Tata Technologies, with survey assistance from the Association of Equipment Manufacturers (AEM), has released the 2017 Industrial Heavy Machinery Pulse Report, a new report created jointly to highlight the state of the construction industry within the broader scope of the global economy and identify trends that will impact heavy machinery manufacturers through 2017 and beyond. The report launch coincided with the opening day of CONEXPO-CON/AGG 2017, the construction industry's premier event for major players in the space, at which Tata Technologies exhibited.
The survey, which targeted engineering professionals at global organizations with more than 500 employees that manufacture construction, mining and agricultural equipment, aimed to uncover the challenges heavy machinery manufacturers face in the marketplace.
"This report captures the overall mood of the industry as companies seek to make sense of a fluid and rapidly changing environment," says Larry Buzecky, Vice President, Business Intelligence and Strategy, AEM. "While technological advances are coming at a bewildering pace, they afford great opportunity to increase business efficiencies, and we think organizations will find tremendous value in our findings."
With new infrastructure plans being discussed at the highest levels, decision-makers see great opportunity to drive production and increase sales. But with new opportunities come new challenges that have not previously been a factor. As vehicle autonomy and augmented reality, for instance, start to gain a foothold in the industry, the need for qualified talent becomes a top priority.
Per the report, 72% of OEMs have difficulty sourcing engineering candidates.
"New technologies and increased customer expectations add to the demand placed on lean development teams, which is already stressed by a shortage of experienced engineers," says Brian Horwath, Vice President, Global Accounts, Tata Technologies. "By partnering with an engineering service provider, equipment manufacturers are able to better implement technologies and give their customers an efficient and cost-effective solution."
Other key findings from the survey include:
- More than 70% of respondents are prioritizing electrical/electronics in terms of product innovation.
- When it comes to platform consolidation, 70% of respondents cite a lack of engineering resources as the main challenge they face.
- Nearly 76% of respondents said their organization plans to invest in product R&D and enhance innovation to compete globally with lesser regulated international equipment manufacturers.
Tata Technologies hosted an immersive "ENGINEERING LIVE" experience in its CONEXPO booth, giving visitors the opportunity to virtually meet with highly skilled engineers from around the world.