Private companies recorded total revenue of 12.7 trillion yuan last year, accounting for 57.3 percent of the whole industry. Their profits expanded 7.7 percent to 757.4 billion yuan.

"The private sector is gaining more importance in the machinery industry," Chen said.

He estimated that the industry will achieve 8 percent growth in sales and 10 percent growth in profits in 2015 and export growth will be about 6 percent.

"The machinery industry is deeply affected by the broader economy, which is undergoing a restructuring process," he said. "Both the domestic and overseas markets will stay weak this year."

There are also favorable factors for the industry.

The National Development and Reform Commission, the top planning body, has approved numerous road, airport, rail, hydropower and grid construction projects since October. Those projects will generate demand for certain products in 2015.

In addition, falling prices for such commodities as crude oil, natural gas, iron ore and metals will lower costs for machinery companies.