In the future, we might look back at the current accumulation of difficulties as a singular occurrence. The attitude of the CEDES teams, to which we count our supply partners, was to perceive it not as a problem, but rather as a challenge. The second quarter of this year, including the temporary drop of revenue in China, was among the most difficult periods to date, and the CEDES Family has mastered it exceptionally well. Besides the daily countermeasures, the first month of VITECTOR by CEDES turned out to be very successful.
The high delivery capability ensured a global market leader position for the CEDES Group. Our longstanding customers rewarded our reliability with loyalty, and we were also able to win new customers. Our employees have shown incredible resilience, allowing us to overcome even the biggest difficulties. The Management Team is extremely grateful to them.
Our supply partners have also played a key role. Even though they could not always get the desired volumes from their subcontractors, they were always ready to find a common solution to ensure high delivery capability, and the CEDES Group spared no expense or effort to achieve it. After a break due to the pandemic, this year we could celebrate the properly again. The traditional Bison Award went to Profatec AG, the second place to Altec Electronic AG and a fine third place to Semitron Swiss AG. Congratulations to our best suppliers!
The elevator market will be of great importance for CEDES also in the future. Although new elevator installations are bound to stagnate at a high level, several big projects will ensure a big part of the revenue for CEDES.
According to a UBS analysis from May 2022, the maximum growth of new elevator and escalator installations was already reached in 2021 and their number will decrease in the coming years. This is especially true for China. However, with almost 60 % of new installations worldwide, it will remain the biggest market.
The CEDES Group is a technology leader with its product portfolio, as demonstrated by new developments presented in exhibitions and industry events. On September 29, 2022, an event will be hosted in our HQ in Landquart.
The CEDES Group's growth is driven not only by elevator solutions – we have set an ambitious goal of building a strong, second strategic pillar. This goal has been achieved with the acquisition of VITECTOR.
The new VITECTOR by CEDES , combined with our well-established, technologically leading CEDES light curtains, means that the CEDES Group is now a global market leader in sensors for industrial doors, incl. rolling, high-speed, sectional and folding doors. The market will grow with ca. 5% CAGR to CHF 2.484 bn in 2028.
The growing market value, our extended portfolio and the blank spots to be filled on the global market build a high potential for growth. The CEDES Group is pleased to offer its global customers a complete product portfolio also in the industrial door sensor market.
CEO CEDES Group
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