According to a survey commissioned by organisers i2i Events Group, 49% of executives believe their business will perform better in the next 12 months. This was despite growing competition from emerging economies, principally in areas such as price and speed of innovation and market entry.
“Europe has being caught napping. For many years European sellers of electrical rotating machines and coil winding components have enjoyed sustained growth and secure markets," said Roger Schwander, head of expert pool at SCO Consulting.
“However, new market entrants from countries such as China, India and Brazil mean they are now facing much stiffer competition on price. Unless European manufacturers innovate quicker and bring products to market faster they will suffer in the years to come,” said Schwander.
The event also identified the importance of Europe's strength in the area of renewable energy, in particualr technologies for wind turbines, tidal power and hydro-electricity.
Three of the strongest business areas identified by survey respondents are renewable energy, the automotive sector and consumer electronics. For those involved in these sectors, 86% expected their level of business to increase over the next 3 years with 57% of respondents predicting this will be by up to 10%. But 19% forecast that their business will grow by up to 20% over the next 3 years.
Consumer electronics is still seen as the big market driver with 95% of those saying they were involved in this sector predicting that their business will grow over the next 3 years. 62% said that this would be by up to 10%.
The consumer electronics sector is estimated to be worth $2.1tn globally.