Table of Contents
Machines are tools consisting of linked parts or components, at least one of which moves, joined together for a specific application and fitted with a drive system other than directly applied human or animal effort. The market for machinery includes mining machinery such as bulldozers and backhoes, crushers, feeders and gravel pumps; construction machinery, such as road paving and earth-moving machinery; agricultural machinery for growing, processing, packaging and transporting foodstuffs and other agricultural products; and industrial machinery used in manufacturing industries such as the automotive, aerospace and consumer products industries.
The total value of the machinery manufacturing sector globally in 2014 was $3,837 billion. Related to a world population of more than 7 billion in 2014 this equates to about $548 per person globally. Given that World Domestic Product was approximately $78 trillion in 2014 , the market makes up about 4.9% of the global economy.
Globally, machinery manufacturers are re-allocating their production. Rapid wage increases, rising transportation costs and the difficulty of effective quality control at a distance are leading them to re-assess the attractiveness of off-shoring production locations in the developing countries. These factors are encouraging many companies to relocate production closer to their markets. For instance General Electric (GE) has shifted a major part of its production from China back to the USA.
Emerging market governments are supporting their domestic machinery manufacturing industries to meet their domestic demand for capital equipment. This form of import substitution is a potential threat to the existing industry in countries such as Germany that have relied on the reputation of their home production for export sales.
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