The machinery and equipment sector is a diverse industry that produces a wide range of technologically advanced equipment and machines used across various sectors such as agriculture, healthcare, construction, packaging, oil & gas, and manufacturing among others. The industry is influenced by various factors such as changing consumer patterns and purchasing behavior, rapid industrialization and globalization, and rapid technological advancements and innovations. Key companies are heavily investing in R&D activities to develop advanced and highly equipped machinery and equipment to cater to rising demand.