Over $ 2.5 Billion Growth in Industrial Automation and Instrumentation Market in India During 2020-2024 | 61% Growth Will Originate in Industrial Automation Segment | Technavio
NEW YORK, March 15, 2021 /PRNewswire/ -- The industrial automation and instrumentation market in India is expected to grow by USD 2.58 billion during 2020-2024. The report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the shift toward lean manufacturing," says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the industrial automation and instrumentation market size in India to grow by USD 2.58 billion during the period 2020-2024.
Industrial Automation and Instrumentation Market in India Segment Highlights for 2020
- The industrial automation and instrumentation market in India is expected to post a year-over-year growth rate of 9.38%.
- Based on the end-user, the market saw maximum growth in the process industry segment in 2019. Factors such as growing energy demand and exploration of new conventional and non-conventional hydrocarbon resources are fueling the growth of the segment.
- The market growth in the process industry segment will be significant during the forecast period.
Industrial Automation and Instrumentation Market in India: Product Analysis
- 61% of the growth will originate from the industrial automation segment during 2020-2024.
- The growing need to minimize wastage of raw material and stringent emission norms will be crucial in the growth of the industrial automation segment during the forecast period.
- Market growth in this segment will be faster than the growth of the market in the industrial instrumentation segment.
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Notes:
- The industrial automation and instrumentation market size in India is expected to accelerate at a CAGR of over 10% during the forecast period.
- The industrial automation and instrumentation market in India is segmented by Product (industrial automation and industrial instrumentation) and End-user (process industry and discrete industry).
- The market is fragmented due to the presence of many established vendors holding significant market shares.
- The research report offers information on several market vendors, including ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., General Electric, Honeywell International Inc., Robert Bosch GmbH, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, and Siemens AG
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