Capital goods are artificial materials anyone can use to produce another product or service. Capital goods are entirely different from consumer products. Because the consumer goods directly feed a customer’s needs, the customer uses capital goods to provide for their market.
The most famous examples of capital goods include batteries, machinery, and other construction equipment.
The capital goods industry not only keeps a significant contribution to the economy but also provides high-paying jobs for the capital industry. If you are looking for a career in the capital industry, read the article below to learn about the capital goods industry and what companies are in the capital goods field.
What Are Capital Goods
Capital goods refer to a specific type of product used to make other products. In that case, the consequences may include land, factories, and others. One advantage of capital goods is that the manufacturer can use them multiple times until one becomes obsolete.
What Comes Under Capital Goods Sector
The capital goods industry is a specific industry that assists in handling other businesses. Those industries include the following; such as
- Chemical Industry: The chemical industry generally produces products such as soaps, detergents, paint, etc. Their main ingredient remains minerals, oil, natural gas, etc.
- Electronic Industry: The electronic industry is central to the capital goods industry. The electronic sector operates in consumer electronics, telecommunication, and semiconductors.
- Automotive Industry: The automotive industry produces products for cars, trucks, bikes, and others.
- Textile Industry: The textile industry is the clothing industry that produces different fabrics such as wool, nylon and cotton, dyes, and other raw materials.
- Machinery Industry: The machinery industry is a specific sector that only manufactures heavy machinery, equipment, and other mechanical parts.
What Do Capital Goods Jobs Pay
If you are looking for a career in the capital goods field, then examine the best-paying jobs in this field below:
Engineering Manager: The engineering manager plans, directs and coordinates a team of engineers. The engineering manager position is one of the highly deserved positions in the capital goods field, and their salary is around $137,956 per year.
Senior Mechanical Engineer: To be a senior mechanical engineer in the capital goods field, one should have at least ten years of experience in the mechanical engineering department. A mechanical engineer design develops and inspects different mechanical devices and tools. On average, a senior mechanical engineer draws about $110,000 per year.
Sales Engineer: The sales engineering managers are responsible for marketing the items. They should have a bachelor’s degree in the same field and a few years of experience in the same area. The annual draw of a sales engineer is about $87000.
Research and Development Manager: The research manager coordinates the research and development part of a company. A research manager draws about $100,000 per year.
What Are The Companies In Capital Goods Industry
Knowing the companies of capital goods industries can minimise your research effort if you are looking for the best paying jobs in capital goods. The following are the top eleven companies in the capital goods field.
|No||Companies||No. of Employees (approx)||Annual Revenue||Headquarter|
|1||Union Pacific||32124||$23.428B||Omaha, US|
|2||General Electric||1,68,000||$74.558B||Boston, US|
|3||United Rental Inc||18800||$10.667B||Stamford, US|
|4||Lockheed Martin||114000||$64.167B||Maryland, US|
|5||Ford Motor Company||1,83,000||$148.027B||Michigan, US|
|7||Honeywell International||1,00,000||$34.459B||North Carolina, US|
|8||Caterpillar Inc||1,07,700||$53.8 billion||Deerfield, Illinois, U.S|
|9||Northrop Grumman||90000||$34.957B||Virginia, US|
|10||3M||95,000||$35.4 billion||Saint Paul, US|
1. Union Pacific
The Union Pacific operates in the transport and logistic industry. Along with coal and chemicals, they have expanded their business in agriculture, automation, and other goods.
You can get a job in Union Pacific by navigating their official website. They offer employee benefits such as vacation leave, medical, health insurance, tuition reimbursement, etc.
2. General Electric
General Electric is majorly referred to as GE and has existed in the industry since 1892. The corporate office of GE based in Boston and New York can provide you with services in the aviation, power, energy, and healthcare industry. The company mainly manufactures electric equipment such as wind turbines, motors, aircraft engines, and many more.
3. United Rental Inc
United Rental Inc came into the industry in 1997, and this business mainly focuses on facility management and the construction sector. United Rental Inc is now known as the best rental equipment company worldwide.
The clients of United Rental Inc include construction firms, local government, utility corporations, etc. They do business with the construction industry, heavy machinery, and industrial vehicles.
4. Lockheed Martin
Founded in 1995, Lockheed Martin mainly operates their business in capital goods, aerospace, and capital goods. They produce for technology, military support, security, strike weapons, fire, mission equipment, etc.
Lockheed Martin has links with the US defence department and federal agencies. The company has divided them into four categories; such as
- Mission system
- Fire control
The employees working with Lockheed Martin can get several benefits such as assistance in case of relocation, paid vacation leave, kid’s tuition fees, flexible work schedule, etc.
5. Ford Motor Company
The Ford Motor Company is one of the most popular companies in the world. They have businesses spread all over the world.
In 1903, Henry Ford founded the company. The founder has a natural aptitude for engineering. He started his career as an engineer at Detroit Edison Company in 1890. During his leisure time, Ford used to make gasoline engines.
Once, he sold one gasoline buggy to construct a new car. He left the job and invoked himself to make cars.
Besides new cars, Ford sells different car accessories and parts to distributors.
Founded in 1916 AQ, Boeing operates in the aeronautical and civil defence industry. One of the most successful organisations and aviation firms, it has four most critical commercial modules, and they are as follows:
- Technology consultation
- Sky and protection
Additionally, Boeing also serves military clients in more than 150 countries. The average sale of this company exceeds $58 million every year.
It offers several products such as military aircraft, a rocket launch system, armament, etc. Several numbers of employees are working in this company. Boeing offers exciting benefits such as relocation expenses, parental leave, vacation leave, periodontal insurance, etc.
7. Honeywell International
Honeywell International is generally well known as Honeywell. Since 1885, this company has only manufactured aerospace, automotive, chemical, and industrial products. This company typically makes chemical, plastic, engineered products, etc.
It makes over $32 million per year. The Honeywell International
employee benefits include; full health insurance coverage, retirement benefits, leave, bonus, etc.
8. Caterpillar Inc
Caterpillar Inc is also known as Cat. It has been providing construction equipment worldwide since its foundation in 1925. They created construction and mining equipment such as diesel-electric locomotives, gasoline engines, gas turbines, etc.
It has branches in over 180 countries all over the world. Caterpillar Inc provides products and services in three main categories: construction, resources, and transportation.
Apart from that, it also produces drilling, hydraulics, paving products, etc. They provide their employees with so many benefits such as:
- Health insurance
- Vision insurance
- Retirement coverage
- Dental insurance, etc.
9. Northrop Grumman
Northrop Grumman operates in the aerospace and defence industry. They specialise in making military equipment, vehicles, chain guns, stealth bombers, etc. The Northrop Grumman works with several industries such as mission, defence, space systems, etc.
They aim to develop defence products and update them in the market. As they operate in several systems, these systems have headquarters in different parts of the United States. The company provides several benefits for its employees, such as health insurance, employee discount, tuition reimbursement, etc.
3M was founded in 1902, and this company prepares a variety of consumer goods. Their popular productions are adhesives, abrasives, laminations, paint protection films, etc. The company provides more than 60,000 product varieties.
Apart from paint and films, they also produce dental, medical, electric equipment, car, health products, etc. The 3M has more than 90 offices all over the world. As an employee, you can get several benefits such as dental insurance, retirement plan, stock option, vacation days, etc.
ABB is another famous capital goods company specialising in mining, utility, energy, circuit breakers, control goods, etc. Founded in 1988, this company not only specialises in producing products but instead offers installation and repair services from their company.
It has its largest market in North Carolina, and the company has headquarters in the same place. It offers its employees several benefits, including health plans, retirement plans, vision insurance, disability insurance, etc.
These are all capital goods companies that fall under the capital goods industry. To get a job at these companies, you can directly navigate to the career page of these company websites.
Why You Should Choose Capital Goods As a Career
Capital goods play an essential role in the economy as they are one of the most important parts of production and consumption. So, the jobs in the capital industry will always be in demand. This is one of the major reasons why you should choose the capital industry as a career path.
You can specify the capital goods as some of the durable items like computers, machinery, cars, etc. People can use this product more than once, becoming valuable over time.
These capital goods also work as investments that can generate income and contribute to productivity which is the central part of the economy. The following reasons may clarify the importance of capital goods for the economy:
- They help other businesses to produce more goods or services.
- It boosts the economic capacity for growth.
- These industries provide jobs, wealth, etc., contributing to social welfare.
Apart from that, investment in the capital goods industry can enhance the growth and prosperity of the economy. For example, a car is not only a way of transportation but also creates significant business opportunities.
While the factories produce capital goods, it results in increased revenue and job security, and it can quickly bring potential growth to the economy too. These capital industries also maintain productive capacity so the economy can be more advanced.
Frequently Asked Question
Q: What are some examples of capital goods?
You can understand capital goods in terms of fixed assets. Examples of capital goods include construction equipment, machinery, building, vehicle, etc. The capital goods can also offer services such as hair clippers to make hairstyles and coffee makers to make coffee.
Q: Why are capital goods industries necessary for the development of a country?
Capital goods play a significant role in the economy. It creates jobs and wealth for the citizens a d boosts productivity, bringing revenue to the country. The capital goods industry evolves technology, strategy, and effective solution that the people use for their individual growth and development that are resulting in the structural change of the country.
Q: What are the most critical parts of the capital goods industry?
Since its liberalisation, every country has had a high demand for capital goods. However, power and infrastructure are the key drivers of the capital goods industry.
Q: Is flour a capital good?
The four can be an example of capital goods. The bakery buys four to make a cake, so it’s not an end product for a bakery.
The capital goods industry job can be a suitable career for people who want to invent and create new things. Additionally, the capital goods industry can make you a part of the expanded supply chain of the global economy. You can find a job in the capital goods industry with a specific education.
The capital goods industry can be one of your most successful career options. I hope now you have the answer to your question about what companies are in the capital goods field. To get more information about this topic, stay tuned to Generation Q.