Finding a right niche in the markets has it's benefits. Excelling in that area and making a name for yourself can give a good standing for a business but it also has it's limitations. Once you have gained substantial market share there isn't that much growth potential left.
Breaking into new areas isn't easy. If the company is tuned delivering on certain technology adapting to new ways of working, no matter how close the new technology might be has it's challenges. Even if it's not as rigid as the traditional manufacturing there are still some similarities transforming your "production line" for something new.
It's also hard sell to the customers. Even if the team would be more than enough competent to work on some other technologies the customers usually require some display of it. They want references on that particular technology. Often even delivered to similar customers in their industry even though the use cases between different industries aren't really that different.
Sometimes the requirement for applying a certain technology within a certain industry are so specific there isn't even really a chance for real competition when there aren't that many vendors that can fulfil those requirements. Of course this is great if you happen to be that vendor, but then you are once again trapped in the niche and limited by those potential customers.