Austmine has released the findings of the latest survey of the Mining Equipment, Technology and Services (METS) sector in Australia.
The largest ever survey was conducted from December 2012 to February 2013 by Austmine, both on-line and via telephone and was funded by the Department of Industry, Innovation, Climate Change, Research and Tertiary Education (the Department), as reported byAustmine.
A number of Commonwealth Government Departments and industry partners were part of a Steering Committee which helped with the design and development of the entire project. Their help proved to be instrumental in providing valuable insights in analyzing the findings.
Below are the highlights of the survey:
The METS sector is significant in its size, scope, diversity and reach. It accounts for around $90 billion of revenue from minerals and mining business and employs a total of 386,000 workers from surveyed companies.
The METS sector is on a growth trajectory and most of the companies report increase in revenue and employees, with 55% of them exporting on international markets. Results from the last month alone have seen 73% of the companies from this sector report increased revenue over the last 12 months.
METS companies invest heavily in their customer base, staff, products and future and spend over $1.6 billion in research and development in 2012.
METS companies launch 4 new products per year, and 58% of the companies collaborate with other suppliers in the mining industry on R&D projects.52% of the companies reinvest their profits in order to remain competitive on the market. The survey’s findings indicate that although METS companies face continuous market challenges, they are constantly seeking new markets and fresh opportunities both home and abroad.
According to the survey, the METS sector must internationalize and engage in collaboration, as well as promote innovation and education in order to remain competitive and viable. Finding skilled workforce was cited as the most challenging objective by 42% of the surveyed companies, with 30% of the companies stating the expansion into international markets as the biggest business opportunity.
For the full report, visit http://www.austmine.com.au/Industry-Insights.