Siemens/Schneider/ABB: China automation: Limited evidence of Western OEMs gaining share in 1Q26

Research evidence excerpt

Siemens/Schneider/ABB: China automation: Limited evidence of Western OEMs gaining share in 1Q26

Equity Research

European Capital Goods

20 May 2026

Siemens/Schneider/ABB

China automation: Limited

evidence of Western OEMs gaining

European Capital Goodsshare in 1Q26

NEUTRAL

While the market rebounded in 1Q, especially discrete (high- European Capital Goods

Timothy Lee, CFAtech end markets, price, re-stock), there is limited evidence of

share gains for Euro players. MIR data suggests SIE reduced +44timothy.lee@barclays.com(0)20 7773 6879

share in PLC/CNC, but gained in servo/drives; ABB gained a Barclays, UK

bit; SU moderated a bit; domestic OEMs keep gaining. Vlad Sergievskii

+44 (0)20 7116 1117

vlad.sergievskii@barclays.com

1Q26 China automation market growth, especially from discrete. According to data from Barclays, UK

MIR Databank, the overall industrial automation market in China grew 2.3% YoY in 1Q26, driven George Featherstone, CFA

mainly by discrete (+6.6% YoY), while process remained subdued. We see several reasons for the +44 (0)20 3555 8585

growth: 1) accelerating growth in certain high-tech end markets for discrete, such as batteries, george.featherstone@barclays.com

semis, electronics and industrial robotics; while process industries like chemicals, petrochem Barclays, UK

and metallurgy remained weak; 2) price increases at the beginning of the year amid inflation, Rajesh Patki

especially from domestic players; and 3) pre-buy effects amid price increases, resulting in a +44 (0)20 3555 5193

moderate increase in channel inventory, again especially for domestic brands. rajesh.patki@barclays.com

Barclays, UK

FIGURE 1. China automation component market – quarterly YoY change

Madalena Azevedo

+44 (0)20 7773 3616

(%)

1Q26: madalena.amadogomesdeazevedo@barclays.c 40%