Cryptic crossword clue
Model factories incorporate study and gym equipment 10

The most common and most likely answer to this crossword clue is the 10 letter word TREADMILLS

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "gym equipment" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case gym equipment = treadmills.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does TREADMILLS mean?

TREADMILLS noun
  1. A piece of indoor sporting equipment used to allow for the motions of running or walking while staying in one place.
  2. A mill worked by persons treading upon steps on the periphery of a wide wheel having a horizontal axis. It is used principally as a means of prison discipline.
  3. A mill worked by horses, dogs, etc., treading an endless belt.

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