Market Opportunity Analysis on the Heavy Machinery Equipment Market: Understanding the Existing Pain Points and Unmet Needs
According to an industry expert at Infiniti Research “The heavy machinery equipment industry is a classic example of a cyclical market, with pronounced ups and downs and the potential for significant year-to-year swings in demand.” Click To Tweet
One of the biggest challenges heavy machinery equipment manufacturers face today is determining how best to implement Internet of Things (IoT) to achieve operational goals such as improving efficiency, reducing costs, increasing safety, supporting compliance, and stimulating product innovation. Additionally, groundbreaking technological advancements are propelling heavy machinery equipment manufacturing into a new age of automation. Machine learning, robotics, and artificial intelligence are poised to disrupt the industry in the years to come, and the continuous evolution of these technologies will shape manufacturing’s long-term future. Moreover, the primary challenge for heavy machinery equipment manufacturers is to decide what to automate and what not to automate in order to obtain the best value.
- The client: A heavy machinery equipment manufacturer
- Revenue: ~$5 billion
- Area of Engagement: Market opportunity analysis
The client – an American worldwide manufacturer of heavy machinery equipment for a variety of industries including quarrying, recycling, construction, infrastructure, shipping, transportation, refining, energy, mining, and utilities. The client approached Infiniti to conduct a market opportunity analysis as they were facing predicaments in understanding the pain points and unmet needs in the North American market. Additionally, the client wanted to evaluate the market landscape in terms of the competitors, their current offerings, and accordingly devise effective go-to-market strategies to effectively reach out to their new potential target segments.
How Can Market Opportunity Analysis Help Heavy Machinery Equipment Manufacturers?
Today, it is indispensable for organizations to understand the competitive landscape and market attractiveness to gain an edge over their peers. Market opportunity analysis helps heavy machinery equipment manufacturers effectively connect products and services with their target customers. Market opportunity engagement also helps organizations comprehend the potential challenges and barriers to entry across niche market segments. Moreover, Infiniti’s market opportunity analysis helps companies gain accurate and actionable data to devise effective go-to-market strategies across the heavy machinery equipment market.
Summary of our market opportunity solution?
To help the client identify potential market opportunities and devise go-to-market strategies, the market opportunity analysis experts at Infiniti followed a sophisticated market analytic approach. The approached involved taking into account various factors like customer requirements, technological advancements, geographical target regions, and future enhancement possibilities in the heavy machinery equipment market.
Solution Benefits and the Business Impact
With the help of Infiniti’s market opportunity analysis, the heavy machinery equipment manufacturer identified the market landscape in terms of the key competitors, market drivers, and trends. The client also validated the potential market opportunities and gained insights on market size estimates. Furthermore, the client gained actionable insights into the existing pain points and unmet needs prevailing in the market.
The heavy machinery equipment industry is confidently looking toward the future and ready to embrace the transition into the digital era, with a stronger-than-ever focus on technology leadership and customer needs. Additionally, the industry will see major agreements, joint ventures, contracts, and partnerships in the near future. These strategies are further expected to aid the heavy machinery equipment manufacturers to create a large customer and partner base.