IA Monthly (Jul 2026) – Demand Moderates a Bit, with Diverging Downstreams

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IA Monthly (Jul 2026) – Demand Moderates a Bit, with Diverging Downstreams

ntinue gaining market share amid the accelerating trend of import Source: WIND, Jefferies

substitution. Estun's robotics orders maintained growth of +30% YoY in May. Leadshine's

Manufacturing and High-End Manufacturing

orders also stayed robust at +40% YoY in Jun vs. +52% YoY in May. PMI

Overseas brands' read-across. Sales growth for leading overseas IA suppliers also 54

decelerated to +15% YoY in Jun from +20% YoY in May. Yaskawa's servo sales growth fell to 52

-7% YoY in Jun from +7% YoY in May. Meanwhile, the same company's inverter sales growth 50

in China moderated to +10% YoY in Jun from +25% YoY in May. As per distributor, overall 48

order momentum turned south across most end markets, except semi and AI-related demand. 46

Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24Jan-25Feb-25Mar-25Apr-25May-25Jun-25Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26Apr-26May-26Jun-26ABB's inverter sales remained firm at +23% YoY in Jun vs. +31% YoY in May. By product, overall

LV inverter sales and orders increased by +13-14% and single-digit YoY in 1H26, respectively. . Manufacturing PMI High-end PMI

Source: WIND, Jefferies

Within the segment, low-power LV inverter sales and orders both grew at a single-digit rate,

supported by distributor stock-building ahead of price increase in Jul. Meanwhile, high-power YoY Growth of Monthly Export Container

LV inverter benefited from strong demand from data center, shipping, port, metallurgy, cement Volumes in Major Ports

and chemical, with both orders and shipments posting double-digit growth. In contrast, HV 50%

inverter remained weak in 1H26. Sales of Panasonic remained solid at +13% YoY in Jun, 40%30%