Industrial machinery market growth to double in 2014
High demand for machines in manufacturing sectors from automaking to packaging will push the industrial machinery market to new heights during the next five years, highlighted by a doubling of growth this year, according to a new report from IHS Technology, El Segundo, Calif.
As economic conditions continue to improve worldwide, the demand for machines in sectors such as agriculture, packaging, materials handling, and machine tools will push revenues to $1.6 trillion this year, up from $1.5 trillion in 2013. This represents annual growth of 6.3 percent, more than twice the 2.9 percent increase seen in 2013.
Strong growth is forecast to continue for the next four years, with revenue rising to $2.0 trillion by 2018. During this period, the machinery market’s annual growth rate will remain between 5 percent and 6 percent.
Sales growth for industrial machines in 2014 is being driven by a number of factors. Higher demand for cars worldwide is spurring the requirement for more spending on tools and robotics in the automotive business. Rising spending on technology products will boost the demand for robotics, semiconductor equipment, mining, and oil and gas machinery.
At the same time, increased demand for housing, infrastructure, and commercial buildings is benefiting the construction equipment sectors. Moreover, social awareness of green technologies is resulting in higher demand for industrial machines in photovoltaics and in wind turbines.