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 U.S. $345 billion 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 $294 billion. Germany and Italy dominated the sector, together producing more than 45 percent 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 percent per year. Overall, machinery production in Europe has increased by an average of 3.2 percent 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 percent 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 high 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.”
to Daily News