The global industrial automation market is considered to be highly fragmented owing to the presence of several local as well as international players in the market. Because of the advancements in technology, the key players in the market are consistently concentrating on blending these newer technologies with their products. Innovating and developing products that deliver commercial excellence and functional transformation is projected to be the key tactic of these companies to remain competitive in the global market. Some of the key players in the global industrial automation market include names such as General Electric Company, Voith GmbH, Rockwell Automation, Mitsubishi Electric Corporation, FANUC Corporation, ABB Ltd., and Honeywell International Inc. among others. These companies are constantly striving to offer better services and innovative products to their clients.
Owing to this, the companies are indulging into strategic decisions such as mergers, joint ventures, partnerships, and takeovers to enhance their market presence. Recently, ABB Ltd. announced its takeover of GE Industrial Solutions, GE’s international enterprise of electrification solutions. GE Industrial Solutions has consumer relationships in over 100 nations and is a mature base with deep roots in North America – which is ABB’s biggest market landscape.
The global automation market stood at an overall valuation of US$182.64 bn in the year 2015. This market valuation is expected to reach a figure worth US$352.02 bn by the end of the given forecast period of 2016 to 2024. This projected growth is estimated to be achieved at a strong CAGR of 6.6% over the same forecast period.
Why Global Automation Market is Thriving?
Industrial automation is a procedure of utilizing numerous control systems to manage and employ equipment in manufacturing factories and units. Industrial automation is gaining high demand to increase the production, process and manufacturing efficiencies in the production of aircrafts, automotive assemblies, steering and stabilization of ship, switching on telecom networks, machinery, heat treating ovens and boilers, and monitoring numerous factories. In addition to this, the growing investments in the research and development activities of industrial automation is projected to aid in the overall development of the global market. Numerous industrial sectors are taking up to these systems to cut down the burden of labor on humans and also eliminate errors made by them. These advantages offered by the automation processes are expected to drive the growth of the global market.
The initiation of several industrial automation services is boosting the market as the existence of various types of services and solutions allows the manufacturing units to deploy the most suitable option for their system. The voluminous research and development activities carried out by the key players in the global market are projected to bring an overall development of the market due to introduction of innovative solutions.
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However, there are some factors that may hamper the growth of the market. One of the chief restraining factors is the general lack of awareness among the customers about the benefits offered by industrial automation processes. This factor is also responsible for slowing down the growth of the market in emerging economies. Moreover, high installation expense and other costs associated with the systems may also turn the potential customers away from adopting these industrial automation systems, and thus, impeding the market growth.
How is Global Industrial Automation Market Regionally Poised?
Geographically, the global industrial automation market is segmented into key regions such as North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Of all the mentioned regions, Europe held the lion’s share in the market over the last few years followed by Asia Pacific. It is expected that this trend will continue in the near future as well.
Asia Pacific is expected to be the most promising market for the growth of industrial automation owing to boom in several sectors such as measurement and instrumentation and paper and pulp sector. Other regional markets are also expected to witness a steady growth of the course of the given forecast period.