ALBANY, New York, December 6, 2018
ALBANY, New York, December 6, 2018 /PRNewswire/ --
The global industrial automation market is likely to witness extreme competition, states Transparency Market Research in its recent report. The market is also fragmented as large numbers of players are operating in it. Leading players in the market are collaborating with the regional players to increase their geographical reach. They are also focusing advanced technologies to offer better services to their customers. Rockwell Automation, Inc., Toshiba Machine Corporation Ltd., Emerson Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, and FANUC Corporation are some of the few leading companies functioning in the market.
According to the report, the global industrial automation market is projected to rise at 6.6% CAGR over the forecast period between 2016 and 2024. Expanding at this rate, the market valuation is projected to touch US$352.02 bn by the end of 2024. In 2015, the market valuation was US$182.64 bn.
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Depending on the automation type, the product lifecycle management (PLM) segment held a larger share in 2014. The manufacturing execution system segment (MES) closely follows PLM segment. On regional front, Europe accounted for 51% share in 2014 and dominated the global industrial automation market. Europe is likely to continue its dominance during the forecast tenure. On the other hand, Asia Pacific is expected to offer lucrative growth opportunity due to increasing demand for industrial automation in various industries.
Rising Application in Various Industries to Fuel Industrial Automation Market
Advancement in technology and the introduction of automation has helped various industries to expand significantly. Rapidly changing trends and growing demand for products has encouraged the manufactures to install industrial automation services. Globally, the demand for industrial automation has increased significantly and this market is drawing huge sum of investments. Usage of robot controller industrial mechanism has paved the way for industrial control and industrial automation equipment. Over the coming years, the global industrial automation market is expected to grow extensively as various industries are looking forward to industrial automation.
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High Maintenance Expenses to Hamper Market Growth
Despite the growing demand for industrial automation in various industries, few restraining factors might hamper the growth of this market. Highly expensive research and development activities and the high cost of setting systems for machinery production can deter the demand in this market. Limited knowledge about the benefits of using industrial automation in emerging economies might restrict the growth opportunity of this market. High maintenance expenses can also refrain manufactures to install industrial automation in their industries. This might further challenge market growth. However, the mounting frequency of factories is integrating automation to keep up with the changing pace. This factor might help in overcoming challenges to a certain extent. Moreover, the incidence of automation devices such as PCs, PLCs, and PACs are expected to drive the growth in this market.
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The information presented in this review is based on a TMR report, 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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Industrial Automation Market has been segmented as presented below:
Global Industrial Automation Market: By Automation Type
Global Industrial Automation Market: By Industry
Global Industrial Automation Market: Geography
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