Global industrial automation company Inovance has announced 2022 earnings of over $3.4bn. This represents growth in annual revenues of 28% year-on-year (YoY), and it comes as the company has engaged in a major overseas expansion program across both Europe and Asia. The strong annual earnings were led by the company’s general industrial automation business, which includes its comprehensive range of servo systems, AC drives and PLCs. Continued growth in its core business saw Inovance’s industrial automation sales reach $1.7bn over the year.
In addition to robust sales in its core industrial automation division, smaller market segments performed strongly for Inovance last year, such as electric vehicles; where the company provides a range of E-powertrain and power supply systems, including inverters and motors. Electric vehicles generated earnings of $753m for the company in 2022, while industrial robotics, another fast-growing segment for Inovance, realized sales of $83m. With a continuing strong focus on R&D and a team of expert development engineers, Inovance spent $330m on innovation during 2022, representing almost 10% of its revenues.
Commenting on the impressive 2022 results, Chris Feng, Director of International Business at Inovance Technology Europe, says: “We are pleased with these results. Inovance’s strong portfolio of products is proving increasingly popular around the world. We will continue our strong emphasis on R&D and ensuring we remain agile, innovative and responsive to growing market trends related to global climate change and sustainable environmental needs. We also view our heavy investments into Europe and Asia as critical to future growth.
“Our expert engineers and 20 years of dedication to the development of industrial automation technology are reflected in these results. They demonstrate we are getting it right in all the sectors and regions in which we are active, but we are not going to rest easy, and we will keep spending on R&D as we believe this is the best route to success.”