Industrial machinery market growth to double in 2014
High demand for machines in manufacturing sectors ranging from auto making 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 (technology.ihs.com).
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%, more than twice the 2.9% increase seen in 2013.