The world's largest maker of massive industrial equipment lowered its 2016 earnings forecast on Tuesday, saying it did not expect economic conditions or its key industries to improve.

"World economic growth remains subdued and is not sufficient to drive improvement in most of the industries and markets we serve," the company said in its statement.

Because of the global scale of Caterpillar's operations and its involvement in long-term capital projects, the company's outlook is used as an informal bellwether of future economic conditions.

"Global uncertainty continues, and the recent Brexit outcome and the turmoil in Turkey add to risks, especially in Europe," the company added.