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The industrial machinery market in Asia-Pacific is estimated to grow at a significant
CAGR from 2016 to 2024. The growing demand for industrial machinery from countries
such as China, India, South Korea and Japan is anticipated to drive overall market
demand over the forecast period. China's government is focusing on urbanization and
the recent policies stress on rapid industrialization. India is expected to observe rapid
industrialization on account of favorable government regulations and policies.
The major market players are Caterpillar Inc. and Deere & Company. Caterpillar Inc. is
the leading manufacturer of industrial gas turbines, construction & mining equipment,
diesel-electric locomotives, and diesel & natural gas engines. Deere Company in
engaged in the production and distribution of agricultural & forestry equipment,
construction equipment, and engines across the world.
The other prominent players in the market are AO Smith Corp, Lincoln Electric Holdings
Inc., Manitowoc Company, Illinois Tool Works, Terex Corp., Astec Industries, Toyota,
Samsung Electronics, AGCO Corporation, Alamo Group, Ford, Hewlett-Packard,
Hitachi, IBM, Lindsay Corporation, Siemens and General Electric.
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