Cemtrex, Inc. announced that their wholly owned subsidiary, ROB Cemtrex GmbH, received an order totaling $2.8 million for electronic controllers used by a German industrial original equipment manufacturer. Deliveries of the ordered devices are expected to begin in the fourth quarter of 2014 and continue over the next two years. This customer, while being located in Europe, sells its products worldwide, including the US and emerging markets.
ROB Cemtrex's CEO, Saagar Govil, said, "The business development team at ROB Cemtrex is doing an outstanding job in continuing to grow the company. We see strong demand in the industrial electronics industry and we are aggressively pursuing opportunities in that market."
According to one recent report, the industrial electronics industry is set to witness a value of US$321 billion by 2018 primarily supported by application sectors: semiconductor capital equipment, test and measuring (T&M) instruments, automation systems and process control instrumentation. Geographical analysis shows the highest Compounded Annual Growth Rate (CAGR) of 17.0% is foreseen from the Asia-Pacific region during the analysis period 2011-2018. In terms of CAGR, Europe closely tracks North America, with a rate of 15%.