European machinery market heads for €345bn
Production of industrial machinery in Europe is forecast to grow from €294bn in 2005 – a record year – to more than €345bn by 2010. Germany and Italy dominate the market, together accounting for more than 45% of the region’s output, according to the market analyst, IMS Research.
Over the past four years, machinery production in Europe has grown by an average of 3.2% a year, with sales being driven by demand from emerging markets, as well as continued expansion in Europe and the US.
The fastest-growing demand for machinery comes from the food and beverage, tobacco, materials-handling and woodworking industries, says IMS, while the slowest-growing sectors are paper-making and textiles.
"In recent year, production of machinery that requires complex manufacturing processes, or high technical expertise, has been thriving in Europe," says IMS analyst, Alex Chausovsky, who highlights the examples of machine tools and robotics. "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."
A companion IMS study looking at the machinery market in the Americas, reports an annual expansion rate of 3.8% over the past four years, and predicts that sales will grow from $150bn in 2005, to more than $180bn by 2010.
