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.
Read More: https://www.thebusinessresearchcompany.com/report/machinery-manufacturing-global-market-report-2018
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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