Manufacturing
The manufacturing industry is a critical sector of the economy, responsible for the production of essential goods and services. The industry contains a diverse range of businesses, from small family–owned businesses to large multinational corporations. The manufacturing industry is a major contributor to the economy, with a sector value of over $2 trillion. Constantly evolving, manufacturing develops new technologies and processes all the time. The industry is also facing challenges, such as the need to reduce environmental impact and the need to adapt to changing global markets. There are a number of different business types in the manufacturing industry, including original equipment manufacturers (OEMs), contract manufacturers, and job shops. OEMs are businesses that design and produce products that are sold under another company’s brand name. Contract manufacturers produce products or components for other companies, typically under contract. Job shops are businesses that manufacture custom products or components to customer specifications.