Global Industrial Equipment Manufacturing Industry
The industrial equipment manufacturing industry makes activities across many other industries possible, supplying companies with highly specialized products and services such as maintenance and repair. The market is very competitive, with manufacturers seeking to anticipate demand to deliver products to reduce production time and offer increasing services. Challenges to the industry include climbing costs for raw materials and environmental regulations such as emission control.
Machinery manufacturing made the industrial revolution possible and continues to fuel advances in economic and technological development. Machines and parts produced by the industry are used in other sectors, for example industrial turbines and mining equipment. The industry also produces parts for consumer products, such as lawn mowers and refrigerators. The industry’s workforce is skilled, needing some form of higher education to attain their expertise. Around 50% of workers in the industry are production workers.