Industrial automation equipment market 'growing fast'
The market for industrial automation equipment (IAE) is set to grow 6.2 per cent this year to approximately $170 billion, helped in part by the recovery of global manufacturing in the first quarter. That is the conclusion of a report entitled 'The World Market for Industrial Automation Equipment' from IMS Research, now part of IHS.
The more optimistic outlook for 2013 contrasts with the slow market conditions of last year, which were 'aggravated by the interconnected nature of a globally linked space', according to Jenalea Howell, research manager for the industrial automation service at IHS.
'The interdependence of the world’s industrial markets came to the fore during 2012 and made its presence felt as weak demand in some regions hit the exports of others, causing revenue from industrial automation equipment (IAE) to grow only 3.7 per cent,' noted Howell.
In addition, overcapacity in several industrial markets, following two years of strong growth in China, led shipments to fall by more than two per cent. Conditions all around have now improved, however. For one, leading indicators – including machinery orders and manufacturing activity – point to increasing demand for industrial products during the next six months.
Moreover, progress has been observed in the markets of China, Europe and the United States in the first half of this year, fuelling confidence that the IAE space is headed toward renewed vigour.