Freedonia claims that in four years the global market could be worth $113bn, driven by strong growth in the US and the Asia/Pacific region.
According to the report, new technology-related products involving automation and process management software will account for a significant portion of demand.
The Asia/Pacific market is expected to outperform average worldwide growth predictions over the next four years by 0.5% posting 7% growth.
However the likely strongest performer during the same period, according to the study, will be the US, rebounding from a poor 2009 to achieve growth of 7.9%.
In addition to advanced products, sales of traditional material handling goods, such as industrial cranes and hoists, are expected to receive a boost from improved levels of demand in the west, particularly as the US domestic market improves.
Freedonia says that despite weak demand in 2009, the US accounted for over a quarter of global demand, and will see domestic demand rise by 8.2% year on year through 2014.
The report also highlights China’s strong performance, attributing the nation’s success to a favourable exchange rate and cheap labour, as well as Germany’s healthy manufacturing tradition, which along with its central European location has helped to maintain high export levels.