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The most prominent factor driving the market growth is continually growing industrial manufacturing sector and revival of automotive industry worldwide.
The automotive industry, especially in developed economies such as North America and Western Europe witnessed a gradual slowdown in the beginning of this decade owing to unstable economic conditions. However, with financial markets showing economic stability, the automotive industry in these regions is poised to regain its original growth levels, offering necessary push to the market growth, especially during first half of the forecast period.
Thus, the ever rising industrial manufacturing across various verticals worldwide is the most significant factor propelling the market growth. Rising efforts towards maximizing manufacturing capacity is expected only spur the demand for these equipment in the coming years. Anoth