Major companies in the commercial and service industry machinery market include Canon Inc; Ricoh Company Ltd; Fujifilm Holdings Corporation; Sony Electronics Inc and Nikon Corp. The global commercial and service industry machinery market is expected to grow from $207.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial And Service Industry Machinery Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018842/?utm_source=GNW
31 billion in 2020 to $214.21 billion in 2021 at a compound annual growth rate (CAGR) of 3.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $285.3 billion in 2025 at a CAGR of 7%.
The commercial and service industry machinery market consists of sales of commercial and service industry machinery by entities (organizations, sole traders and partnerships) that produce commercial and service industry machinery such as optical instruments, photographic and photocopying equipment, automatic vending machinery, commercial laundry and dry-cleaning machinery, office machinery, automotive maintenance equipment (except mechanics’ hand tools), and commercial-type cooking equipment. The commercial and service industry machinery market is segmented into photographic and photocopying equipment; optical instrument and lens; and other commercial and service industry machinery.
Asia Pacific was the largest region in the global commercial and service industry machinery market, accounting for 49% of the market in 2020. Western Europe was the second largest region accounting for 24% of the global commercial and service industry machinery market. Africa was the smallest region in the global commercial and service industry machinery market.
Optical instrument manufacturers are offering three-dimensional scanning electron microscopes for high resolution imaging. 3D SEM (Scanning Electron Microscope) generates a high spatial resolution 3D model of a microscopic object. It uses a beam of electrons to scan the surface of an object to create an image detailing the topography and composition of the object’s surface. 3D SEM is capable of quantitatively evaluating surface undulations at a height resolution of 10nm. In addition to topographical and compositional information, a 3D SEM can detect and analyze surface fractures, provide information in microstructures, examine surface contaminations, reveal spatial variations in chemical compositions, provide qualitative chemical analyses and identify crystalline structures. 3D SEMs have a variety of applications in aerospace, automotive, medical devices, and semiconductor industry. Major companies manufacturing 3D SEM include CAMECA, Carl Zeiss, FEI Company, Oxford Instruments, and JOEL.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the commercial and service industry machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the commercial and service industry machinery manufacturing will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The commercial and service industry machinery manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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