People looking to make it big in their careers scroll the Internet for the best industry to place themselves in. Health, beauty, law, retail — these are just some of the most popular industries for job seekers nowadays. But if you’re not interested in these fields, here’s an idea: why not consider the capital goods industry?
Capital goods are materials used by businesses to create other goods, such as machinery, vehicles or tools. These are tangible assets that help companies in the production of their goods, which are then shipped for selling. To use these goods, a business must obtain or create them first before selling or reselling them to other businesses to use to create new goods.
What Comes Under the Capital Goods Sector?
The capital goods sector is composed of industries that assist other businesses. These industries include the following:
- Chemicals industry. Businesses under this industry use chemicals to produce products like soaps, detergents, adhesives and paint. Chemical-focused companies use natural substances like natural gas, water, minerals and oil to create their goods.
- Electronics industry. This makes up for a huge chunk of the sector. The electronics industry consists of the following: consumer electronics, industrial, telecommunication and semiconductors.
- Automotive industry. This industry is in charge of making components for cars, trucks, bikes and other vehicles.
- Textile industry. Textile businesses produce fabrics like nylon, wool and cotton. It also produces dyes and other raw materials for the clothing industry.
- Machinery industry. This industry specializes in heavy machinery and equipment to create goods. It also covers businesses that supply other businesses with equipment.
Each industry is composed of top-ranking businesses that have made a name for themselves in the capital goods sector. For the aspiring applicant, remembering these names matters, especially if you want to start big.
So, what are these companies in the capital goods field?
What Companies are in the Capital Goods Field?
In the United States, many companies make up the capital goods sector, but there are a few businesses that dominate the market or manufacture products that have a big impact on the economy. Here are some of the major businesses thriving in the capital goods field.
3M
Founded in 1920, 3M specializes in the production and creation of a variety of capital goods. As of 2021, the company is home to 95,000 employees and sells more than 60,000 kinds of products. The company, with its main headquarters located in Minnesota, specializes in producing paint protection films, window films, abrasives, laminates and adhesives. It also manufactures goods under different brand names, as well as produces car products, medical products, orthodontic products and electronics components. The firm has more than 80 offices around the world.
Employees at 3M often have the following benefits:
- Stock options
- Health insurance
- Vision and dental insurance
- Paid vacation leaves
- Retirement plans
ABB
Also known as ABB Limited, ABB is part of the mining, energy and utility industry of the capital goods sector. Founded in 1898, the company has grown to an employee size of 10,000. ABB is known for its production of circuit breakers, switches, cable systems, control products and other electronic equipment. It also offers system repair and installation services. In 2021, ABB boasted an 81.5 percent sales growth (with revenue standing at $26,000).
Employees are offered the following benefits:
- Paid leaves
- Health insurance
- Dental and vision insurance
- Disability insurance
- Retirement plans and life insurance
General Electric
General Electric, otherwise known as “GE,” was founded in 1892 and has more than 10,000 employees. The company, which has head offices in New York and Boston, serves a variety of sectors, including healthcare, renewable energy, power and aviation companies. GE specializes in the production of different types of energy, electric motors, wind turbines, software, aircraft engines and weapons. GE earns annual revenue of $10 billion.
The company offers the following benefits to its employees:
- Signing bonus
- Flexible work schedules
- Paid vacation leaves
- Medical insurance
- Dental and vision insurance
- Disability insurance
Honeywell International
Otherwise known as “Honeywell,” Honeywell International specializes in the production of goods for the chemical, automotive, industrial and aerospace sectors. The products produced by this company (which was founded in 1885) include specialty chemicals, plastics, engineered materials and automotive products. Honeywell grosses more than $30 million annually.
Its roster of employee benefits includes the following:
- Life insurance
- Sign-on bonus
- Retirement plans
- Parental leave
- Health insurance
Lockheed Martin
Lockheed Martin, founded in 1995, specializes in capital goods for the defense and aerospace industries. The company, which is one of the biggest businesses in the field of technology, security, military support and aerospace, produces fire sensors, strike weapons, missiles and other weapons of defense. Lockheed Martin primarily supplies equipment for the US Department of Defense and other federal agencies.
The company has four business segments, which include the following: fire control and space, aeronautics, mission systems and missiles. The company has an annual gross income of $65 billion.
Employees of Lockheed Martin benefit from the following:
- Relocation assistance
- Paid vacation leaves
- Health insurance and dental insurance
- Tuition reimbursement
- Flexible schedules
What are the Best Paying Jobs in Capital Goods?
Now that you know where you can go in the capital goods sector, it’s time to determine what you should do. The capital goods industry is a goldmine of high-paying jobs, but this depends on your experience and skills. However, with the right skills set, you can find a great job that promotes financial and personal growth.
If you’re interested in becoming a part of this industry, consider the following occupations:
Electrical Engineer
Electrical engineers oversee and design the electrical systems of companies. Qualified engineers possess a degree in engineering, as well as several years of experience in the industry. The average salary of an electrical engineer in the US is $90,000.
Industrial Designer
As the name implies, industrial designers are tasked with designing components or products. If you have a degree in industrial design, you qualify for this post. Plus points if you’ve already had experience. Typically, industrial designers earn an annual base salary of $74,000.
Quality Control Manager
Quality control managers make sure that products are in good condition and meet quality standards. They possess a degree in engineering or other related fields. If you qualify for the quality control manager role, expect an average salary of $88,000.
Manufacturing Engineer
These engineers are in charge of the machinery and its overall process. One of their primary responsibilities is to identify areas of improvement in the process and equipment. They also oversee troubleshooting tasks, as well as the production line.
A manufacturing engineer can earn up to $80,000 annually.
Robotics Engineer
Robotics engineers focus on the design and automation of tools and robots. They can program robots to perform hazardous or repetitive tasks, which results in a more productive and safer work environment for everyone.
Manufacturing Director
A manufacturing director works closely with the upper management. They are responsible for goal setting, hiring supervisors and managers and meeting the highest safety standards, as well as overseeing overall operations and expenses. They can also earn more than $200,000 annually.
Is Capital Goods a Good Career Path?
While the jobs associated with the sector can be tough, the capital goods sector offers plenty of entry-level opportunities. The industry offers many positions that don’t require work experience. You can get on-the-job training, which is more hands-on compared to internships or certifications. You’ll also be exposed to a variety of industries, which enables you to pick up important skills that will help you in the long run.
This sector also creates plenty of tangible goods. You’ll physically see the results of your hard work, which can be satisfying.
The Bottom Line
The capital goods sector is a fine career move for people who want to create and innovate. It’s also the perfect place to be if you want to be part of a growing supply chain that keeps the world running. So, if you want to make a difference (and earn well while you’re at it!), choose the capital goods industry.
