Top 10 Growth Opportunities in Machines, 2024

The industrial machinery manufacturing sector registered strong growth in 2023, aided by increased consumer demand and the launch of new technologies and products. Increased collaboration between machinery OEMs, automation, and the Internet of Things (IoT) vendors is expected to help industries such as water and wastewater, chemicals, and oil and gas to implement digital manufacturing plants. The emergence of remote and autonomous technologies will enable plant and mining operators to prioritize safety.

With new themes such as energy efficiency and sustainability gaining attention, industrial machinery manufacturers are looking to implement new materials, innovate, and decarbonize. Alternative fuels/renewables will become vital as solar, hydrogen, and wind replace conventional fuels. Asia-Pacific is expected to offer large-scale opportunities as governments in the region provide attractive incentives and subsidies to boost manufacturing. Frost & Sullivan’s Growth Accelerators are companies at the forefront of driving growth in their respective industries. These companies accelerate growth by continuously innovating and creating new technologies, solutions, platforms, business models, or strategies that serve ever-evolving customer needs. These companies are also best positioned to expand market growth by strategically broadening and/or enhancing their product portfolio. Accelerating new growth opportunities is never an easy task. Still, it is one made even more difficult considering today’s strategic imperatives, from disruptive technologies and value chain compression to industry convergence and new business models. In this context, recognition as a Growth Accelerator signifies an incredible accomplishment.

Author: Krishnan Ramanathan