Mining Equipment Market Outlook
Companies in the mining equipment market have experienced a tragic setback in terms of losses faced and low return on investment. In addition, with major companies in the mining equipment market shifting from a manufacturing-based to a service-oriented business model, the need to adopt new technologies and identify strategies adopted by key competitors have become vital for survival. Consequently, companies are partnering with firms like Infiniti Research to leverage their expertise in offering competitive intelligence solution.
Our competitive intelligence solution can help companies in the mining equipment industry to gather real-time market information about competitors, pricing trends, and regional opportunities and challenges. Request a FREE proposal today!
Business Challenge
The client is a mining equipment manufacturer based out of Sweden. Rising equipment maintenance charges, workforce and equipment safety-related issues, and decline in the availability of untapped high-quality ore deposits were increasing challenges for the company. As a result, the company witnessed a huge dip in the sales rate, which subsequently affected their profit margins. The client even started losing their valuable customers to their competitors.
They realized the need to understand where they lagged compared to their competitors. In addition, they wanted to analyze the strategies and approaches undertaken by their competitors to tackle the challenges in the industry.
Top challenges faced by the company in the mining equipment market
Mining equipment market challenge #1: Equipment maintenance issues
As the processes and operations are highly intensive and risk-prone in the mining equipment market, regular equipment maintenance was becoming vital for the company. And, the company had to spend around 30-50% of their annual operational budget on equipment maintenance and repair. However, the client noted that their competitors were adopting certain technologies to tackle this challenge. With Infiniti’s competitive intelligence solution, they wanted to identify technologies and processes adopted by their competitors to achieve savings in their operational cost.
Mining equipment market challenge #2: Safety of workforce and equipment
With Infiniti’s competitive intelligence solution, the client wanted to analyze how leading companies in the mining equipment market ensured the safety of their workers and equipment. Furthermore, they wanted to understand the processes and technologies that their competitors invested in to ensure their workers safety and reduce accidents.
Mining equipment market challenge #3: Controlling cost
The decline in the availability of untapped high-quality ore deposit resulted in a reduction in ore quality. Consequently, the company had to deal with lower productivity, which subsequently affected their profits. The client, therefore, wanted to identify efficient techniques and automation processes undertaken by their competitors to keep production running smoothly.
As the demand for mining increases, the mining industry players should adopt technologies and processes to streamline their operations. So, is your company prepared to meet the rising demand? If not, our experts can help.
Solutions Offered
The experts initially conducted a European mining equipment market analysis. The factors such as market opportunities, mining equipment market trends, and mining equipment market size were taken into consideration during the analysis. Infiniti’s mining equipment market research solutions helped the company in the mining equipment market to evaluate the potential for their products in Europe for the next 5 years.
The experts also conducted a comparative analysis, where they analyzed the client’s performance compared to the top 10 mining equipment manufacturers in Europe. This phase of the engagement helped the company in the mining equipment market to understand their strengths and identify areas where they lacked compared to their competitors.
By thoroughly analyzing their top ten competitors, they were able to identify profitable technologies and processes adopted by their competitors to achieve huge savings in their operational cost. Also, they were able to understand process automation techniques undertaken by their competitors to keep their production running smoothly. Furthermore, they were able to understand technologies employed by their competitors to reduce equipment maintenance cost.
Results Obtained
The insights obtained from Infiniti’s competitive intelligence analysis helped the company in the mining equipment market to efficiently invest their capital into new technologies and processes. By regularly providing training to their workers and investing in certain safety measures, they were able to reduce accidents. Furthermore, by adopting automation processes, they were able to control cost and keep up with their production needs. As a result, the company in the mining equipment market was able to enhance their sales rate by 35% in one year.
Want to know how well your products and services will compete compared to your competitors? Our competitive intelligence solutions can help. Request for more info to know about the key benefits of leveraging competitive intelligence solutions.
