Global Industrial Automation Market: Overview
The global industrial
automation market exhibits a highly cutthroat competition
mainly due to the presence of innumerable players, observes Transparency Market
Research based on a newly published report. The fragmented nature of this
market’s vendor landscape depicts most players integrating their products with
advanced technologies. With an increasing demand for industrial-grade products
occurring in almost every sector, a high requirement for automation that can
help mass produce commodities is being felt all over the globe. This has caused
a spike in the number of players entering the industrial automation market,
which is certainly expected to increase the competitive intensity during the
upcoming years.
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Developing products that deliver functional transformation
and commercial excellence is expected to be a key strategy adopted by most
players working in the global industrial automation market to stay ahead in the
competition. Key players working in this market are: Toshiba Machine
Corporation Ltd., Rockwell Automation, Inc., FANUC Corporation, Yaskawa
Electric Corporation, Yokogawa Electric Corporation, Emerson Electric Company,
BB Ltd., Honeywell International Inc Mitsubishi Electric Corporation, Voith
GmbH, and General Electric Company, among several others.
According to experts from Transparency Market Research, the
global industrial automation market had gained revenue worth US$227.29
bn in 2018, which is further expected to grow up to US$438.08
bn by the end of 2027. This growth is projected to
occur at a handsome CAGR of 7.56% during the forecast period
from 2019 to 2027.
Demand for Fast Production Capacity Creates Need for
Rampant Industrial Automation
A rapidly increasing demand for fast production capacities
is primarily driving the global industrial automation market. Such a high
demand mainly exists in terms of automotive assemblies, telecom networks,
aircrafts, heat treating boilers and ovens, chemical plant machinery, steering
and ship stabilization, and other machinery systems. Moreover, several
companies are pouring large sums of money to facilitate research and
developmental processes regarding industrial automation. This too has been
responsible for propelling growth in the global industrial automation market.
Various industrial segments are adopting automation systems
to reduce labor burden, consequently making the market grow at a respectable
pace. Automation also brings into picture the implementation of various
innovative solutions, compared to manual processes. All these factors are
certainly expected to fuel the global industrial automation market, and make it
thrive spectacularly and better than current times during the forthcoming
years.
The information shared in this review is based on a TMR
report, bearing the title, “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 2019 -
2027”.
Key Takeaways
- A
rapidly increasing demand for fast production capacities is primarily
driving the global industrial automation market.
- Developing
products that deliver functional transformation and commercial excellence
is expected to be a key strategy adopted by most players working in the
global industrial automation market to stay ahead in the competition.
The Global Industrial Automation Market is segmented
based into:
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)
- Others
By Industry
- 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
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