The world’s most valuable machine tools industry grew by more than $100bn last year, driven by the demand for advanced tools and services, according to research firm RTE.
Key points:The market grew by $9bn last financial yearSource: RTE/SuppliedThe market for high-end machines and equipment is estimated to be worth $100.4bnSource: Deloitte RSCG survey of the industryThe report said there were 2.1m new products added to the market in the past 12 months, an increase of over 4,000 per cent compared with the previous 12 months.
It said there are over 2.4m people employed in the market and the average hourly wage is $23.80, a 30 per cent increase over the previous year.
Robust demandThe report highlighted that demand for high end machine tools is driven by two key factors.
Firstly, there is an ageing population and demand is growing for more advanced tools, particularly for people who have disabilities and are unable to use other types of tools.
The report found there was an increase in the use of high-tech tools by older people, including people with mobility disabilities and those with chronic diseases.
It also said that a growing number of people are using a range of advanced tools to achieve their work and hobbies.
The research also found that the use and demand for machine tools has been growing over time, driven in part by a number of factors.
There are two major factors that are contributing to the increased demand for tools.
Firstly there is the increasing cost of high end machines and their associated services.
Secondly, there has been an increase among younger people who are also interested in the technology, and are able to spend more time and money in their daily lives.
“The growth in the number of machines is not confined to just those with disabilities.
There are more older people using the tools and more younger people using them, which is a testament to the growing popularity of the technology,” said RTE’s chief executive, Dr Michael Rafferty.”
There are also a number who are doing very well financially as well.”
Rafferty said the report highlighted the importance of supporting businesses in providing support services and ensuring their products and services are safe and secure.
“We believe that there is a need for the industry to evolve to support business and industry needs that will be needed in the future, and we are delighted that our latest report reflects the continuing growth of this sector,” he said.
The RTE survey found that while the industry has grown at a faster rate than any other sector, the demand was not uniform across the industry.
It found that there were some areas where there were no significant increases in demand.
There were also a range in demand across the country, with some areas seeing a significant decline.
In the Northern Territory, there were a number regions with a greater increase in demand than others.
In Western Australia, demand for machines and machines and machine tools was highest in the north-west of the state, while demand for parts and accessories was lowest in the west of the country.
In New South Wales, demand was highest at the south of the State, while in Queensland demand was lowest.
In South Australia, there was a decline in demand in the south, with demand in Victoria and Tasmania increasing.
In Tasmania, demand fell in the western region and there was also a decrease in demand at the northern and southern regions.
“Despite these areas having strong demand, there are some areas with very limited demand, particularly in the Western Australian regions,” said the RTE report.
The Australian Bureau of Statistics said it was working closely with industry and government to ensure the market was growing and maintained stability.
“In order to achieve the level of demand that the industry requires, we must keep the cost of the goods and services industry down and provide quality and affordable products and service to the Australian public,” it said.
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