The Machinery & Equipment sector comprises establishments that produce and maintain machines for consumers, industry, and most other companies in the economy. The machinery industry manufactures a wide range of products, including power tools, various types of machines, domestic technology, and factory equipment.
The manufacturing industry is on the rise: output is growing, capacity utilization is increasing, and many manufacturers are delivering strong performance results and shareholder returns despite global trade disputes, tariffs, and trade barriers.
Trends:
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Manufacturers are increasingly leveraging the Internet of Things (IoT), which involves the interconnection of unique devices within an existing Internet infrastructure. This technology helps achieve various goals, including cost reduction, increased efficiency, improved safety, regulatory compliance, and product innovation.
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A breakdown in critical equipment is costly for manufacturers, both in terms of repair expenses and productivity losses due to downtime. Ensuring that all equipment functions optimally remains a key priority, leading many manufacturers to adopt predictive maintenance technology.
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Manufacturers will benefit from faster and more cost-effective production through 3D printing. This technology enables rapid prototyping, allowing product designers to test and troubleshoot their products efficiently. Additionally, it allows manufacturers to produce items on demand rather than manufacturing and warehousing them in advance.
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To sustain output levels in the coming years, manufacturers should explore innovative strategies to attract, recruit, and retain talent.
