Although economic uncertainty persists throughout most of the world's developed countries, publicly owned vendors of plant automation and enterprise software products enjoyed surprisingly strong financial results in their recently concluded reporting periods.
The manufacturing industry's key technology vendors are not out of the stagnant economic waters yet, however. Many, in fact, predict slower growth in the second half of 2008 and into 2009 as some manufacturers are expected to defer technology purchases until the current economic downturn eases.
Vendors of plant automation software and services, such as Rockwell Automation, Honeywell, ABB, Schneider Electric, and Emerson Electric all benefited from soaring demand from customers in developing economies, particularly in Asia, as well as a growing need among manufacturers to become more energy-efficient.
Rockwell, for example, reported a 15% rise in revenue during its third fiscal quarter, ended June 30. The company said it was able to defy the slowing economy in North America by leveraging strong growth in Asia and Latin America, where many customers are building out manufacturing infrastructure. Rockwell also saw strong demand from the booming oil and gas vertical market.