.8 thousand in 2020.Therefore, expanding the advertising industry is driving the growth of the commercial and service industry machinery market going forward.

Key Industry Players

Major companies operating in the commercial and service industry machinery market include 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.

The commercial and service industry machinery market report table of contents includes:

Executive Summary
Commercial And Service Industry Machinery Market Characteristics
Commercial And Service Industry Machinery Product/Service Analysis -Product/Service Examples
Commercial And Service Industry Machinery Market Trends And Strategies
Commercial And Service Industry Machinery Market – Macro Economic Scenario

Global Commercial And Service Industry Machinery Market Competitive Benchmarking
Global Commercial And Service Industry Machinery Market Competitive Dashboard
Key Mergers And Acquisitions In The Commercial And Service Industry Machinery Market
Commercial And Service Industry Machinery Market Future Outlook and Potential Analysis
Appendix

Top Major Players: