The industrial sector’s prospects appear bright, driven by the ever-growing demand for industrial machinery and services across multiple end-use industries, favorable government initiatives, and increased technology adoption.
Given the industry’s tailwinds, fundamentally sound industrial stocks Caterpillar Inc. (CAT – Get Rating), Heidelberg Materials AG (HDELY – Get Rating), and Albany International Corp. (AIN – Get Rating) could be ideal portfolio additions.
Rising need for industrial tools and services across several end-use industries, like construction, oil and gas, automotive, power, semiconductor and electronics, metals and mining, healthcare, aerospace, chemicals, and others, have significantly contributed toward the growth of the industrial sector in recent years.
According to a report by the Business Research Company, the global industrial services market is expected to expand at a CAGR of 5.2% during the forecast period and reach $40.75 billion in 2027.
Industrial machinery, including machines, equipment, and tools used in manufacturing, processing, and producing goods across different sectors, has shown remarkable growth. Its considerable expansion is fueled by the demand for automation, the modernization of production processes, and growing manufacturing sectors.
The global industrial machinery market is projected to reach $1.04 trillion by 2032, growing at a CAGR of 5.3% during the forecast period (2023-2032).
The technical textile market is further evolving and growing in leaps and bounds with its higher performance qualities than traditional textiles. The industry captures a wide variety of products to offer to its extensive customer base, which is not limited to apparel but has widespread applications in the medical, automotive, and other sectors.
The global technical textile market is estimated to hit $370 billion by 2032, expanding at a CAGR of 5.3% during the forecast period.
Industrial transformation, often called Industry 4.0, is an ongoing paradigm shift in the industrial sector that involves the adoption of cutting-edge technologies in several aspects of the manufacturing process.
The incorporation of advanced technologies, including cloud computing, machine learning, the Internet of Things (IoT), and AI into the production process creates a flexible, efficient, and connected manufacturing environment. The Industry 4.0 market size is expected to exceed around $482 billion by 2032, exhibiting a CAGR of 20.7%.
Given the industry’s robust outlook, fundamentally strong industrial stocks….
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