MATELAN Research - ISRA VISION AG

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ISRA VISION In-Depth Report 2012 should still see solid growth, despite weaker situation in some countries European machine vision market increased by 34.8% in 2010 Germany most important market - 12 - in 2010. Italy remains weak, mainly as a result of sluggish private and public consumption. In Spain, the restrictive fiscal policy along with the lasting crisis in the real estate and banking sectors weigh on the recovery. The UK is also losing ground, in particular because of fiscal measures such as the VAT increase in order to reduce the national budget deficit. The US has recovered by 2.7% in 2010 on the back of a number of governmental stimulus packages. Due the current debt crisis, the country is expected to show weaker rates in 2011 and 2012. With a 4% GDP growth, Japan has seen a strong recovery in 2010, the current year will, however, be burdened by the tragic events in Fukushima. For 2012, a variety of indicators point at a major slowdown in economic growth and equity markets have already reacted quite heavily on such prospects. In fact, economic forecasts for a number of countries have been lowered. Still, India and China should not fall materially short of 2011, Italy and the UK should finally see some acceleration and the US is not going down further from the 2011 level. Against this background, we should still see solid single-digit global GDP growth, which is even ahead of the 2008 level. Within Europe, Germany is expected to defend its leading role. Sales distribution and growth rates by region 400 350 300 250 200 150 100 50 0 Germany France Italy UK & Ireland Other Europe 2009 2010 Growth (r.s.) Source: EMVA, sales of surveyed companies in EURm Americas 160% 140% 120% 100% 80% 60% 40% 20% 0% Based on the sound economic recovery the European machine vision market has recovered much faster from the crisis in 2009 than most of the companies had anticipated. While the industry expected at the beginning of 2010 to raise sales by 10%, a level of 35% was finally achieved, according to a survey of 225 European machine vision companies undertaken by the EMVA. It should be highlighted that roughly half of the companies included in that report are based in Germany and that these companies account for 61% of the reported sales. Germany is thus playing an exceptional role in that survey. Looking at the results of the EMVA survey shows that not only 61% of the sales of European machine vision companies were generated by machine vision companies located in Germany, 32% of sales are also generated from German customers. Germany is thus the largest market for European machine vision companies. With a share of 8% the Italian market has replaced France as the second most important European machine vision market. In total, 72% of sales of the European companies are generated within Europe. Just over 13% go to each, the Americas and Asia. China Japan South Korea Other Asia Other World
ISRA VISION In-Depth Report China driving growth Economic development should fuel growth in the machine vision industry further. German companies excellently positioned Automotive and Electrical show strongest growth rates in 2010 - 13 - In terms of growth, Asia (+62%) is even outpacing North America (which already grew at a remarkable rate of 46%) mainly driven by China (+151%), which reinforced its position as the most important Asian market for European machine vision companies. Though much smaller markets, Taiwan (132%) and South Korea (62%) also showed unmatched growth rates. It is also noteworthy that these extraordinarily high growth rates are mainly a result of the excellent links of German companies to these countries. Excluding the German companies from the survey, shows much more balanced growth among the Asian countries. With 28%, Europe grew underproportionately, with the important German and French markets being up “just” 24.8% and 19.7%, respectively. Though at a lower rate than previously anticipated, the global economy is expected to grow further in the coming years, predominantly driven by a number of Asian countries. This should stimulate the development of the machine vision industry further. Against this background, German machine vision companies appear to enjoy a rather favourable position within the European landscape as they can tap the largest home market, benefit from the above average economic development of Germany compared to the other European countries and have excellent relations to the highest growth regions. REVIVAL OF TRADITIONAL CUSTOMER INDUSTRIES Looking at customer industries, we find that demand from the traditional industrial customers sharply increased in 2010 as a result of the economic upswing and accounted for 90% of total sales. Here the largest customer sector, the automotive industry, saw the strongest increase (61%). Packaging, the second most important customer group, grew roughly in line with the market and thus maintained its market share. On the base of an 82% jump in sales, the electrical/electronic industry has become the third largest customer group for European machine vision companies. Also the medical and pharmaceutical customers showed a strong upswing in their ordering activity. In contrast, we still saw negative growth rates in food, semiconductors and other manufacturing. Though the non-manufacturing customers show a lower percentage of total sales in 2010 they have not declined in absolute numbers and continue to represent an important and further growing part of the market. Market shares and growth rates by customer industry 25% 20% 15% 10% 5% 0% Source: EMVA Automotive Packaging Electrical Pharma Glass Paper Metal Rubber/Plastic Semiconductors Medical Printing Food Other Manuf. 2009 2010 Growth (r.s.) Non Manuf. 120% 80% 40% 0% -40% -80%
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