Germany's electrical industry is projected to increase production by four percent in 2022, the country's Electro and Digital Industry Association (ZVEI) said on Monday.
Despite "major uncertainties in this year's forecast" due to bottlenecks along the materials supply chain, the ZVEI expects the situation to improve from mid-year at the earliest.
"Growth-promoting megatrends of electrification and digitization are directly linked to the electrical and digital industries," the ZVEI noted. This trend is reinforced by the new German government's environmental aspirations.
"Electrification can reduce primary energy demand by more than 40 percent by 2045, the target year for climate neutrality" in Germany, said Wolfgang Weber, chairman of the ZVEI Management Board.
In 2021, the German electrical industry already fully recovered from losses caused by the COVID-19 pandemic in the previous year, according to the association. Production rose by around nine percent year-on-year between January and November, while nominal revenues increased by almost ten percent.
Exports have also contributed to this growth. In the first eleven months of 2021, the German electrical industry exported goods worth 22.9 billion euros (25.9 billion U.S. dollars) to the industry's top customer country China, a year-on-year increase of 7.9 percent, according to ZVEI.
Exports to the United States, the second biggest customer country, rose by 9.4 percent year-on-year to 17.4 billion euros in the same period, according to ZVEI.
Editor: Kelly
