Mechanical Engineering/Manufacturing Finland
The companies that have reached international markets with their products and services are in the best situation. The top is occupied by a limited number of global companies that manufacture their products close to the markets, leaving manufacturing out of Finland for the most part, unless there have been orders from Europe. In addition to these, we have a group of growing companies that are reaching for the world from Finland and whose successes encourage others to believe in the power of competences and the competitiveness of national manufacturing. However, this competitiveness does not grow in trees: it is the product of hard work, like developing smart products and services that are wanted in the market and don't have to compete with the cheapest producers directly. Another way to take care of the efficiency of one's own production has been investing in the newest technology and automation. This category needs more and more companies with the desire for growth.
The companies' outlook for the future is very contradictory. On a short term basis, many companies have had a shortage of orders, and different crises after another have put off customers' investment decisions. The growth cycles have been so short that there hasn't been enough time for investments to take off before the repeated downfall. However, we also know that the outlook for the sector is positive in the long run. All the megatrends of the world support the belief that mechanical engineering products will be needed in masses when the world's population approaches 8 billion. At the same time, it has been acknowledged that the globe cannot take this kind of consumption without a change in the system. Sustainable growth can only happen through the principles of circular economy. Growth must be disconnected from consumption of natural resources, and waste must be reused as raw materials. Digitalisation provides an excellent opportunity to create systems for circular economy.
With Germany in the lead, European mechanical engineering has kept its position and market share in the global competition for the past 10 years. Mechanical engineering will keep playing an important part in the world due to the growth and urbanisation of population. Even Finnish companies have good chances to claim their share of the market. New machinery and devices are needed to build infrastructure and develop industry, particularly in the growing areas. The demand for environmental technology, energy, and raw materials is growing, which opens new business opportunities. Even in developed countries, digitalisation provides industry and its service business new opportunities for growth. The growing investments for R&D will strengthen the competences and the competitiveness of the sector, which is also due to successful public private partnership organised by Fimecc Ltd, which has indeed managed to gain the companies' trust.