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.
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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%.
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.
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Increasing Types Technology to Augment the Deployment of Industrial Automation Solutions
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.
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.
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