ALBANY, New York, December 13, 2016 /PRNewswire/ --
Transparency Market Research observes that the global industrial automation market is highly fragmented due to the presence of several players in the market. The top four players with a strong foothold in the global market held a share of 12.2% in 2015. "Developing new technologies that deliver commercial excellence, functional transformation will be the key focus areas of these companies," states the lead author of this research report. According to the research report, the global industrial automation market is anticipated to reach a valuation of US$352.02 bn by the end of 2024 from US$182.64 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 6.6%.
The strong growth in the CNC technology segment is driving the global growth of the industrial automation market, especially in the Asia Pacific and Europe region. Industrial automated products are manufactured in large varieties, each differing from another based on automation type, instrumentation, flow computers, analyzers, operation, and geography. The industrial automation market has been globally emerging to be a relatively more attractive space for investment by organizations across the world. The usage of robots in industrial controller mechanisms is an established trend. Thus it paves the way for larger adoption of the industrial control and industrial automation equipment. In spite of this, the development of the global industrial automation market is affected with massive threats in some regions all over the world, considering the fact that the method caters to human labor replacement with machines and computers.
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Europe to Acquire Nearly 30.0% Share in Global Market by 2024
In terms of geography, the global market is segmented into North America, South America, Asia Pacific, Europe, the Middle East and Africa, and Rest of Latin America. Of these, Europe is anticipated to lead the global market in the coming years. By the end of 2024, the Europe industrial automation market is projected to acquire a share of 29.9% in the global market. Meanwhile, product lifecycle management (PLM) will be the popularly used technology in the coming years. By the end of the forecast period, this segment is expected to be worthy US$44.10 bn.
Demand for Operational Efficiencies Raises Demand for Industrial Automation
The global industrial automation market is expected to witness a significant spike in the coming years as the manufacturing industry is on the cusp of revolutionizing its operations. The introduction of new technologies that permits manufacturing industries to speed up their processes and ensure utmost efficiency are expected propel the growth of the overall market. Analysts project that industrial automation is expected to witness substantial growth in areas of metals and mining, oil and gas, automotive and transportation, and pulp and paper industries. The growing efforts to reduce the human element in several processes to prevent accidents, bring in operational efficiency, and establish a certain quality of output are all fuelling the growth of the overall market.
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The global industrial automation market is also growing due to the rise in the number of industries. The emergence of industries such as food and beverages, electrical and electronics, chemicals, water management, and pharmaceuticals have triggered a sizeable demand for various types of industrial automation processes. Additionally, adoption of the Internet of Things (IoT) across the construction industry is also projected to boost the demand for industrial automation in the coming few years. The report states that the industrial automation will find a significant impetus from emerging economies of Brazil and India as both the countries are inclined toward increasing their manufacturing activities.
High Cost of Installation and Maintenance Hampers Market Growth
The global industrial automation market faces restraints such as poor rate of awareness about the benefits of industrial automation in the manufacturing industry. This sentiment is especially true for small players. Thus, the adoption of industrial automation technologies is especially low in emerging economies. Furthermore, several players in the market are being dissuaded by the challenge of repeatedly incurring high installation and maintenance costs to ensure the systems function smoothly.
This review is based on Transparency Market Research's report, titled "Industrial Automation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The segments covered in the global Industrial Automation market are as follows:
Global Industrial Automation Market: By Automation Type
- Distributed Control System (DCS)
- Programmable Logic Control System (PLC)
- Machine Vision System
- Manufacturing Execution System (MES)
- Human Machine Interface (HMI)
- Supervisory Control and Data Acquisition (SCADA)
- Product Lifecycle Management (PLM)
- Plant Asset Management
- Computer Numerical Control (CNC) routers
- Electronic Control Units (ECU)
Global Industrial Automation Market: By Industry
- Automation and Transportation
- Metals and Mining
- Oil and Gas
- Pulp and Paper
- Hydro power
- Energy and Power System
- Chemical, Material and Food
- Measurement and Instrumentation
Global Industrial Automation Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- South East Asia and India
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of Latin America
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