Industrial Automation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 02/08/2017 -- 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. 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%.
Several advantages of industrial automation have been its driving force in the global market. The market is also being fueled by the growing demand for industrial systems and technologies that lighten the load on of human interference and ensure operational efficiency.
The biggest advantage of industrial automation technologies is that they reduce time and over persistent usage cut down manufacturing costs as well. Several industries are installing industrial automation as it promises reduction of human error.
Additionally, the market is also expected to have soaring revenues in the coming years due to the flexibility these technologies offer. For instance, factory managers can change manufacturing schedule rapidly in response to the seasonal fluctuations.
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The various industrial automation technologies available in the global market are 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 automation types including safety system, variable frequency drive and operating training simulator. Of these, the PLM segment held the dominant share in the global market in 2015 and is expected to retain its stance in the coming years as well. As emerging nations show inclination toward manufacturing the demand for these technologies is projected to remain high in the coming years.
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Of all these regions, Europe held the giant share in the overall market in 2014. The region accounted for 51% of the overall market in 2014, followed by Asia Pacific. Analysts anticipate this trend to continue over the coming years.
On the other hand, Asia Pacific is also projected to offer several opportunities to the industrial automation market, especially in the measurement and instrumentation, and pulp and paper segments. Currently, the largest industrial automation market lies in Germany, a nation that is anticipated to maintain the leading position during the forecast period. The demand for industrial automations is forecast to rise rapidly in the Asia Pacific and the Europe regions.