Strong demand from manufacturing and construction industries has driven growth.
New York, NY (PRWEB) June 16, 2014
The Power Tools and Other General Purpose Machinery Manufacturing industry manufactures a myriad of miscellaneous general-purpose machinery; industry products include but are not limited to power-driven hand tools, welding and soldering equipment, industrial-process furnaces and ovens, fluid-power cylinders and actuators, fluid-power pumps and motors, scales and balances and packaging machinery. In the five years to 2014, strong demand from manufacturing and construction industries and rising export levels have driven industry growth. Consequently, revenue for the industry is anticipated to increase by an annualized 3.3% in the five years to 2014, to $3.0 billion.
According to IBISWorld Industry Analyst Lucas Isakowitz, “Exports comprise the largest market for industry products, accounting for a majority share of industry revenue in 2014.” Low demand in international markets due to the economic downturn caused exports to contract in 2009 and 2010, compromising industry growth early in the five-year period. However, since 2010, the industry has benefited from healthy export levels. Although high import levels, which account for a large share of domestic demand, have constrained industry expansion in the past five years, increasing export levels and steady demand from domestic markets is expected to cause industry revenue to increase by 7.0% in 2014 alone.
The industry is anticipated to continue growing, albeit at a slightly slower rate, over the next five years, as the economy continues to improve and demand from key downstream sectors remains strong. Although industrial activity is expected to slow and import penetration will remain high, “demand from construction and increasing exports will drive industry growth,” says Isakowitz. As a result, industry revenue is expected to increase in the five years to 2019.
For more information, visit IBISWorld’s Power Tools & Other General Purpose Machinery Manufacturing in Canada industry report page.
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IBISWorld industry Report Key Topics
The Power Tools & Other General Purpose Machinery Manufacturing in Canada industry manufactures power-driven hand tools, welding and soldering equipment, packaging machinery, industrial-process furnaces and ovens, fluid-power cylinders and actuators, fluid-power pumps and motors, scales and balances, and a myriad of miscellaneous general-purpose machinery.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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