Industrial Automation Market Analysis by Global Segments, Growth, Size and Forecast 2024
The
global market for industrial automation is considerably fragmented
due to the presence of various global and local players in the
market. Transparency Market Research (TMR) observes that the top four
players in the market has contributed to over 12.2% to the overall
market in 2015. Due to technological advancements, prominent players
are constantly focusing on integrating their products with advanced
technologies. Developing products that deliver functional
transformation and commercial excellence is expected to be the key
strategy of these players to stay competitive. Well known players in
this market include Voith GmbH, Mitsubishi Electric Corporation,
Rockwell Automation, Inc., Yaskawa Electric Corporation, General
Electric Company, Emerson Electric Company, Yokogawa Electric
Corporation, Toshiba Machine Corporation Ltd., Honeywell
International Inc., FANUC Corporation, and ABB Ltd.
Report
Overview :
Transparency
Market Research estimates that the global industrial automation
market will reach a valuation of US$352.02 bn by the end of 2024 from
its valuation of US$182.64 bn in 2015. Over the forecast period of
2016-2024, the global market is anticipated to expand with a steady
CAGR of 6.6%.
Based
on the automation type, the Product Lifecycle Management (PLM)
segment held a dominant position in the overall market and is most
likely to retain its stance over the forecast period. Geographically
segmented into South America, Middle East and Africa, Asia Pacific,
Europe, and North America, the Europe segment contributed to over
51%5 to the global market in 2014 and expected to sustain its
dominating position in the forthcoming years.
Increasing
Types Technology to Augment the Deployment of Industrial Automation
Solutions
Industrial
automation is a process of using various control systems to employ
and manage equipment in manufacturing units and factories. Industrial
automation is being demanded to increase the manufacturing,
production, and process efficiencies in the production of automotive
assemblies, aircrafts, switching on telecom networks, steering and
ship stabilization, heat treating boilers and ovens, machinery, and
operating several factories. Furthermore, the increasing investments
in research and development processes of industrial automation is
expected to help in the expansion of the global market. Various
industrial segments are adopting to these systems to reduce the labor
burden on humans and eliminated human errors. These benefits
delivered by automation processes are expected to boost the global
market.
The
introduction of various industrial automation solutions is fueling
the market as the presence of several types of solutions allows
manufacturing units to employ the most appropriate option for their
system. The extensive research and development programs carried out
by prominent players are most likely to bring introduce solutions in
the market, further fueling the market growth.
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