The industrial sector is gaining traction because of the extensive use of technology in manufacturing and a strong demand for essential equipment, machinery, and services across various industries. In this context, here are the top three industrial stocks: ABB Ltd (ABBNY – Get Rating) and Tennant Company (TNC – Get Rating), and Thermon Group Holdings, Inc. (THR – Get Rating), to check out this week.
Despite the upheavals caused by rising costs, supply chain halts, production challenges, and underinvestment combined with global recession fears, the industrial sector appears to be rebounding from its earlier lows.
The global industrial machinery market grew significantly from $506.67 billion in 2022 to $545.67 billion in 2023, registering a CAGR of 7.7%. Further, the market is expected to reach $708.30 billion in 2027, growing at a 6.7% CAGR.
It has also been embarked upon that the manufacturing industry must shift gears and move toward enhancing their revenue and protecting their profit margins with a strong eye on adopting Artificial Intelligence (AI) to improve business prospects. The global industrial AI market is projected to grow at a robust CAGR of 52.5%, reaching $58.30 billion by 2029.
There is also a shift toward customization and personalization, with customers seeking unique solutions to meet their specific needs. Manufacturers are leveraging advanced software technologies to produce tailored and adaptable machinery.
This has also laid the groundwork for the arrival of Industry 4.0. According to Market.us, the Industry 4.0 market is projected to surpass around $482 billion by 2032, growing at a robust CAGR of 20.7% between 2023 and 2032.
Given the rosy long-term prospects, the industry should remain in a bright spot this year. That said, let us delve into the fundamental aspects of the featured stocks in detail…
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