Albany, NY -- (SBWIRE) -- 01/02/2018 -- 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.
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%.
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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.
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.
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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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High Installation and Maintenance Cost Could Impede the Market Growth
On the downside, the market for industrial automation is being restrained due to lack of awareness about the benefits it provides. Due to this factor, the developing economies are exhibiting slow rate of adoption of automation. Furthermore, the high installation and maintain ace costs related to these systems are impeding the market growth. Small sized manufacturing plants are avoiding these units as they may disturb their financial conditions. Nonetheless, the emergence of industries such as pharmaceuticals, water management, chemicals, electrical and electronics, and food and beverages is demanding for solutions to increase their production rates, assisting the market growth to elevate over the forecast period.
This information is taken from the report, "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."