Industrial Automation Market Trends and Market Set For Rapid Growth with Great CAGR by Forecast 2027 | Impact of COVID-19

 Market Insight

The industrial automation market is gaining considerable traction as the manufacturing sector is in the state of transformation in the current year and will continue in the years to come. Upon this, Market Research Future conducted a study on the global Industrial Automation Market and stated that the market is anticipated to exhibit a CAGR of 9.35% during the forecast period (2018 to 2023). Also, the market would surpass USD 128.63 billion in revenues with the need for a shift from manual assistance to automation, which gave birth to industrial automation.

Market Drivers & Trends

In the current scenario, most of the modern large-scale manufacturing operations are automated with bare minimum human intervention. As the need for meeting the current requirements, industrial automation is going sky high. It has become imperative in the manufacturing industry across the verticals to maintain vulnerability and real-time applications. The companies are employing the system for smooth operations with the help of the introduction of favorable policies towards the manufacturing sector, which has motivated the market to flourish its growth during the assessment period.

Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/2212

Apart from this, an increased focus on economic diversification in emerging markets are chiefly considered to be the key factors driving industrial automation. Industrial automation has multifarious roles such as being cost-effective and optimized production that has sped up its adoption in the various developed region of the world. As an add on, the embracement of the fourth industrial revolution, industry 4.0, is yet another factor driving the propagation of the industrial automation market to the further years. The industry players from diverse sectors have implemented industry 4.0 standards, and the trend is on, which in turn, has anticipated the market to perpetuate over the next few years.

Furthermore, the extended support in favor of automation by the governments in various country-level markets has trajected the growth of the industrial automation market, which would lead the valuation to surpass from the present to go extendedly during the assessment period.

Key Players

The prominent players in the Industrial Automation Market are - Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), General Electric Company (U.S.), Schneider Electric SE (France), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan)

Industry Segmentation

MRFR’s study also includes a review on the basis of the market for industrial automation market and offers an analysis of segmentation by type, technology, and end-user.

In terms of type, this market segment includes fixed automation and programmable automation. The fixed automation segment is currently leading the market, and programmable automation is probable to record a relatively higher CAGR during the review period.

In terms of technology, this market segment includes supervisory control & data acquisition, Distributed Control System (DCS), Programmable Logic Controller (PLC), Human Machine Interface (HMI), and Programmable Automation Controller (PAC). Among these, the Programmable Logic Controller (PLC) segment has a leading share of the market and produced the highest revenue of USD 36.79 Bn in 2017.

In terms of end-user, the market includes segments such as machine manufacturing, oil & gas, aerospace & defense, electrical & electronics, automotive & transportation, mining & metals, food & beverage, pharmaceuticals, and others. Among these, the automotive & transportation segment has a leading share of the market presently and is estimated to observe significant growth over the next few years. In the interim, food & beverage segment is probable to record a relatively higher CAGR of 12.34% over the forecast period.

Detailed Regional Outlook

Regional-specific analysis of industry automation market has been studying under the regions of Asia Pacific, North America, Europe, and the Rest of the World.

Europe’s market is acknowledged to have the largest market share for industrial automation. As Germany is one of the main regions here, it is likely to retain its pole position towards the end of 2023.

Asia Pacific is set to record a relatively higher CAGR of 11.39% during the estimated period attributing to the factors such as embracement of digitalization, development of the robotic sector, adoption of automation by electronics & electrical industry. These factors are thus giving a boost in the manufacturing industry, and advancements in sensor technologies, among others.

North America’s market is slated on an important growth graph and is likely to remain highly lucrative market through the review period with the expansion of the market, presence of key players, adoption of industry 4.0 standards for smart industries, growing demand for industrial robots, and mounting automotive manufacturing plants.

In the last is the Rest of the World that resonates substantial growth opportunities. The Middle East is an emerging market for industrial automation due to the adoption of automation in Saudi Arabia, the U.A.E., Oman, and Iran. Also, the thriving automotive and food industry in Africa has paved ways for accelerated adoption of automation.

Get Complete Report @ https://www.marketresearchfuture.com/reports/industrial-automation-market-2212

Intended Audience

·        Process Automation and Instrumentation Manufacturers

·        Industrial Robot Manufacturers

·        MES (Manufacturing Execution System) and MOM (Manufacturing Operations Management) Players

·        System Integrators

·        Government Organizations

·        Research/Consultancy firms

About Us:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Media Contact:

Market Research Future

Office No. 528, Amanora Chambers

Magarpatta Road, Hadapsar,

Pune - 411028

Maharashtra, India

+1 646 845 9312

Email: sales@marketresearchfuture.com

 

Comments

Post a Comment

Popular posts from this blog

IT Asset Management Software Market Share, Growth Factors, Comprehensive Research, Analysis by Leading Companies with Forecast till 2027 | Coronavirus Effects

  Market Highlights The IT assets include the hardware component as well as the software component. IT asset management software has a prominent role in the growth strategy of an enterprise. It helps the senior level management to make accurate purchase decisions. IT asset management is also referred to as IT inventory management as it largely involves the collection of information, regarding hardware and software used in an organization. The IT asset management software market is estimated to reach a valuation of USD 3 Bn towards the end of 2023. The software has developed a significant role in devising growth strategies of enterprises which is likely to accelerate its adoption over the next couple of years. Additionally, the reduced cost of software licensing by relocating non-utilized resources is expected to fuel the growth of the market. IT asset management can be categorized as hardware asset management, digital asset management, and software asset management. Get a F...
Read more

Intelligent Railway Transport System Market Key Findings, Regional Analysis, Top Key Players, Profiles and Future Prospects | Impact of COVID-19

  Market Scenario: The intelligent railway transport system facilitates the use of information technology for managing the services provided by the railways. The railway relies on the radio network and the GPS system for effective implementation of intelligent transport system. The intelligent railway transport system market is majorly driven by its ability of providing high security for the passengers and the high service quality to the customers. The market will also grow with the increase in adoptions of internet of things technology in the railway system. The increasing trend of internet services is contributing in the growth of Intelligent Railway Transport System Market. The increasing use of rail transport among all modes of transportation has created an effective and timely management of services among others such as scheduling of trains. Whereas, the increased need for adoption of intelligent transport system in railways has made this possible and hence has increased the...
Read more

Network Slicing Market Research Report- Forecast till 2026

  Market Highlights The global network slicing market is projected to reach USD 1,936.67 million by 2026, registering a CAGR of 51.48% during the forecast period. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the network slicing market to offer a better glimpse into the coming years Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/10624 Segmentation: The global network slicing market has been segmented based on component, end user, application, and region Based on component, the global network slicing market has been segmented into solution and services. The services segment is further sub-divided into professional and managed services. The solution segment is expected to account for a significant market share over the projected period. The increasing adoption of network slicing solutions in the market for delivering high-speed network coverage services across various end users contributes to the growth of...
Read more