Despite experiencing continued growth, the US industrial machinery market has slowed due to the risk of a downturn in global manufacturing. Companies need to leverage the latest advancements in technology to face challenges head-on and continue their upward momentum. The fourth industrial revolution is providing manufacturers with the opportunity to utilize advanced manufacturing capability and information technology through the product lifecycle. This could increase visibility into operations, improve cost savings, and faster production times.
The only way manufacturers can reap such benefits in today’s quickly morphing market is by embracing change. Companies that wish to thrive and not just survive can leverage the latest technologies.
Companies in the US industrial machinery market are losing grounds due to their inability to embrace changes. Request a free proposal to gain customized market intelligence solutions.Request Free Proposal
US Industrial Machinery Market Trends
Focus on getting “houses in order”
Many companies in the US industrial machinery market made advancements in 2019 to streamline operations and double down on the core of their portfolio. They are increasingly focused on realigning around key markets or customer segments to drive results and crystallize companies’ value propositions to customers and markets. Some are turning to mergers and acquisitions to get their “houses in order”. The increasing pressure from shareholders, customers, and broader financial markets is considered to be the key reason behind this diversification. Such ongoing trade uncertainties could drive significant changes.
The fourth industrial revolution is challenging manufacturers in the US industrial machinery market to keep up with digital progress. Early successes have led to digital exploration and investments. But labor and trade uncertainties could stall digital progress. Companies, therefore, must shift towards digital projects that could build agility and scalability.
Improving digital proficiency could increase flexibility in supply chains and facilitate industrial machinery manufacturing companies to make faster changes to operations and respond to market-based threats or opportunities.
Incapability to keep pace with emerging and evolving digital technologies can make it difficult for companies to sustain in the US industrial machinery market. Stay a step ahead by requesting free platform access from our procurement experts to gain detailed market insights.
As companies in the industrial machinery market are progressing to build an agile supply chain, there is an increasing realization that these efforts require a strong ecosystem. Manufacturers are actively mobilizing partnerships within their targeted ecosystem to drive targeted business goals. Most of the deals in the manufacturing space in the last few years can be linked to companies with digital value propositions, and the appetite for such capabilities to is likely to continue. Given the industrial machinery market scenario, 2020 ?is more likely to bring partnerships and joint ventures rather than outright acquisitions.