Machinery manufacturing represents one of the most extensive and competitive business sectors in the U.S. economy. America ranked third in the world among suppliers of capital equipment with more than $160 billion in exports in 2011.
Additionally, domestic manufacturers own a 60 percent share of the U.S. market (the largest in the world) and accounts for 14 percent of the world’s global trade in machinery.
A critical cog in the world’s economy
Machinery and equipment manufacturers build the tools that give manufacturing and service industries the ability to maximize productivity in their operations. With those machines, suppliers generally add valuable services, including installation, system architecture, engineering and logistics to complete the cycle of production and distribution.
Companies that build equipment and machinery employ more than 1 million workers in the U.S. with well-compensated, highly skilled positions.
Markets for export
Canada, Mexico, China, Australia and Korea are the top five countries importing American made machinery and equipment, followed closely by Brazil and Germany. Taken as a whole, the European Union would be the second-largest market after Canada, according to numbers from 2011.
Construction machinery is the leader among machinery exports with engine equipment, turbines, generator sets and agricultural following behind.
It’s not just the big boys
Machine manufacturers probably make you think of industrial giants like Caterpillar and John Deere. However, these companies don’t always have the ability to produce all of the pieces included in machines efficiently.
Smaller manufacturers have long provided a valuable lifeline to these companies with a nimble ability to produce smaller parts and deliver them quickly. An experienced equipment manufacturing service can take great designs of the smaller pieces and make the finished machines lighter, more efficient, and in some cases, less expensive to produce.
Companies that can deliver a cost-effective equipment manufacturing service can profit handsomely. This is where Product Development Solutions can help your company break into this lucrative market. Contact our experts today, and get a fast quote for your next project.