Recent Developments in the Industry
Industrial instruments are used in a wide variety of industries, from manufacturing to agriculture. They are important to the productivity and success of any company that uses them. The purpose of LKI.no is to discuss recent developments in the industry – what new products have come out, which companies are doing well, and where there may be opportunities for growth.
The first thing that is notable about the industry over the past few years are some of the acquisitions that have taken place. For example, last year Hilti acquired Laborie Instruments, a company that specializes in material testing equipment for construction sites and quarries. The acquisition was not only an effort to increase their market share (which has grown from 14% to 24%) but it also helped them diversify into other industries like oil and gas exploration as well as general engineering companies.
This quarter we can expect further growth in several different segments: firstly we will see more products aimed at optimizing production processes such as Sigma Labs’ PrintRite software which uses proprietary technology to reduce manufacturing defects; secondly there should be increased focus on data analysis – Bob Hartman who is the President of MTS Systems Corp. said “Our vision is to be a company that provides innovative sensor-based solutions for real time process understanding, optimization and control.” Finally there will likely be more products developed for other industries like construction or mining – one example would be Trelleborg’s Vibracoustic GmbH which has recently made several acquisitions including Contec in Germany (which makes equipment used when tunneling underground) as well as Gibson Technologies Inc (a Canadian company specializing in sensors).
This shows how important it is not only to keep up with technological developments but also to make sure you are marketing your business correctly so that potential customers know about what you offer.