"The price competition is especially high in the soft goods segment, which is a relatively easier market for Asian manufacturers to penetrate," explained Balasubramanian. "As European market participants struggle to meet this challenge, they face the prospect of decreasing profit margins."
Product differentiation will be a crucial competitive factor. Market success will also depend on exploring new opportunities in unmet niche applications, focussing on product customisation to suit specific applications, offering solid customer service and entering into strategic partnerships with service providers and distributors.
"Manufacturers should develop novel materials and products to meet the needs of emerging end-user sectors such as wind energy," advised Balasubramanian. "Technological advancements on existing generic products will enable companies to stand out of the competition and attract new customers."
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