Posted to News on 21st Feb 2007, 13:44
Market statistics for industrial machinery give mixed message
According to the latest statistics from IMS Research, the production of industrial machinery in Europe has experienced consistent growth since 2002 and total output is forecast to surpass EUR345billion by 2010. This growth is mainly attributed to strong demand for machinery from emerging markets in India, China, and South America, as well as continued economic expansion in Europe and the United States.
2005 was a record year for industrial machinery production in Europe, with a total production value of close to EUR294billion. Germany and Italy dominated the sector, together producing more than 45 per cent of the region's total output. Austria, Turkey and Eastern European countries such as Poland and Russia have experienced the fastest growth in machinery production since 2002, expanding by more than 5.6 per cent per year. Overall, machinery production in Europe has increased by an average of 3.2 per cent over the last four years.
Food, beverage and tobacco machinery, materials handling equipment and woodworking machinery manufacturing were the areas with the highest growth since 2002. Paper and textile machinery production has grown at the slowest pace, increasing by an average of less than 2.2 per cent per year over the last four years.
According to market research analyst Alex Chausovsky, "In recent years production of machinery that require complex manufacturing processes, or highly technical expertise, have been thriving in Europe. This can be seen in the case of machine tools and robotics machinery production growth. On the other hand, machine types that are less technically demanding to build have suffered, with increased competition emerging from low-cost regions such as China and India."
