The latest quarterly insight from a recent study published by IMS Research indicates a global recovery is underway for industrial automation electronics equipment. The report estimated that the world market for these products was valued at $76.4 billion in 2009, and is now forecast to grow by 6.3% during 2010.
Ongoing industrialization in emerging markets and a sustained recovery in developed markets continue to provide growth opportunities. Restocking of inventories has proven essential to growth during the first quarter of the year, with robust order books developed through both restocking efforts and new orders expected to lead to a similarly strong second quarter. The market recovery is expected to be further supported by positive growth of machinery production, which is forecast to grow by 5.8% worldwide in 2010.
