High demand for machines in manufacturing sectors ranging from auto making to packaging are expected to push the industrial machinery market to new heights during the next five years, highlighted by a doubling of growth this year, according to a recent report from IHS Technology. 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.

Strong growth is forecast to continue for the next four years, with revenue rising to $2.0 trillion by 2018, according to the report. During this period, the machinery market’s annual growth rate will average between 5% and 6%.

“The improving economic outlook is a key factor in the strong growth of machinery in the coming years,” said Andrew Robertson, senior analyst, industrial automation. “The growing populations and the expanding middle classes in developing countries are generating more disposable income. This translates into increased demand across a vast number of sectors.”

For more information, visit https://technology.ihs.com.