Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s assessment projects that the global industrial automation market is set to strike a CAGR of 9.35% during the forecast period 2018 to 2023. The global market has been prognosticated to scale a valuation of USD 216.5 Bn by the close of the assessment period up from USD 128.63 Bn in 2017. Industry 4.0 is the revolutionary force poised to propel the expansion of the market in the upcoming years. The demand from the consumers for the adoption of industry 4.0 standards to increase affordability is expected to have a positive influence on the expansion of the market over the next couple of years.
The expansion of the end-user industries in conjunction with increasing implementation of growth strategies such as partnerships, collaborations, acquisitions, etc. is forecasted to catapult the market on an upward trajectory. Case to the point is, the industrial automation wing of Wipro Infrastructure Engineering, WIN Automation, has announced the acquisition of an automation business company named Incite Cam. The market is highly lucrative at present and is anticipated to attract massive investments over the assessment period.
The towering demand for enhanced productivity, efficiency, flexibility and quality is poised to drive the growth of the industrial automation market in the years to come. A paradigm shift towards automation is being observed by the industry leaders It is further supported by the developments witnessed in Industrial Internet of Things (IioT), robotics, etc. This, in turn, has been presumed to dictate the growth pattern of the industrial automation market across the review period.
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The supportive laws enforced by the governments for maximizing gains from the industrial sector are likely to catalyze the growth of the market in the foreseeable future. On the flip side, the high capital cost required for the deployment of the technology still remains an impediment to market growth.
Market Segmentation:
This MRFR report offers a segmental analysis of the global industrial automation market based on
type, technology, and end-user. Based on type, the market has been segmented into fixed automation and programmable automation. The fixed automation segment was valued at USD 94.35 Bn in 2017 and held the dominant position in the market. Meanwhile, the programmable automation segment is projected to gain quick mileage and emerge as the fastest growing segment over the assessment period.
By technology, the industrial automation market has been segmented into supervisory control & data acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Human Machine Interface (HMI), Programmable Automation Controller (PAC), and others. Among these, the Distributed Control System (DCS) segment is forecasted to strike a relatively higher CAGR during the review period. However, the Programmable Logic Controller (PLC) segment has been estimated to lead the growth of the market over the next couple of years.
The industrial automation market, by end-user, has been segmented into Machine manufacturing, Oil & Gas, Aerospace & Defense, Electrical & Electronics, Automotive & Transportation, Mining & Metals, Food & Beverage, Pharmaceuticals, and others. The automotive & transportation segment, which was valued at 23.78 Bn in 2017, is anticipated to account for the maximum share of the market. Meanwhile, the food & beverage segment is likely to gain traction in the years to come marking a CAGR of 12.34% over the projection period.
Asia Pacific Set to Exhibit Fastest Growth Pace
The geographical analysis of the global Industrial Automation Market spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW). Europe being the automotive hub is the largest market for industrial automation at present. It is expected to witness massive inflow of investments from the private sector which is poised to expand the market. The growth trajectory of the industrial automation market in the region is also likely to be boosted by the supportive regulatory frameworks enforced by the governments. In addition, the growth of the end-user industries such as food & beverage, oil & gas, aerospace & defense, etc. are forecasted to provide impetus to market growth.
North America was valued at USD 37.92 Bn in 2017 and has secured the second spot in the global market. The early adoption of technologies has facilitated acceleration of revenue creation for the market participants. It is poised to show a similar growth pattern in the forthcoming years. Meanwhile, Asia Pacific is presumed to strike a comparatively higher CAGR owing to the presence of immense growth potential. The region is observing rapid industrialization and technological developments which are supposed to augment the industrial automation market.
Key Players;
The key players operating in the industrial automation market are General Electric Company, Ametek, Inc., Honeywell International Inc., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Schneider Electric SE, Fanuc Corporation, Emerson Electric Co., Siemens AG, Yokogawa Electric, and ABB Ltd.
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Latest Industry News:
ABB and Ericsson have joined their forces to accelerate developments in industrial ecosystem for flexible wireless automation.
ATE, an engineering group, has announced the launch of an automation division for textile mills.
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