Spinning Machinery Market Size, Competitive Landscape, Regional Outlook and COVID-19 Impact Analysis 2023
Spinning Machinery Market Highlights:
The Spinning machinery market size is expected to register a CAGR of 5% during the Spinning Machinery Market Analysis period and reach a Spinning Machinery Market Share value of USD 7 Billion during the forecast period
Spinning is one of the significant segments of the textile industry, and the machinery designed for the spinning process helps spin fibers into workable yarn or thread. Spinning machinery is used for manufacturing clothing or textile that have various industrial applications. The rise in the demand and sale of garments, increasing adoption of automation system for spinning machinery, and growing focus on enhancing the safety and efficiency of the factors that are set to drive the growth of the spinning machinery market.
Strict industry regulations, lack of skilled professionals, and the high initial prices and maintenance costs associated with spinning machinery is expected to hamper the market growth during the forecast period. However, the growing use of loT for monitoring machine condition, technological advancement in spinning machinery, changing fashion trends, and developing economies in emerging countries create ample opportunities for the expansion and growth of this market.
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Key Players
The global spinning machinery market manufacturers are Rieter (Switzerland), Saurer AG (Switzerland), Murata Machinery USA, Inc. (US), Lakshmi Machine Works Limited (India), Trützschler (Switzerland), Kirloskar Toyota Textile Machinery Pvt. Ltd (India), A.T.E. Private Limited (India), Itema S.p.A. (Italy), Marzoli Spinning Solutions (Italy), and Savio Macchine Tessili S.p.A. (Italy).
Market Research Analysis
In terms of region, the global spinning machinery market is segmented into– North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to hold the largest share in the global spinning machinery market throughout the forecast period owing to the increase in foreign investments in manufacturing plants and growing home and automobile textile market are expected to increase the demand and sale of spinning machinery.
Moreover, the presence of emerging economies, such as China and India, is also contributing to the market growth in the region. On the other hand, North America is projected to witness significant growth for the spinning machinery market. The growing demand for sophisticated machines that produce high-quality cloth with fewer knots and developing product service industry in the US and Canada are expected to support the growth of the market during the forecast period.
The spinning machinery market in Europe is expected to witness significant growth due to the presence of many developed nations and their willingness to adopt new technologies. The rest of the world includes regions such as South America and the Middle East & Africa. South America is an emerging region, which is incorporating technological advancements in the spinning machinery market at a rapid pace. Countries such as Brazil and Argentina are significantly contributing to the growth of the market in the region, owing to the increasing number of government initiatives that benefit the textile industry.
Scope of the Report
This study provides an overview of the global spinning machinery market size, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global spinning machinery market by type, material, end-use industry, and region.
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