The global industrial automation market is anticipated to reach a valuation of US$352.02 bn by the end of 2024 from US$182.64 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 6.6%.
Albany, NY -- (SBWIRE) -- 03/16/2018 -- Industrial automation refers to application of various control systems to operate equipment in factoris or other manufacturing units. Today, industrial automation is used for operating several factories, machinery, heat treating boilers and ovens, steering and ship stabilization, switching on telecom networks, aircrafts and related applications, and automotive assemblies. Over several years and with incredible investment in research and development, the global industrial automation market has evolved to reduce the burden of labor on humans.
Industrial automation is defined as the amalgamation of all machinery, processing systems, test facilities and factories which became automated because of great technological progress. The global market is poised to grow at a substantial rate during the forecast period because of the growing economy across the globe.
Global Industrial Automation Market: Drivers and Trends
The strong growth in the CNC technology segment is driving the global growth of the industrial automation market, especially in the Asia Pacific and Europe region. Industrial automated products are manufactured in large varieties, each differing from another based on automation type, instrumentation, flow computers, analyzers, operation, and geography. The industrial automation market has been globally emerging to be a relatively more attractive space for investment by organizations across the world. The usage of robots in industrial controller mechanisms is an established trend. Thus it paves the way for larger adoption of the industrial control and industrial automation equipment. In spite of this, the development of the global industrial automation market is affected with massive threats in some regions all over the world, considering the fact that the method caters to human labor replacement with machines and computers.
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Global Industrial Automation Market: Restraints
The decreasing human interface in many of the processes is resulting in loss of jobs in many of the industries which in turn is hindering the growing adoption of industrial adoption systems. However, with several innovative studies revealing the ability of industrial automation to generate jobs in the other ancillary segments, such as after-sales services, automation system installation, and software development for the management of industrial automation, some concerns are dispelled.
Global Industrial Automation Market: Opportunities
The largely used parts in this market are actuators, proximity sensors, flow meters, servo and DC motors, industrial communication systems, and robotic arms. Escalating frequency of factories is moving ahead along the automation path, and the incidence of automation devices such as PLCs, PCs, and PACs will become even more common in the coming years. While the opportunities for industrial automation branched from the developed economies of the west, it is presently taking industrial units of the Asia and South America regions by storm. Factor owners look out for factors such as quicker response time and faster output when they invest in factory automation.
Global Industrial Automation Market: Segmentation
On the basis of various automation types, the global industrial automation market is segmented into distributed control system (DCS), programmable logic control system (PLC), machine vision system, manufacturing execution system (MES), human machine interface (HMI), supervisory control and data acquisition (SCADA), product lifecycle management (PLM), plant asset management, computer numerical control (CNC) routers, electronic control units (ECU),and other types. Among the automation type segments, the PLM segment constituted the biggest market share, followed by MES, in 2014. On the basis of end use industries, the global industrial automation market is segmented into automation and transportation, metals and mining, oil and gas, pulp and paper, hydro power, energy and power system, chemical, material and food, measurement and instrumentation. There is rapid growth in demand in the environment and building technologies, heavy industries, and other segments. The global market for energy and power systems is one of the major factors that are driving the demand for industrial automation industry, globally.
Global Industrial Automation Market: Regional Outlook
In terms of regions, the global industrial automation market has been segregated into five geographical zones: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), andSouth America. Currently, Europe holds the major share of the market, followed by Asia Pacific, North America, Middle East and Africa, and South America. The Asia Pacific region is anticipated to grow swiftly with rise in trade with North America and Europe.
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Key Players Mentioned in this Report are:
Key players profiled in this report are ABB Ltd., Honeywell International Inc., FANUC Corporation, Yaskawa Electric Corporation, Toshiba Machine Corporation Ltd., Yokogawa Electric Corporation, Emerson Electric Company, General Electric Company, Rockwell Automation, Inc., Mitsubishi Electric Corporation, and Voith GmbH.
The segments covered in the global Industrial Automation market are as follows:
Global Industrial Automation Market: By Automation Type
Distributed Control System (DCS)
Programmable Logic Control System (PLC)
Machine Vision System
Manufacturing Execution System (MES)
Human Machine Interface (HMI)
Supervisory Control and Data Acquisition (SCADA)
Product Lifecycle Management (PLM)
Plant Asset Management
Computer Numerical Control (CNC) routers
Electronic Control Units (ECU)
Global Industrial Automation Market: By Industry
Automation and Transportation
Metals and Mining
Oil and Gas
Pulp and Paper
Energy and Power System
Chemical, Material and Food
Measurement and Instrumentation
Global Industrial Automation Market: By Geography
Rest of Europe
South East Asia and India
Rest of Asia Pacific
Middle East and Africa
Rest of MEA
Rest of Latin America
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