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The global industrial automation equipment market is expected to grow by 3.8% in 2018 to US$209.8 billion, according to a report by IHS Markit.
The global industrial automation equipment market is expected to grow by 3.8% in 2018 to US$209.8 billion, according to a report by IHS Markit.

The global industrial automation equipment (IAE) market was estimated at US$202.2 billion in 2017, and it is projected to grow by 3.8% in 2018 to US$209.8 billion and by 4% in 2019 to US$218.2 billion, according to a report by IHS Markit. 

In general, the machines are becoming more automated, and this growth is specifically driven by rising industrial production, a strong global economy, growing machinery production and capital expenditure.

In 2017, the automation equipment category led with 37.1% share of the industrial automation equipment market, followed by power transmission equipment with 32.9%, and motors and motor controls with 30%.

Total industrial capital expenditure is expected to continue to grow by 3%, year over year, in 2017, 6% in 2018 and 4% in 2019.

IHS Markit expected that some companies will close their doors to new proof-of-concept smart manufacturing projects in 2018, until existing and ongoing projects are completed or show a return on investment.

Rising machinery production points to growing demand for automation equipment going into the new machines. The global industrial automation equipment market is expected to maintain solid growth through 2019, for a few reasons, as the report stated.

In 2017, many smart manufacturing initiatives began to materialize, especially in countries like the United States, Germany and China. However, more multi-national end-users are expected to only accept trials of new solutions that are fully funded by the vendor, until returns are realized.

Total industrial capital expenditure is expected to continue to grow through 2019. Specifically, spending on industrial automation equipment is forecast to increase in 2017 and beyond.

Rising industrial production typically follows a stronger world economy. After 3.2% growth in 2017, the IHS Markit forecast in April 2018 showed world real gross domestic product (GDP) growth is projected to increase 3.4% in 2018 and 2019 respectively.

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