Machinery and equipment is a core of manufacturing sector. The global machinery and equipment industry includes products such as construction equipment, heavy-duty trucks, agricultural or farm machinery, pumps, valves, motors, compressors, hydraulics, industrial controls and automation systems along with machine tools for cutting, stamping and forming metal.
Machinery and equipment manufacturing sector is one of the largest and most competitive sectors. The machinery and equipment requires highly skilled workforce and with growing intervention of advanced technologies the market is witnessing shortage of skilled workforce. Machinery and equipment manufacturers are implementing various automation and process control technologies in order to make the manufacturing process efficient.
Global machine tools is a major component of overall machinery and equipment market. They are extensive used across various sectors like automotive, aerospace, part manufacturing, die mould, shipbuilding, among others. 3D printing technology is expected to impact the machine tools manufacturing and plastic injection moulding enormously. Many machine tool manufacturers are incorporating 3D printing technology as it facilitates reduction of material usage by around 30-70% and reduces total manufacturing time.
Construction equipment are heavy equipment, and the global construction equipment market is segmented into earthmoving equipment, material handling equipment, heavy construction equipment and others. Earth moving equipment controls the majority of the market share and is expected to dominate the market in long term.
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