Despite Recession, New Markets Offer Opportunities

A recently conducted economic survey of industrial businesses across the United States suggests that while the automotive, semiconductor, electrical components and other sectors have been hard-hit by the economic slowdown, companies still see opportunities in new markets, green initiatives and industries such as biotech, energy and aerospace/defense. The survey, titled “How Industrial Companies Can Succeed in the Current Economy,” was conducted in January by GlobalSpec, a vertical search engine and business resource for industrial professionals. The company says the survey results provide a benchmark against which companies can measure their current situations and activities.

Of the survey’s 3,810 respondents, 55 percent hold engineering titles. Other represented titles include a cross section of corporate management, manufacturing, purchasing, quality control, research and development and technical support positions. Fifty-nine percent reported that they would spend more time and effort to enter new markets in 2009. Another 48 percent plan to increase efforts to reduce waste and scrap, while 50 percent plan to spend more time working on projects to save energy. While 56 percent reported that sales will be down in 2009 and 50 percent reported departmental budget decreases, 23 percent expect sales to increase this year.