Overall Industrial manufacturing (IM) CEOs report roughly the same level of confidence in revenue growth as do executives across industries. More than four-fifths (86 percent) of IM executives are confident or very confident in achieving business growth over the next 12 months.
CEOs rate the top-three opportunities for growth as new product development, geographic expansion, and better penetration of existing markets, with roughly a quarter of executives (26 percent) citing each of these factors. Mechanical engineering underpins the IM sector, so it's not surprising that new product development rated highly.
Industrial manufacturing CEOs are keenly aware of the importance of technological innovation as well - three-quarters of those responding are looking to technological innovation as a source of competitive advantage, compared to 65 percent of respondents across all industries, and nearly a third (30 percent) rate it as their main means of achieving growth, compared to 22 percent across all industries. This result reflects the increasing importance and sophistication of technology in all sorts of machinery, equipment and physical plant.