It looks like 2014 is going to be a banner year for the industrial automation equipment (IAE) market, after two sluggish years. Two reports reveal that 2014 is off to a healthy start as the global market for industrial automation equipment is gaining strength. IHS Technology reports that two factors account for this: strengthening economies and technological innovations, both of which are expected to boost demand.
IHS Technology projects that worldwide revenue in 2014 for the IAE market will reach $185.3 billion, up 7% from $173.0 billion in 2013. This year marks the return of more vigorous activity after the industry managed only middling revenue increases of 1.2 and 3.4% in 2012 and 2013 respectively. The healthy expansion is set to continue after this year, with industry revenues forecast to hit $225.0 billion by 2017.
"Following two years of weak development in the IAE trade, 2014 will see stronger market conditions that will help generate business opportunities," said Jenalea Howell, associate director for rotating machines & controls. "In particular, the stabilizing economies of China and Europe will be beneficial to spurring growth this year in overall industrial automation, allowing the market to outstrip last year's performance."