How much is the commercial and service industry machinery market worth, and how is it expected to expand?
The commercial and service industry machinery market size has grown strongly in recent years. It will grow from $226.32 billion in 2024 to $241.86 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. 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 $307.94 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. 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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Which industry factors have accelerated the commercial and service industry machinery market’s expansion?
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.
What are the primary segments of the commercial and service industry machinery market?
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:
1) By Commercial And Service Industry Machinery: Vending Machines, Laundry Machinery, Commercial Refrigeration Equipment, Food Processing Machinery, Packaging Machinery, Material Handling Equipment, Other Commercial And Service Industry Machinery
2) By Photographic And Photocopying Equipment: Digital Cameras And Camcorders, Photocopiers, Printers And Scanners, Film And Imaging Equipment, Other Photographic And Photocopying Equipment
3) By Optical Instrument And Lens: Microscopes, Telescopes, Binoculars, Camera Lenses, Optical Instruments For Medical Use, Other Optical Instruments And Lenses
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Which firms are leading the commercial and service industry machinery market?
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.
Which market trends are set to define the future of the commercial and service industry machinery market?
Major companies operating in the commercial and service industry machinery market are focused on developing innovative technologies and products, such as the VersaLink B625 Multifunction Printer (MFP), to gain a competitive advantage in the market. The Xerox VersaLink B625 MFP enhances workgroup productivity with AI-powered task optimization and efficient, high-capacity scanning. For instance, in April 2023, Xerox Holdings Corporation, a US-based manufacturer of commercial machinery including printers, scanners, and photocopying machines, launched the Xerox VersaLink B625 Multifunction Printer (MFP), a new and upgraded solution to improve productivity and security for hybrid workers. VersaLink features ConnectKey technology to serve the needs of demanding workgroups. It shares advanced features with the AltaLink 8100 Series and employs machine learning to streamline common tasks, reducing setup steps and enhancing efficiency. Furthermore, it offers high-capacity, single-pass scanning to swiftly convert physical documents into digital files, enabling seamless digital workflows.
Which geographic trends are shaping the commercial and service industry machinery market, and which region has the highest market share?
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.
What Does The Commercial And Service Industry Machinery Market Report 2025 Offer?
The commercial and service industry machinery market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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