ALBANY, New York, March 11, 2019 /PRNewswire/ -- Transparency Market Research (TMR), a market research firm found that the global industrial automation market has a considerably strong competitive landscape attributable to the impact of a few major market players. Key players such as ABB Ltd., FANUC Corporation, Honeywell International Inc., and Toshiba Machine Corporation Ltd., are a few of the leading players upholding comparatively larger shares in the market. To be noticeable in the market competition, small and large-scale enterprises of market players is working to introduce new offers. These players are focused on bringing forth immense developments in their products to survive in the fierce competition of the market. In addition, new players also intend to present low-priced cutting-edge products.
As stated by TMR, the global industrial automation market is expected to reach US$352.02 Bn and grow with a steady CAGR of 6.6% over the forecast period from 2016 to 2024. Based on automation type, the global industrial automation market is segmented into programmable logic control (PLC), distributed control systems (DCS), manufacturing execution system (MES), supervisory control and data acquisition (SCADA), and human-machine interface (HMI). Among these, SCADA and MES will witness rise demand across various sector owing to their wide technological abilities.
Geographically, Asia Pacific is projected to lead the market in the forthcoming years. The growth is attributed to the presence of the major players in this region. Leading players are making investments in industrial automation solutions will boost the market in the upcoming years. This area will be the leading contributor to market growth in the forthcoming years.
Significance of Business Process Improvement and Cost-Cutting
The advancements in wireless tech have given opportunities new possibilities for the global industrial automation market, with improved quality, increase in production and savings on labor cost. With industrial automation technologies, machineries have become more advanced in execution for more complex actions at low costs. Furthermore, combined with the improvements in sensor tech, this technology has started the era for smart manufacturing. Reduction in production costs and enhanced proficiency, compared to conventional production processes is driving the global market too.
Industrial automation offers a broader range of advantages, such as optimized cost, improving ergonomics and safety, increased reliability, speed-up the processes of production, and enhanced efficiency. Rising need for aging population and automation has prompted a demand in the global industrial automation market. China has revealed a quick investment in the global industrial automation market, which is noticed by an amplified necessity of machine tools and industrial automation. An increasing opportunity for the automation investment in the coming years is noticed in Asia-Pacific region. This region is experiencing the fastest growth in the global industrial automation market.
Installation and Maintenance Costs Is Restraining the Market Growth
Keeping aside the various growth factors, industrial automation market is hampered by some restraining factors like high installation and maintenance expenses. These aspects are negatively affecting the use of industrial automation, as these may cause substantial harm and hamper the market to certain aspects.
Nevertheless, several aspects such as pharmaceuticals, water management, chemicals, electronics, and food and beverages, are observing a rampant need for automation. This will reduce restraints the global industrial automation market. Moreover, adoption these technologies will offer lucrative opportunities for growth of the industrial automation market.
This information is encompassed in the report by TMR, titled, "Industrial Automation Market (Automation Type - Distributed Control System (DCS), Programmable Logic Control Systems (PLC), Machine Vision Systems, Manufacturing Execution Systems (MES), Human Machine Interface (HMI), Supervisory Control and Data Acquisition (SCADA), Product Lifecycle Management (PLM), Plant Asset Management, Computer Numerical Control (CNC) Routers, and Electronic Control Units (ECU); Industry - Automotive and Transportation, Metals and Mining, Energy and Power System, Chemical, Material, and Food, Measurement and Instrumentation, Environment and Building Technologies, Heavy Industries, Oil and Gas, Pulp and Paper, and Hydro Power) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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