Declines in Electricity Demand, Capital Investment and Gear Demand
First written in FY2016. 24 of 37 entries say "Materialised", first in FY2016. Latest entry: 2026-10-27.
Nippon Gear moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2020: 64 of 79 companies on the "Worse" side.
23 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Order intake for the fiscal year was ¥10,984 million, up 14.5% from the previous fiscal year, while net sales were ¥9,883 million, up 3.4%.」
Company-wide order intake increased 14.5%, and order intake increased in both the gears and gear equipment business and the construction business, indicating that the impact of weak capital investment and application-specific demand had eased from the previous period. However, weakness remained in some applications, including sales of other speed reducers and increasers. - 2026-05-13MitigatedEarnings
「In the gears and gear units business, orders increased for valves and actuators, jacks, other speed reducers and increasers, and gears. Orders also increased in the construction business.」
Orders increased across all businesses, and the sluggish order environment caused by declining demand through the previous fiscal year eased further. - FY2026-H1MitigatedAnnual report
「Order intake for the interim accounting period was ¥6,031 million, up 21.6% year on year, net sales were ¥4,212 million, down 0.7%, and order backlog was ¥6,421 million, up 39.5% from the end of the previous fiscal year.」
Company-wide order intake increased 21.6% and order backlog increased 39.5%, indicating that the company-wide order slump through the previous period had eased. Meanwhile, net sales declined 0.7%, and lower sales remained in some applications, including valves and actuators and gears. - FY2025MitigatedAnnual report
「As a result, order intake for the fiscal year was ¥9,593 million, up 2.0% from the previous fiscal year, while net sales were ¥9,555 million, down 0.7%.」
Company-wide order intake increased 2.0%, indicating that weak capital investment and application-specific demand had eased from the company-wide decline in orders in the previous period. However, lower order intake remained in jacks, other speed reducers and increasers, gears, and the construction business. - FY2025-H1MaterialisedAnnual report
「Order intake declined 22.1% year on year due to lower orders for automotive and semiconductor and LCD applications. Order intake declined 37.7% year on year due to lower orders for special-purpose vehicles and industrial machinery. Order intake increased 7.5% year on year due to higher orders for nuclear power plants and oil and gas applications.」
Weak capital investment and application-specific demand materialised as declines of 22.1% in jack order intake and 37.7% in gear order intake. Meanwhile, orders for nuclear power plants and oil and gas applications increased in the construction business. Company-wide order intake declined 5.9% year on year. - FY2024Slight decline in orders, sharp increase in salesAnnual report
「As a result, order intake for the fiscal year was ¥9,408 million, down 1.5% from the previous fiscal year, while net sales were ¥9,622 million, up 28.0%.」
For the full fiscal year, order intake declined 1.5% year on year, while net sales increased 28.0%, despite weak capital investment and application-specific demand. Demand risks remained in some areas, but their impact on sales eased from the previous period. - FY2024-Q3MitigatedAnnual report
「Order intake for the cumulative third quarter was ¥7,383 million, up 0.3% year on year, net sales were ¥7,000 million, up 31.5%, and order backlog was ¥5,161 million, up 8.0% from the end of the previous fiscal year.」
Company-wide order intake, net sales, and order backlog all increased despite weak capital investment and application-specific demand. However, lower demand remained in some applications, including orders for jacks for thermal power plants and the steel sector, which declined 11.0%. - FY2024-Q2MitigatedAnnual report
「Order intake for the cumulative second quarter was ¥5,271 million, up 12.5% year on year, net sales were ¥4,164 million, up 30.8%, and order backlog was ¥5,884 million, up 23.2% from the end of the previous fiscal year.」
Company-wide order intake, net sales, and order backlog all increased, and the overall impact of weak capital investment and application-specific demand eased. However, lower orders remained in some applications, including jacks for the steel sector and gears for special-purpose vehicles and railway and marine applications. The risk of declining demand continued to materialise in some areas, but company-wide performance improved. - FY2024-Q1MitigatedAnnual report
「Order intake for the cumulative first quarter was ¥2,827 million, up 3.1% year on year, while net sales were ¥2,155 million, up 30.6%. Order backlog at the end of the first quarter was ¥5,449 million, up 14.1% from the end of the previous fiscal year.」
Company-wide order intake, net sales, and order backlog all increased, indicating that the impact of weak capital investment and application-specific demand had eased from the previous period. However, lower orders remained in some applications for valves and actuators and gears. - FY2023-Q3MitigatedAnnual report
「Order intake for the cumulative third quarter was ¥7,361 million, up 48.0% year on year, while net sales were ¥5,323 million, up 2.0%. Meanwhile, order backlog at the end of the third quarter was ¥4,783 million, up 74.3% from the end of the previous fiscal year.」
Company-wide order intake, net sales, and order backlog all exceeded the previous year or the end of the previous fiscal year, indicating that the impact of weak capital investment and application-specific demand had eased from the previous period. However, lower sales remained in areas including valves and actuators. - FY2023-Q2MitigatedAnnual report
「Order intake for the cumulative second quarter was ¥4,683 million, up 33.9% year on year, while net sales were ¥3,184 million, down 5.1%. Meanwhile, order backlog at the end of the second quarter was ¥4,244 million, up 54.6% from the end of the previous fiscal year.」
Order intake and order backlog increased significantly, indicating that the impact of weak capital investment and application-specific demand had eased from the previous period. Meanwhile, net sales declined 5.1% year on year, and lower sales remained in some applications, including valves and actuators and other speed reducers and increasers. - FY2023-Q1MitigatedAnnual report
「Order intake for the cumulative first quarter was ¥2,741 million, up 69.2% year on year, while net sales were ¥1,650 million, up 5.3%. Orders increased 94.6% year on year due to higher orders for nuclear power plants and electric power applications. Orders also increased 42.1% year on year due to higher orders for semiconductor and LCD applications.」
The weakness in capital investment and application-specific demand that had previously appeared as lower orders and sales was reflected this quarter in a 69.2% increase in company-wide order intake, with higher orders also reported for valves and actuators and jacks. However, the report does not state that demand risks have disappeared. - FY2022MaterialisedAnnual report
「As a result, order intake for the fiscal year was ¥6,864 million, down 2.8% from the previous fiscal year, while net sales were ¥7,568 million, down 1.9%.」
Weak capital investment and application-specific demand continued to materialise over the full fiscal year as declines of 2.8% in order intake and 1.9% in net sales. However, some areas of the jack, gear, and construction businesses saw higher order intake. - FY2022-Q3MaterialisedAnnual report
「Order intake for the cumulative third quarter was ¥4,973 million, down 8.7% year on year, while net sales were ¥5,217 million, down 7.7%. Meanwhile, order backlog at the end of the third quarter was ¥3,208 million, down 7.1% from the end of the previous fiscal year.」
Weak capital investment and application-specific demand materialised as declines of 8.7% in company-wide order intake, 7.7% in net sales, and 7.1% in order backlog. Although some applications saw increases, company-wide order intake, net sales, and order backlog all declined. - FY2022-Q2MaterialisedAnnual report
「Order intake for the cumulative second quarter was ¥3,497 million, down 5.6% year on year, while net sales were ¥3,356 million, down 10.4%.」
Weak capital investment and application-specific demand materialised as declines of 5.6% in company-wide order intake and 10.4% in net sales. Orders and sales also declined in areas including oil and gas, chemicals, railway and marine, automotive, and water and sewage. - FY2022-Q1MaterialisedAnnual report
「As a result, order intake for the cumulative first quarter was ¥1,620 million, down 18.8% year on year, while net sales were ¥1,566 million, down 16.7%. Orders for valves and actuators and other speed reducers and increasers declined.」
Weak capital investment and application-specific demand materialised as declines of 18.8% in company-wide order intake and 16.7% in net sales. Orders for valves and actuators and other speed reducers and increasers also declined. - FY2021MaterialisedAnnual report
「As a result, order intake for the fiscal year was ¥7,062 million, down 10.9% from the previous fiscal year, while net sales were ¥7,715 million, up 1.8%.」
Weak capital investment and application-specific demand also materialised over the full fiscal year as a 10.9% decline in company-wide order intake. - FY2021-Q3MaterialisedAnnual report
「Order intake for the cumulative third quarter declined 10.4% year on year to ¥5,449 million. Gear orders declined due to lower orders for railway and marine applications, despite an increase in other industrial machinery applications. In the construction business, order intake declined as lower orders for thermal power plants, nuclear power plants, oil and gas, chemicals, and water and sewage outweighed higher orders for the steel sector.」
Weak capital investment and application-specific demand materialised as a 10.4% year-on-year decline in company-wide order intake and lower orders for railway and marine gears and construction work for power plants, oil and gas, chemicals, and water and sewage facilities. - FY2021-Q2MaterialisedAnnual report
「Order intake for the cumulative second quarter declined 11.2% year on year to ¥3,705 million. For jacks, order intake declined 20.7% year on year, as a sharp drop in demand from other general-purpose customers outweighed higher capital investment for thermal power plants, steel, and paper and pulp applications. Gear order intake declined 5.4% year on year, as higher orders for gears for compressors were outweighed by lower orders for automotive applications and bevel gears for railway and marine applications.」
Lower capital investment and application-specific demand continued to materialise as declines of 11.2% in company-wide order intake, 20.7% in jack orders, and 5.4% in gear orders. - FY2021-Q1MaterialisedAnnual report
「For jacks, order intake declined 23.4% year on year, as higher capital investment for railway and marine applications was outweighed by lower demand from paper and pulp and other general-purpose customers. Gear order intake declined 44.8% year on year due to lower orders for automotive applications, bevel gears for railway and marine applications, and cylindrical gears for compressors.」
Lower application-specific demand for jacks and gears continued to materialise as lower order intake, with gear orders down 44.8% year on year. - FY2020-Q3MaterialisedAnnual report
「For jacks, order intake declined 21.1% year on year as capital investment for semiconductor and LCD manufacturing equipment and maintenance demand in the steel sector declined. Net sales declined 3.7% year on year, as higher sales to machine-tool and other general-purpose customers were outweighed by lower sales to semiconductor and LCD manufacturing equipment, railway and marine, automotive, and paper and pulp customers. Gear order intake declined 33.3% year on year, as higher orders for bevel gears for railway and marine applications were outweighed by lower orders for cylindrical gears for compressors.」
Lower capital investment for semiconductor and LCD manufacturing equipment, lower maintenance demand in the steel sector, and lower demand for compressor gears and other products materialised as lower order intake for jacks and gears. Meanwhile, some applications saw increases. - FY2020-Q2MaterialisedAnnual report
「For jacks, order intake declined 15.8% year on year as capital investment for semiconductor and LCD applications and maintenance demand in the steel sector declined. Gear order intake declined 36.7% year on year, as higher orders for bevel gears for railway and marine applications were outweighed by lower orders for cylindrical gears for compressors.」
Lower capital investment for semiconductor and LCD applications, lower maintenance demand in the steel sector, and lower demand for compressor gears materialised as lower order intake. Meanwhile, orders or sales increased in some applications. - FY2020-Q1MaterialisedAnnual report
「For jacks, order intake declined 17.6% year on year as capital investment for semiconductor and LCD applications and maintenance work for the steel sector declined. Net sales increased 17.0% year on year, as the increase in new equipment for paper and pulp applications and steady sales to machine-tool customers outweighed lower capital investment for railway and marine applications. Gear order intake declined 29.0% year on year, as higher orders for bevel gears for railway and marine applications were outweighed by lower orders for cylindrical gears for compressors.」
Lower capital investment for semiconductor and LCD applications, lower maintenance work for the steel sector, and lower demand for compressor gears materialised as lower order intake. Meanwhile, sales or orders increased in some applications. - FY2019MaterialisedAnnual report
「Gear orders increased due to higher orders for railway and marine and other industrial machinery applications. As a result, order intake in the gears and gear equipment business increased. In the construction business, order intake declined due to fewer periodic inspection projects, including at power plants.」
While orders increased in some applications in the gears and gear equipment business, fewer periodic inspection projects at power plants and elsewhere materialised as lower order intake in the construction business. The report also notes lower orders for jacks and other speed reducers and increasers. - FY2019-Q3MaterialisedAnnual report
「By segment, in the gears and gear equipment business, orders for other speed reducers and increasers declined, while orders for valves and controls and jacks increased. Gear orders increased due to higher orders for railway and marine applications. As a result, order intake in the gears and gear equipment business increased. In the construction business, order intake declined due to lower orders related to thermal power plants and oil.」
While orders increased in some applications in the gears and gear equipment business, lower demand for other speed reducers and increasers and construction work related to thermal power plants and oil continued to materialise as lower order intake. - FY2019-Q2MaterialisedAnnual report
「By segment, in the gears and gear equipment business, orders for valves and controls increased, while orders for jacks and other speed reducers and increasers declined. Gear orders increased due to higher orders for other industrial machinery applications. As a result, order intake in the gears and gear equipment business increased. In the construction business, order intake declined due to lower orders for thermal power plant projects and other projects.」
While orders for jacks, other speed reducers and increasers, and thermal power plant construction work continued to decline, orders increased for valves and controls and for certain gear applications. The risk of declining demand continued to materialise in business performance. - FY2019-Q1MaterialisedAnnual report
「By segment, in the gears and gear equipment business, orders for both jacks and other speed reducers and increasers and valves and controls declined. Gear orders increased because of higher orders for other industrial machinery applications. As a result, order intake in the gears and gear equipment business declined. In the construction business, order intake declined due to lower orders for thermal power plant projects and other projects.」
Lower orders for jacks, other speed reducers and increasers, valves and controls, and thermal power plant construction work continued, with the risk of declining demand materialising during the quarter as well. - FY2018MaterialisedAnnual report
「Gear orders declined due to a sharp drop in automotive orders. In the construction business, order intake declined due to fewer periodic inspection projects, including at thermal power plants.」
Lower demand for automotive gears and periodic inspection work at thermal power plants and elsewhere materialised as lower full-year order intake. - FY2018-Q3MaterialisedAnnual report
「By segment, in the gears and gear equipment business, orders for jacks and other speed reducers and increasers increased, while orders for valves and controls declined. Gear orders declined due to lower automotive orders. As a result, order intake in the gears and gear equipment business declined. In the construction business, order intake declined due to lower orders for thermal power plant projects.」
Lower demand for valves and controls, automotive gears, and thermal power plant construction work continued to materialise as lower order intake. - FY2018-Q2MaterialisedAnnual report
「By segment, in the gears and gear equipment business, order intake in the gear equipment division increased due to higher orders for jacks and other speed reducers and increasers. Gear orders declined due to lower automotive orders. In the construction business, order intake declined due to fewer periodic inspection projects at power plants.」
While some orders, including jacks, increased, lower demand for automotive gears and periodic inspection work at power plants materialised as lower order intake. - FY2018-Q1MaterialisedAnnual report
「By segment, in the gears and gear equipment business, order intake declined because lower orders for valves and controls outweighed increases in jacks and other speed reducers and increasers. Gear orders also declined due to lower automotive orders. As a result, order intake in the gears and gear equipment business declined. In the construction business, order intake declined due to lower orders for thermal power plant projects and other projects.」
Lower demand for automotive gears, valves and controls, and thermal power plant projects and other construction work continued to materialise as lower order intake across the businesses. - FY2017MaterialisedAnnual report
「For jacks, order intake declined 7.7% from the previous fiscal year and net sales declined 4.4%, due to lower orders for the steel and LCD-related sectors. Gear order intake declined 5.5% from the previous fiscal year, as increases in railway and marine and other industrial machinery applications were outweighed by declines in automotive and construction machinery applications.」
Weak capital investment and application-specific demand also materialised over the full fiscal year as lower order intake and net sales for jacks and gears. - FY2017-Q3MaterialisedAnnual report
「In the construction business, order intake declined due to lower orders for thermal power plant projects. For jacks, order intake declined 3.4% year on year and net sales declined 5.1%. Gear order intake increased 1.1% year on year, as higher orders for railway and marine and other industrial machinery applications outweighed declines in automotive and construction machinery applications. Net sales declined 21.5% year on year, as sales declined across automotive, construction machinery, railway and marine, and other industrial machinery applications.」
Although demand continued to decline for thermal power plant projects, jacks and gear sales, some areas, including gear orders, saw increases. Weak capital investment and application-specific demand continued to be reflected in business performance. - FY2017-Q2MaterialisedAnnual report
「Although companies' willingness to invest did not collapse, capital investment showed signs of stalling in its recovery. For jacks, restrained capital investment related to LCDs led to a 4.8% year-on-year decline in order intake and an 8.9% decline in net sales. Net sales declined 13.4% year on year, as sales for other industrial machinery applications fell sharply, while sales for automotive and construction machinery applications also declined, despite a slight increase in railway and marine applications.」
Continued stagnation in capital investment has materialised as lower order intake and net sales for LCD-related jacks and lower gear sales. - FY2016MaterialisedAnnual report
「For jacks, order intake declined 3.7% from the previous fiscal year and net sales declined 5.1%, due to restrained capital investment in the steel and LCD-related sectors. For gears, order intake and net sales declined significantly for automotive, construction machinery, railway and marine, and other industrial machinery applications. Order intake declined 31.0% from the previous fiscal year, while net sales declined 21.2%.」
Restraint in capital investment and lower demand for gears across applications resulted in declines in order intake and net sales for the period.