According to a new report from IHS Technology, the global industrial automation equipment market is poised for stronger growth in 2014, aided by strengthening economies as well as technological innovations that will boost demand.

After increases of only 1.2 and 3.4 percent in 2012 and 2013, respectively, worldwide revenue in 2014 for the industrial automation equipment market is projected to reach $185.3 billion, up 7 percent from $173.0 billion in 2013.

“Following two years of weak development in industrial automation equipment trade, 2014 will see stronger market conditions that will help generate business opportunities,” says Jenalea Howell, associate director for rotating machines & controls at IHS. “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.” Asia-Pacific is expected to lead growth, followed by the Americas, Japan and the collective Europe-Middle East-Africa region.

The market’s biggest segment, made up of motors, generators and motor controls, continues to be driven by energy-efficiency concerns. IHS also believes demand for more communication and more sophisticated machine control will drive technical advancements, especially in the discrete controller markets.

“Controllers overall are at the highest risk of cybersecurity attacks, which will prompt product development seeking solutions to forestall or prevent unauthorized incursions altogether,” says the IHS report.