Asia-Pacific largest, fastest-growing temperature controller market
Asia-Pacific is tops among major regions of the industrial electronic temperature controller market in terms of size and growth rate, a recent study by Venture Development Corp. finds. The region is expected to grow 3.3% (CAGR) between 2005 and 2010 from $3.69 billion to $4.35 billion.
Growth in the worldwide market has been slowing recently as temperature control loops are incorporated into distributed control systems (DCSs), personal computers (PCs), and programmable logic controllers (PLCs), the study reports. It found the worldwide market grew 3.6% in 2003, 3.5% in 2004, and 2.5% in 2005, but is expected to grow only 1.2% in 2006. VDC forecasts the compound annual growth rate through 2010 will be just 0.7%, rising from $83.6 billion to $86.6 billion.
These trends are expected to impact European and North American markets the most, as growth in both areas decline due to shifting manufacturing operations and falling temperature controller prices. The Asia-Pacific market and the smaller markets of Latin America and the rest of the world are expected to grow, with the emergence of China as a major manufacturing center and a driving force. OEMs and end-user industries are relocating to China to take advantage of low-cost labor and materials. Japan’s economy is also beginning to recover, pushing that region out of a stagnant period.
— Jeanine Katzel , senior editor, Control Engineering