Capital goods are physical products that businesses use to produce other goods, like tools, vehicles, or machinery.
Companies often get these by making, renting, or buying them from others.
There are many businesses that specialize in creating and distributing capital goods.
Capital goods companies play a key role in the global economy.
These firms produce the machinery, tools, and equipment that businesses use to create their products and services.
As we look ahead to 2024, several capital goods companies stand out for their innovation, market leadership, and strategic initiatives.
Let’s explore some of the most prominent and promising companies in this sector.
1. United Rentals Inc.
United Rentals Inc., founded in 1997, is a leading company in the construction and facilities services industry.
As the world’s largest equipment rental company, it operates in 49 states and every Canadian province. United Rentals provides rental equipment and services for construction and industrial needs.
Their customers include utilities, municipalities, homeowners, industrial companies, and construction firms.
They also sell new and used equipment and vehicles, along with offering vehicle servicing. The company earns over $6 billion annually.
- Largest equipment rental company worldwide.
- Offers over 3,300 classes of equipment.
- Operates more than 1,200 rental locations.
2. 3M
- Known for constant innovation and a vast patent portfolio.
- Offers products across multiple sectors including healthcare, consumer goods, and industrial.
- Operates in over 70 countries worldwide.
3. Ford Motor Company
- One of the oldest and most influential car manufacturers.
- Leader in automotive technology and electric vehicles.
- Manufacturing facilities in numerous countries.
4. Caterpillar Inc.
- World’s leading manufacturer of construction equipment.
- Extensive network of over 500 dealers.
- Strong commitment to sustainable development.
5. General Electric
- Active in aviation, power, and healthcare.
- Pioneers in developing new technologies and solutions.
- Employs over 200,000 people globally.
6. ABB Limited
ABB Limited, founded in 1988, operates in the energy, mining, and utility industries.
The company produces control room products, cable systems, circuit breakers, switches, and related electronic equipment, and also offers installation and repair services for its systems.
Headquartered in North Carolina, the United States is its largest market.
ABB Limited generates over $26 million annually and provides its employees with benefits such as health insurance, retirement plans, disability insurance, life insurance, vision insurance, and paid time off according to their website.
- Leading provider of power and automation technologies.
- Advanced solutions for industrial automation and robotics.
- Strong focus on sustainable energy solutions.
7. Lockheed Martin
- Top contractor for the U.S. Department of Defense.
- A major player in NASA’s missions and commercial space ventures.
- Invests heavily in R&D for cutting-edge defense systems.
8. Union Pacific
Founded in 1862, Union Pacific is a major player in the transportation and logistics industry. It provides railroad and transport services for moving consumer and industrial goods.
Union Pacific connects 23 states across two-thirds of the Western United States, operating from major West Coast and Gulf Coast ports to eastern gateways.
Serving around 10,000 customers, the company also connects with rail systems in Canada and Mexico. Union Pacific generates over $10 billion in annual revenue.
- Largest freight railroad network in the United States.
- Extensive experience in freight transportation and logistics.
- Committed to reducing environmental impact through efficient rail transport.
9. Illinois Tool Works
Founded in 1912, Illinois Tool Works (ITW) is a manufacturing company that designs and produces equipment and specialized goods for commercial clients.
With over 19,000 patents, ITW operates in several major business segments, including automotive products, food equipment, construction supplies, electronics, welding, polymers and fluids, and specialty products.
The company typically earns around $15 billion in annual revenue.
- Serves specialized markets with precision-engineered products.
- Operates a highly decentralized business model.
- Strong focus on developing innovative solutions for customers.
10. Honeywell International
Honeywell International, commonly known as Honeywell, is a manufacturing company that began in 1885 and was officially founded under its current name in 1906.
Honeywell produces a wide range of products for the aerospace, automotive, chemical, and industrial control sectors.
Its primary products include automotive items, specialty chemicals, plastics, and engineered materials.
The company generates over $32 billion in annual revenue.
- Leading supplier of aerospace products and services.
- Advanced solutions for industrial automation and control.
- Operations in over 70 countries.
11. Raytheon Technologies
Founded in 1922, Raytheon Technologies is an engineering and manufacturing company that designs and builds aircraft, defense equipment, and intelligent technology for space exploration.
The company aims to develop environmentally friendly aviation technology, enhance defense capabilities, and advance scientific understanding of Earth and space.
Raytheon serves federal government agencies as well as commercial and business aviation companies.
The company generates annual revenue exceeding $50 billion.
- Major contractor for defense and aerospace systems.
- Leader in missile and radar technology.
- Strong international market presence.
12. Northrop Grumman
Northrop Grumman, founded in 1994 by the merger of Northrop Aircraft and Grumman Corporation, is a leading company in the aerospace and defense industry.
It specializes in designing, developing, and manufacturing a range of defense products and equipment, including military aircraft, aerial vehicles, chain guns, autocannons, munitions, satellites, rocket launch systems, stealth bombers, and electronic systems.
Northrop Grumman operates in several sectors: aeronautics systems, defense systems, mission systems, and space systems, each headquartered in different locations across the United States.
The company focuses on developing new defense products and updating existing ones.
Northrop Grumman generates about $30 billion annually.
- Key provider of defense technology and solutions.
- Leading provider of cybersecurity solutions for government and commercial sectors.
- Operations and customers worldwide.
13. Thermo Fischer Scientific
Formed in 2006, Thermo Fisher Scientific is a biotech company that manufactures equipment, instrumentation, software, and consumables for healthcare and scientific research clients.
Its products include lab plasticware, diagnostic testing equipment, radiation monitors, food safety testing tools, gas analyzers, and material sampling tools.
With an annual revenue of around $40 billion, Thermo Fisher Scientific is a leader in biomedical manufacturing.
- Leading provider of laboratory and scientific research equipment.
- Offers cutting-edge tools for life sciences research.
- Operations in over 50 countries.
14. Danaher Corporation
Founded in 1984, is a biotechnology manufacturer that produces tools, equipment, and software for pharmaceutical, healthcare, food, and life science companies.
Throughout the 1990s, Danaher expanded into sectors like water quality and medical diagnostics, which remain core areas of focus.
Its products support product identification, quality control, clinical research, and drug and vaccine development. Danaher Corporation typically earns over $20 billion in annual revenue.
- Produces high-precision tools and instruments.
- Develops software for industrial and commercial applications.
- Known for its commitment to the Danaher Business System, a model for continuous improvement.
15. Boeing
- Leading manufacturer of commercial and military aircraft.
- Key player in space exploration and satellite technology.
- Operations in over 65 countries.
16. Siemens AG
Founded in 1847, Siemens AG is a German multinational conglomerate that operates in various sectors, including industry, energy, healthcare, and infrastructure.
Siemens is known for its technological prowess and innovative solutions.
- Leading provider of automation and digitalization solutions.
- Significant player in the renewable energy sector.
- Employs over 300,000 people worldwide.
17. Komatsu Ltd.
Komatsu Ltd., established in 1921, is a Japanese multinational corporation that manufactures construction, mining, and military equipment.
The company is a major competitor to Caterpillar in the heavy equipment market.
- Second largest manufacturer of construction and mining equipment after Caterpillar.
- Focus on automation and efficiency in heavy machinery.
- Operations in numerous countries with a significant international presence.
