The Italian woodworking technology sector ended 2016 with a double digit growth of 10.4 per cent year-on-year to reach EUR 2,057Mn in revenue, according to the Studies Office of Acimall.
The figures marks two consecutive years of double-digit growth. In 2015, sales revenue increased 11.7 per cent YoY. Exports grew 5.8 per cent YoY to reach EUR 1,495 Mn.
Some of the drivers of growth include a robust domestic market—fiscal incentives, industry support and increased domestic buying—rising 24.8 per cent YoY to EUR 562 Mn.
“The market situation is much more favourable now,” Dario Corbetta, Acimall director, said. “Increased exports and greater domestic demand are some of the reasons for this.”
Imports also increased 19.4 per cent YoY to reach EUR 181 Mn, reflecting the woodworking sector’s positive sentiment for investment.
Acimall analysts expect the Italian market to receive a further boost following the government’s “Industria 4.0” plan.
The Italian market is forecast to grow another 20 per cent, crossing the EUR 700 Mn threshold. Production is also expected to expand another 10 per cent to EUR 2.2 Bn; export, six per cent to EUR 1.6 Mn.
Cover image: Italian woodworking machinery at work. Credit: SCM