Top 10 Industrial Mergers & Exits of 2024: Driving Innovation and Shaping 2025
The industrial sector in Europe and North America experienced significant growth in 2024, fueled by strategic mergers and acquisitions (M&A) and impactful startup exits. Key automation, sustainability, and AI trends are redefining industries and driving innovation.
Top Industrial M&A in 2024
The top 10 mergers and acquisitions in 2024 exemplify how industrial leaders leverage strategic partnerships to drive sustainability, automation, and digitalization innovation:
- Adnoc → Covestro ($16.4 Billion):
Focus on clean energy and advanced materials. - Siemens → Altair Engineering ($10 Billion):
Enhances digital twin and industrial simulation capabilities. - Quikrete → Summit Materials ($9.2 Billion):
Strengthens infrastructure-focused building materials. - Deutsche Bahn → DSV (DB Schenker Logistics) (€7 Billion):
Revolutionizes logistics with enhanced supply chain solutions. - TPG & GIC → Techem (€6.7 Billion):
Drives decarbonization in the building sector. - Canadian Natural Resources → Chevron Canada ($6.5 Billion):
Advances carbon capture and sustainability technologies. - AeroVironment → BlueHalo ($4.1 Billion):
Advances autonomous and AI-driven technologies across defense and industrial sectors.
- Leonardo → Cybersecurity Acquisitions ($1 Billion+ Estimate):
Expands cybersecurity for industrial digitalization. - Hexagon AB → indurad (Undisclosed):
Provides autonomous solutions for mining and heavy industries. - Terex → Environmental Solutions Group ($2 Billion):
Strengthens recycling and waste management technologies.
Top Startup Exits in 2024
These startup exits highlight innovations reshaping the industrial sector and their broader implications for industry transformation:
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SciAps → Spectris ($260 Million):
Impact: Advanced handheld material analysis technology accelerates precision measurement capabilities across manufacturing, mining, and recycling sectors. By integrating SciAps’ portable XRF and LIBS tools, Spectris expands its reach into field-based applications, supporting sustainability trends in green metals and battery materials.
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Modular Automation → Automated Industrial Robotics (AIR) (Undisclosed):
Impact: Medical robotics integration drives surgical precision, automated manufacturing, and next-generation healthcare technology solutions. This acquisition underscores the growing role of robotics in healthcare innovation.
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AeroVironment → BlueHalo ($4.1 Billion):
Impact: Autonomous technology convergence bridges defense innovation with commercial and industrial applications, emphasizing AI-driven system development. BlueHalo’s expertise in autonomous systems strengthens AeroVironment’s position in dual-use technologies for defense and industrial sectors.
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Amazon → Vimaan ($2.1 Billion):
Impact: Advanced warehouse robotics revolutionize supply chain efficiency through intelligent automation, reducing operational costs and enhancing logistics performance. Vimaan’s computer vision systems improve inventory accuracy and reduce errors, aligning with Amazon’s broader push for supply chain innovation. -
Nvidia → Run: ai ($700 Million):
Impact: Run:ai specializes in AI infrastructure management and optimizes AI workloads across various platforms. Nvidia’s acquisition of Run:ai bolsters its AI software ecosystem, enabling more efficient deployment and scaling of AI applications in industrial settings.
2024 Startup Exits: A Global Surge in Value
2024 marked a significant year for the global startup exit landscape, with total exit value reaching $48.59 billion, a 69% year-on-year increase compared to 2023. While the number of exits grew modestly to 387 (+5.7%), the rise in value highlights a shift toward higher-quality deals. Several factors fueled this growth:
- AI-enabled startups boosting valuations and reshaping processes.
- Strategic corporate acquisitions of startups from investment portfolios.
- Private equity buyouts targeting high-growth sectors.
Insight: These trends illustrate how startups accelerate industrial transformation with specialized, high-impact solutions that address challenges traditional enterprises struggle to solve, making strategic acquisitions a critical tool for integrating cutting-edge technologies.
Industrial Sector Resilience: 2024 Highlights
The industrial sector remained resilient in 2024, ranking fourth globally with a 38.1% trailing 12-month return.
Source: Charles Schwab: 2024 Sector Outlook
Key drivers of this performance included:
- Automation & AI: Improving manufacturing, logistics, and energy efficiency.
- Sustainability: Investments in green technologies and circular economy models.
- Digital Transformation: IoT, digital twins, and reshoring strategies positioning industries for future growth.
Leadership Perspectives
Michael Dolbec, Managing Partner at Momenta:
"2024’s industrial exits mark a shift toward agile innovation and sustainable growth. AI and edge computing are tackling global challenges, redefining the industrial playbook ."
Ken Forster, Founding Partner at Momenta:
"2025 will see circular economy models thrive, from modular construction to sustainable manufacturing. Startups and corporates are co-innovating to accelerate smart manufacturing, shaping the future of industrial impact®."
Sector-Specific Innovations: Transforming Industries
Integrating AI and robotics in smart factories drives significant productivity gains, with efficiency improvements of up to 20%. Predictive maintenance, real-time quality control, and production optimization reduce downtime, minimize waste, and enhance product quality. These advancements highlight the transformative potential of AI-driven systems in modern manufacturing.
Renewable energy continues to dominate global power capacity additions, with solar and wind energy leading the charge. In the U.S., solar power generation is projected to grow by 75% between 2023 and 2025, driven by increased installations and technological advancements, while wind power is expected to rise by 11%. These trends reflect a steady global shift toward cleaner energy in response to sustainability goals.
Autonomous delivery technologies, such as drones and ground robots, are revolutionizing last-mile logistics by reducing delivery costs by up to 40%. Real-time route optimization and continuous operation have improved delivery speed and customer satisfaction, showcasing their transformative impact on the logistics industry.
Looking Ahead to 2025 and Beyond
Four trends will shape the industrial sector in 2025:
- Intelligent Automation: Self-optimizing systems driving efficiency.
- Sustainability as a Strategy: Circular economy models becoming the industry standard.
- Digital Convergence: Digital twins and IoT networks enhancing operational optimization.
- Resilient Supply Chains: AI-powered networks improving adaptability and efficiency.
To thrive in 2025 and beyond, leaders must seamlessly integrate advanced technologies with sustainable practices. The convergence of AI, automation, and digital solutions is streamlining operations and enabling businesses to adapt to global challenges, from shifting market demands to evolving regulations. Sustainability is no longer a compliance checkbox—it’s a strategic advantage shaping the future of industry.
While challenges like geopolitical tensions and talent shortages persist, those who innovate and align sustainability with their core operations will position themselves as market leaders, driving long-term value and resilience.
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Momenta is the leading Industrial Impact® venture capital firm, accelerating industrial innovators across energy, manufacturing, smart spaces, and the supply chain. Our team of deep industry operators has helped scale industry leaders and innovators to improve critical industries, the environment, and people's quality of life for over a decade. PitchBook has ranked Momenta as one of the ten best-performing venture capital firms for 2023 in its prestigious Global Manager Performance Score League Tables, and the firm is the only European-headquartered VC to secure a Top 10 spot on the list. For more information, please visit http://www.momenta.one.
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