The machinery and equipment industry is considered to be one of the most competitive sectors worldwide. It is a capital-intensive and cyclical industry comprising various end-users, such as transportation, construction, mining, infrastructure, agriculture, and energy. Asia Pacific, North America, th ... e Middle East, and Europe are the most notable regions in this market. In the U.S., most of the manufacturers are Small and Medium Enterprises (SMEs). They constantly strive to offer highly sophisticated and essential technology for other end-users. These products further help them to increase their production and introduce automation in their factories. The U.S. Department of Labor, for instance, predicted that in the upcoming decade, employment in this industry is anticipated to grow because of the rising development of automated production processes. These would require the supervision of highly skilled people. Machinists nowadays are put under various intense training programs so that if the production levels fall, they can control, monitor, and repair the automated equipment. Hence, the demand for skilled workers is likely to grow in the forthcoming years. Besides, the industry is closely associated with economic conditions. An economic downturn eventually results in slowdowns in industries, which, in turn, causes delays in deliveries. The ongoing COVID-19 pandemic, for instance, has impacted the industry severely worldwide. Most of the companies have either shut down their manufacturing facilities or have reduced their workforce. China, being the epicenter of the virus, was under complete lockdown for a long time. Therefore, import and export activities were also stopped. Business Research Insights offers highly authentic reports on every market present in the machinery and equipment industry. Our reports are specially developed to cater to the clients’ needs and help them gain a competitive edge in the required market.
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