What is scope of the report?

The base year for the study has been considered 2019, historic year 2014 and 2018. Read More

What are the significant segments operating in the market?

Market is segmented on the basis. Read More

What are the vital market dynamics?

The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. Read More

What does a company profile includes?

The report provides company profile of the key players operating in the market and a comparative analysis based on their business overviews industry offering. Read More

Distributed Control System Market By Component (Services, Hardware, Software), End User (Paper & Pulp, Oil & Gas, Metals & Mining, Food & Beverages, Chemicals, Pharmaceuticals, Others), Application, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, And Forecast 2020 To 2027

Publish Date: Jun, 2020
Report ID: 418484
Category: Electronics
Pages: 229

$4700

The global distributed control system market is expected to grow from USD 17.94 billion in 2019 to USD 26.51 billion by 2027, at a CARG of 5% during the forecast period 2020-2027.

DCS is a computerised control system and is a platform for automated control and operation of an industrial process or plant. It has many control loops, in which autonomous controllers are distributed throughout the system, but there is no central operator supervisory control. The DCS concept increase the reliability and reduces installation cost by localising control functions near the process pant, with remote supervision and monitoring. DCS first emerged in high value, large and safety critical process industries and were attractive as the DCS manufacturer would supply both central supervisory equipment and local control level as an integrated package therefore reducing design integration risk.

The study delivers a comprehensive analysis by component, end-user, application and region.

The component segment includes services, hardware and software. Distributed Control System (DCS) software leads the market with having the highest market share. This growth is because of the need for system upgradation by existing DCSs. DCS hardware is predicted to have the fastest growth in the forecast years owing to the increased greenfield projects in Asia-Pacific region.

The end-user segment includes paper & pulp, oil & gas, metals & mining, food & beverages, chemicals, pharmaceuticals and others. Oil & gas has the largest market share owing to increase in demand for technologically advanced systems for monitoring and controlling activities, giving higher production.

The application segment includes batch-oriented process and continuous process. Continuous process has the highest application share due to increased production of chemicals use in the renewable and nuclear sectors in power generation industry.

The market is regionally divided into South America, Europe, Middle East & Africa, North America and Asia-Pacific. Asia-Pacific region is projected to have the highest growth followed by Europe which is predicted to produce high revenue because of high rateof ventures in manufacturing facilities from Germany and France.

The key players of this market are NovaTech Process Solutions, Toshiba International, Yokagawa Electric, ABB, Omron, Azbil, Emerson Electric, Siemens AG, Invensys, Honeywell, Mitsubishi, Metso Corporation and General Elecric. Omro healthcare announced partnership with AliveCor on remote Cardiovascular Monitoring.

Global Distributed Control SystemMarket Analysis And Forecast, By Component

Services
Hardware
Software

Global Distributed Control SystemMarket Analysis And Forecast, By End-User

Paper & Pulp
Oil & Gas
Metals & Mining
Food & Beverages
Chemicals
Pharmaceuticals
Others

Global Distributed Control SystemMarket Analysis And Forecast, By Application

Batch-Oriented Process
Continuous Process

Global Distributed Control System Market Analysis And Forecast, By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Sweden
- Netherland
- U.K.
- Italy
- Spain
- Turkey
- Switzerland
- Belgium
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia
- Singapore
- Malaysia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
South America
- Brazil
- Argentina
- Peru
- Colombia
- Rest of South America
Middle East and Africa
- UAE
- Saudi Arabia
- Egypt
- Nigeria
- South Africa
- Rest of MEA

Report Description:

The base year for the study has been considered 2019, historic year 2017 and 2018, the forecast period considered is from 2020 to 2027.
The study delivers a comprehensive analysis of global market for all segments and region
The report offers in-depth analysis of driving factors, opportunities and restraints for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2020 to 2027.
Five Forces model is used in order to recognize the competitive scenario in the market. This report incorporates the industry analysis which is focused on providing an extensive view of the market.
The study also includes attractiveness analysis of all segments and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunist for understanding the future growth of the market.
The report provides company profile of the key players operating in the market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.

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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Component
          4.3.2. Market Attractiveness Analysis Application
          4.3.3. Market Attractiveness Analysis By End-User
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends
5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
    5.3. Restrains
    5.4. Opportunities
    5.5. Challenges
6. Global Distributed Control System Market Analysis and Forecast, By Component
    6.1. Segment Overview
    6.2. Services
    6.3. Hardware
    6.4. Software
7. Global Distributed Control System Market Analysis and Forecast, Application
    7.1. Segment Overview
    7.2. Batch-Oriented Process
    7.3. Continuous Process
8. Global Distributed Control System Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Paper & Pulp
    8.3. Oil & Gas
    8.4. Metals & Mining
    8.5. Food & Beverages
    8.6. Chemicals
    8.7. Pharmaceuticals
    8.8. Others
9. Global Distributed Control System Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa
10. Global Distributed Control System Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Distributed Control System Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions
11. Company Profiles
    11.1. NovaTech Process Solutions
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Toshiba International
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Yokagawa Electric
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. ABB
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Omron
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Azbil
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Emerson Electric
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Siemens AG
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Invensys
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Honeywell
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Mitsubishi
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Metso Corporation
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. General Electric
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis

List of Table

1. Global Distributed Control System Market, By Component, 2017–2027(USD Billion)

2. Global Services Market, By Region, 2017–2027(USD Billion)

3. Global Hardware Market, By Region, 2017–2027(USD Billion)

4. Global Software Market, By Region, 2017–2027(USD Billion)

5. Global Distributed Control System Market, Application, 2017–2027(USD Billion)

6. Global Batch-Oriented Process Distributed Control System Market, By Region, 2017–2027(USD Billion)

7. Global Continuous Process Distributed Control System Market, By Region, 2017–2027(USD Billion)

8. Global Containment and Waste Water Distributed Control System Market, By Region, 2017–2027(USD Billion)

9. Global Distributed Control System Market, By End-User, 2017–2027(USD Billion)

10. Global Paper & Pulp Distributed Control System Market, By Region, 2017–2027(USD Billion)

11. Global Oil & Gas Distributed Control System Market, By Region, 2017–2027(USD Billion)

12. Global Metals & Mining Distributed Control System Market, By Region, 2017–2027(USD Billion)

13. Global Food & Beverages Distributed Control System Market, By Region, 2017–2027(USD Billion)

14. Global Chemicals Distributed Control System Market, By Region, 2017–2027(USD Billion)

15. Global Pharmaceuticals Distributed Control System Market, By Region, 2017–2027(USD Billion)

16. Global Others Distributed Control System Market, By Region, 2017–2027(USD Billion)

17. Global Distributed Control System Market, By Region, 2017–2027(USD Billion)

18. Global Distributed Control System Market, By North America, 2017–2027(USD Billion)

19. North America Distributed Control System Market, By Component, 2017–2027(USD Billion)

20. North America Distributed Control System Market, Application, 2017–2027(USD Billion)

21. North America Distributed Control System Market, By End-User, 2017–2027(USD Billion)

22. U.S. Distributed Control System Market, By Component, 2017–2027(USD Billion)

23. U.S. Distributed Control System Market, Application, 2017–2027(USD Billion)

24. U.S. Distributed Control System Market, By End-User, 2017–2027(USD Billion)

25. Canada Distributed Control System Market, By Component, 2017–2027(USD Billion)

26. Canada Distributed Control System Market, Application, 2017–2027(USD Billion)

27. Canada Distributed Control System Market, By End-User, 2017–2027(USD Billion)

28. Mexico Distributed Control System Market, By Component, 2017–2027(USD Billion)

29. Mexico Distributed Control System Market, Application, 2017–2027(USD Billion)

30. Mexico Distributed Control System Market, By End-User, 2017–2027(USD Billion)

31. Europe Distributed Control System Market, By Component, 2017–2027(USD Billion)

32. Europe Distributed Control System Market, Application, 2017–2027(USD Billion)

33. Europe Distributed Control System Market, By End-User, 2017–2027(USD Billion)

34. Germany Distributed Control System Market, By Component, 2017–2027(USD Billion)

35. Germany Distributed Control System Market, Application, 2017–2027(USD Billion)

36. Germany Distributed Control System Market, By End-User, 2017–2027(USD Billion)

37. France Distributed Control System Market, By Component, 2017–2027(USD Billion)

38. France Distributed Control System Market, Application, 2017–2027(USD Billion)

39. France Distributed Control System Market, By End-User, 2017–2027(USD Billion)

40. U.K. Distributed Control System Market, By Component, 2017–2027(USD Billion)

41. U.K. Distributed Control System Market, Application, 2017–2027(USD Billion)

42. U.K. Distributed Control System Market, By End-User, 2017–2027(USD Billion)

43. Italy Distributed Control System Market, By Component, 2017–2027(USD Billion)

44. Italy Distributed Control System Market, Application, 2017–2027(USD Billion)

45. Italy Distributed Control System Market, By End-User, 2017–2027(USD Billion)

46. Spain Distributed Control System Market, By Component, 2017–2027(USD Billion)

47. Spain Distributed Control System Market, Application, 2017–2027(USD Billion)

48. Spain Distributed Control System Market, By End-User, 2017–2027(USD Billion)

49. Asia Pacific Distributed Control System Market, By Component, 2017–2027(USD Billion)

50. Asia Pacific Distributed Control System Market, Application, 2017–2027(USD Billion)

51. Asia Pacific Distributed Control System Market, By End-User, 2017–2027(USD Billion)

52. Japan Distributed Control System Market, By Component, 2017–2027(USD Billion)

53. Japan Distributed Control System Market, Application, 2017–2027(USD Billion)

54. Japan Distributed Control System Market, By End-User, 2017–2027(USD Billion)

55. China Distributed Control System Market, By Component, 2017–2027(USD Billion)

56. China Distributed Control System Market, Application, 2017–2027(USD Billion)

57. China Distributed Control System Market, By End-User, 2017–2027(USD Billion)

58. India Distributed Control System Market, By Component, 2017–2027(USD Billion)

59. India Distributed Control System Market, Application, 2017–2027(USD Billion)

60. India Distributed Control System Market, By End-User, 2017–2027(USD Billion)

61. South America Distributed Control System Market, By Component, 2017–2027(USD Billion)

62. South America Distributed Control System Market, Application, 2017–2027(USD Billion)

63. South America Distributed Control System Market, By End-User, 2017–2027(USD Billion)

64. Brazil Distributed Control System Market, By Component, 2017–2027(USD Billion)

65. Brazil Distributed Control System Market, Application, 2017–2027(USD Billion)

66. Brazil Distributed Control System Market, By End-User, 2017–2027(USD Billion)

67. Middle East and Africa Distributed Control System Market, By Component, 2017–2027(USD Billion)

68. Middle East and Africa Distributed Control System Market, Application, 2017–2027(USD Billion)

69. Middle East and Africa Distributed Control System Market, By End-User, 2017–2027(USD Billion)

70. UAE Distributed Control System Market, By Component, 2017–2027(USD Billion)

71. UAE Distributed Control System Market, Application, 2017–2027(USD Billion)

72. UAE Distributed Control System Market, By End-User, 2017–2027(USD Billion)

73. South Africa Distributed Control System Market, By Component, 2017–2027(USD Billion)

74. South Africa Distributed Control System Market, Application, 2017–2027(USD Billion)

75. South Africa Distributed Control System Market, By End-User, 2017–2027(USD Billion)

List of Figures

1. Global Distributed Control System Market Segmentation

2. Distributed Control System Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis

7. Value Chain Analysis

8. Global Distributed Control System Market Attractiveness Analysis By Component

9. Global Distributed Control System Market Attractiveness Analysis Application

10. Global Distributed Control System Market Attractiveness Analysis By End-User

11. Global Distributed Control System Market Attractiveness Analysis By Region

12. Global Distributed Control System Market: Dynamics

13. Global Distributed Control System Market Share By Component (2019 & 2027)

14. Global Distributed Control System Market Share Application (2019 & 2027)

15. Global Distributed Control System Market Share By End-User (2019 & 2027)

16. Global Distributed Control System Market Share by Regions (2019 & 2027)

17. Global Distributed Control System Market Share by Company (2019)

Research Methodology

Market research is a method of gathering, assessing and deducing data & information about a particular market. Market research is very crucial in these days. The techniques analyze about how a product/service can be offered to the market to its end-customers, observe the impact of that product/service based on the past customer experiences, and cater their needs and demands. Owing to the successful business ventures, accurate, relevant and thorough information is the base for all the organizations because market research report/study offers specific market related data & information about the industry growth prospects, perspective of the existing customers, and the overall market scenario prevailed in past, ongoing present and developing future. It allows the stakeholders and investors to determine the probability of a business before committing substantial resources to the venture. Market research helps in solving the marketing issues challenges that a business will most likely face.

Market research is valuable because of the following reasons:

Market research helps businesses strengthen a company’s position
Market research helps in minimizing the investment risks associated with the businesses in any industry vertical
Market research helps in identifying the potential threats and opportunities associated with the business industry
Market research aids in spotting the emerging trends and facilitates strategic planning in order to stay ahead in the competition

Our research report features both the aspects; qualitative and quantitative. Qualitative part provides insights about the market driving forces, potential opportunities, customer’s demands and requirement which in turn help the companies to come up with new strategies in order to survive in the long run competition. The quantitative segment offers the most credible information related to the industry. Based on the data gathering, we use to derive the market size and estimate their future growth prospects on the basis of global, region and country.

Our market research process involves with the four specific stages.

Data Collection
Data Synthesis
Market Deduction & Formulation
Data Screening & Validation

Data Collection: This stage of the market research process involves with the gathering and collecting of the market/industry related data from the sources. There are basically two types of research methods:

Primary Research: By conducting primary research, it involves with the two types of data gathering; exploratory and specific. Exploratory data is open-ended and helps us to define a particular problem involving surveys, and pilot study to the specific consumer group, knowing their needs and wants catering to the industry related product/service offering. Explanatory data gathering follows with the bit of unstructured way. Our analyst group leads the study by focusing on the key crowd, in this manner picking up bits of knowledge from them. In light of the points of view of the clients, this data is used to plan advertise techniques. In addition, showcase overviews causes us to comprehend the current scenario of the business. Specific data gathering on the hand, involves with the more structured and formal way. The primary research usually includes in telephonic conversations, E-mail collaborations and up close and personal meetings/interviews with the raw material suppliers, industrial wholesalers, and independent consultants/specialists. The interviews that we conduct offers important information on showcase size and industry development patterns. Our company likewise conducts interviews with the different business specialists so as to increase generally bits of knowledge of the business/showcase.
Secondary Research: The secondary research incorporates with the data gathering from the non-profit associations and organizations, for example, World bank, WHO, investor relations and their presentations, statistical databases, yearly(annual reports) reports, national government records, factual databases, websites, articles, white papers, press releases, blogs and others. From the annual report, we deduce an organization's income/revenue generation to comprehend the key product segment related to the market. We examine the organization sites and implement product mapping strategy which is significant for determining the segment revenue. In the product mapping technique, we choose and categorize the products offered by the companies catering to the industry specific market, derive the segment revenue for each of the organizations to get the market estimation. We also gather data & Information based on the supply and demand side of the value chain involved with the domain specific market. The supply side denotes the distributors, wholesalers, suppliers and the demand side denotes the end-consumers/customers of the value chain. The supply side of the market is analyzed by examining the product growth across industry in each of the region followed by its pricing analysis. The demand side is analyzed by the evaluating the penetration level and adoption rates of the product by referring to the historical/past data, examine the present usage and forecasting the future trends.
Purchased Database: Our purchased data provides insights about the key market players/companies along with their financial analysis. Additionally, our data base also includes market related information.

We also have the agreements with various reputed data providers, consultants and third party vendors who provide information which are not limited to:

Export & Import Data
Business Information related to trade and its statistics
Penetration level of a particular product/service based on geography mainly focusing on the unmet prerequisites of the customers.

In-house Library: Apart from these third-party sources, we have our in-house library of quantitative and qualitative data & information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, internal audit reports, historic databases, archives and journal publications. Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those particular cases, we utilize our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopts a robust research technique in order to deduce the market size and its estimates:
Examining demographic along with psychographic segmentation for market evaluation
Analyzing the macro and micro-economic indicators for each demography
Evaluating the current industry trends popular in the market.

Data Synthesis: This stage includes the evaluation and assessment of all the data acquired from the primary and secondary research. It likewise includes in evaluating the information for any disparity watched while information gathering identified with the market. The data & information is gathered with consideration to the heterogeneity of sources. Scientific and statistical methods are implemented for synthesizing dissimilar information sets and provide the relevant data which is fundamental for formulating strategies. Our organization has broad involvement with information amalgamation where the information goes through different stages:

Information Screening: Information screening is the way toward examining information/data gathered from the sources for errors/mistakes and amending it before data integration process. The screening includes in looking at raw information, identifying and distinguishing mistakes and managing missing information. The reason for the information screening is to ensure information is effectively entered or not. Our organization utilizes objective and precise information screening grades through repetitive quality checks.
Data Integration: The data integration method involves with the incorporation of numerous information streams. The data streams is important so as to deliver investigate examines that give overall market scenario to the investors. These information streams originate from different research contemplates and our in house database. After the screening of the information, our analysts conduct efficient integration of the data streams, optimizing connections between integrated surveys and syndicated data sources. There are two research approaches that we follow so as to coordinate our information; top down methodology and bottom up methodology.

Top-down analysis generally refers to using broad factors as a basis for decision making. The top-down approach helps in identifying the overall market scenario along with the external and internal factors effecting the market growth.

The bottom-up approach takes a completely different approach. Generally, the bottom-up approach focuses its analysis on micro attributes and specific characteristics of the domain specific market.

Market Formulation & Deduction: The last stage includes assigning the data & information in a suitable way in order to derive market size. Analyst reviews and domain based opinions based on holistic approach of market estimation combined with industry investigation additionally features a crucial role in this stage.

This stage includes with the finalization of the market size and numbers that we have gathered from primary and secondary research. With the data & information addition, we ensure that there is no gap in the market information. Market trend analysis is finished by our analysts by utilizing data extrapolation procedures, which give the most ideal figures to the market.

Data Validation: Validation is the most crucial step in the process. Validation & re-validation through scientifically designed technique and process that helps us finalize data-points to be used for final calculations. This stage also involves with the data triangulation process. Data triangulation generally implicates the cross validation and matching the data which has been collected from primary and secondary research methods.

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Testimonials

Hi John,
Thanks for the report. We've been going through it and see some good data on the market and players. –

Kennedy Brown
Health Technology Innovation
United States

Hi Rahul,
Thank You for the report it is good and beneficial for me.
Thank You in Advance

Mika Salomäki

Dear Siddhartha,
Thank you for your fast reply. The report arrived safe and sound, evrything looks all right.
Thank you very much for your assitance and I will be looking forward to another opportunity for cooperation.

ONDŘEJ ŠUPKA
Analytics Department
ČESKÁ ZBROJOVKA A.S.

Dear Siddhartha,
The report looks good, and we believe the material mix is more realistic now. It is good to know you report “Net” Manufacturing Selling Price, as that can make a difference in how we view the numbers. The reports were great and we appreciate your working with us.
Thanks for all your help!