New technologies involve the application of the scientific and technological discoveries that have become available in the last five years. The area of application could be any sector of the economy, from the extractive industry to manufacture and services. In recent years, the market of new technologies has been booming, mostly thanks to the following factors:
- The demand for raw materials and goods has been constantly growing, and the existing methods of extraction and manufacturing are no longer efficient and financially viable;
- New technologies are cheaper and more environmentally friendly; in addition, they have a potential for further growth with ever-diminishing capital outlays;
- Governments, EU bodies, NGOs as well as private investors allocate funds to the development of increasingly competitive technologies, thereby boosting the so-called technological race;
- The new technologies market is easily verifiable, because the efficiency of any given technological solution can be assessed within a short period of time.
All this provides a powerful stimulus for the development of this market. In EU countries, government subventions are available that can significantly reduce the initial costs associated with the implementation of the latest technological solutions.