A report from IMS Research predicts 2011 will be a record year for worldwide machinery production, with aggregate 10.2% growth. The report forecasts the increases to continue through the forecast period to 2014.
The machine sector was among the hardest hit by the economic downturn, and, due to the long-lead nature of the business, was one of the last to be hurt by the downturn, IMS said.
Now, the firm believes worldwide production of machinery in 2011 will beat the previous top year of 2008.
“The latest indicators are that growth is slowing slightly from the highs seen last year – hardly surprising when you consider the magnitude of the bounce back seen in 2010 – but there still appears to be solid growth on last year. This should of course be encouraging news, however, when output is considered on a regional basis, the contrast is striking,” says Andrew Robertson, Market Analyst, IMS Research.
• Output from Asia-Pacific declined in 2009, but not as much as in Europe and the Americas
• Japan’s output plunged in 2009
• China and India continued to grow
Helped by tremendous growth in Japan in 2010, Asia Pacific surpassed its 2008 levels in 2010 and appears set to continue strong performance.
In the Americas, where machinery output is dominated by North America, the decline in 2009 was more severe and subsequent recovery more gradual. Still, the firm predicted 2011 will be a record year for machinery production.
The 2009 downturn in Europe was more severe than in other regions, and recovery has been more varied. Germany’s upturn was "fairly strong." . IMS does not expect machinery production in Europe to surpass pre-recession level until after 2011.
to Daily News