"For most markets such as UK, France and Germany, the pullback of the last two years means there is pent-up demand because equipment has been kept longer than it normally would. The region did not see the same level of store closures and contraction that we saw in North America, due to employment laws that preclude closing stores in many countries, and that limits the used market for POS. So everything out there simply got older. Thus the pullback of the last two years increases the growth chances moving forward," Buzek said. "Instability in Greece, financial issues in Dubai—which had been seeing strong growth—tight capital markets and the prospect of conflict between Israel and Iran remain drags on the region's growth, but 2010 will grow. UK, Germany, France and Scandinavia will each see growth for the first time in 3 years. And preparations for the World Cup are driving adoption rates in South Africa."
A new report from IHL concludes that "after contracting 9 percent in 2009, the Europe/Middle East/Africa region is in the process of seeing growth return to the POS market for the first time in two years." IHL thought that Russia's situation was especially illustrative. Following an 18 percent plummet in POS shipments last year, "Russia's economy has stabilized and shipments should grow 6 percent in 2010 and once again see double-digit growth in 2011. If oil prices increase to more than $100 per barrel, the shipments will increase further," said IHL President Greg Buzek.