Albany, NY -- (SBWIRE) -- 01/06/2017 -- Transparency Market Research observes that the global industrial automation market is highly fragmented due to the presence of several players in the market. The top four players with a strong foothold in the global market held a share of 12.2% in 2015. "Developing new technologies that deliver commercial excellence, functional transformation will be the key focus areas of these companies," states the lead author of this research report. According to the research report, 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%.

Europe to Acquire Nearly 30.0% Share in Global Market by 2024

In terms of geography, the global market is segmented into North America, South America, Asia Pacific, Europe, the Middle East and Africa, and Rest of Latin America. Of these, Europe is anticipated to lead the global market in the coming years. By the end of 2024, the Europe industrial automation market is projected to acquire a share of 29.9% in the global market. Meanwhile, product lifecycle management (PLM) will be the popularly used technology in the coming years. By the end of the forecast period, this segment is expected to be worthy US$44.10 bn.

Demand for Operational Efficiencies Raises Demand for Industrial Automation

The global industrial automation market is expected to witness a significant spike in the coming years as the manufacturing industry is on the cusp of revolutionizing its operations. The introduction of new technologies that permits manufacturing industries to speed up their processes and ensure utmost efficiency are expected propel the growth of the overall market. Analysts project that industrial automation is expected to witness substantial growth in areas of metals and mining, oil and gas, automotive and transportation, and pulp and paper industries. The growing efforts to reduce the human element in several processes to prevent accidents, bring in operational efficiency, and establish a certain quality of output are all fuelling the growth of the overall market.

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The global industrial automation market is also growing due to the rise in the number of industries. The emergence of industries such as food and beverages, electrical and electronics, chemicals, water management, and pharmaceuticals have triggered a sizeable demand for various types of industrial automation processes. Additionally, adoption of the Internet of Things (IoT) across the construction industry is also projected to boost the demand for industrial automation in the coming few years. The report states that the industrial automation will find a significant impetus from emerging economies of Brazil and India as both the countries are inclined toward increasing their manufacturing activities.

High Cost of Installation and Maintenance Hampers Market Growth

The global industrial automation market faces restraints such as poor rate of awareness about the benefits of industrial automation in the manufacturing industry. This sentiment is especially true for small players. Thus, the adoption of industrial automation technologies is especially low in emerging economies. Furthermore, several players in the market are being dissuaded by the challenge of repeatedly incurring high installation and maintenance costs to ensure the systems function smoothly.