The machinery manufacturing industry comprises establishments primarily engaged in manufacturing industrial and commercial machinery. These establishments assemble parts into components, sub-assemblies and complete machines.
The major reason why the machinery manufacturing market is expected to grow from $3.4 trillion in 2017 to $4 trillion by 2021 is due to expected future stability in global oil and metal prices driving demand, increasing awareness and initiatives driving production of power from renewable sources, and infrastructure development in growing economies such as China and India.
The machinery manufacturing market in The Business Research Company’s report is segmented into other general-purpose machinery manufacturing; agriculture, construction & mining machinery manufacturing; engine, turbine & power transmission equipment manufacturing; metalworking machinery manufacturing; ventilation, heating, air-conditioning & commercial refrigeration equipment manufacturing; commercial & service industry machinery manufacturing and industrial machinery manufacturing. While the first three segments account for more than 75% of the market share, the remaining is attributed to the other machinery manufacturing segments.
China was the largest country in the machinery manufacturing market in 2017, accounting for almost one-fifth of the market share. This was a result of high number of manufacturing establishments and activity in the country. The country’s large population and government initiatives also boosted the market for construction and energy generation. China was followed by the USA and Germany as the next largest countries in the market.
General Electric Co was the largest competitor in the machinery manufacturing market in 2017, followed by Caterpillar Inc. and Canon Inc. General Electric employs approximately 305,000 people worldwide and serves customers in approximately 175 countries. General Electric’s strategy aims at reducing its costs of turbine manufacturing by taking advantage of advanced manufacturing technologies.
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