The degree of competition in the global industrial automation market is likely to remain high during the forecast period of 2016 and 2024, says Transparency Market Research (TMR) in a research report. The services and products offered by leading vendors do not very from each other and thus cannot be differentiated. With very less differentiation, the companies operating in the market are focusing on the development of new technologies and products that will help in delivering commercial excellence. They prime area of focus for these companies is likely to be functional transformation. As a result of this, the competition among the players operating in the market is likely to grow intense over the coming years. The leading four companies, Rockwell Automation, Mitsubishi Electric Corporation, Fanuc Corporation, and ABB Ltd., accounted for a share of 12.2% in the market in 2015.
According to a TMR analyst, “The global industrial automation market is likely to exhibit a 6.6% CAGR from 2016 to 2024. The market was valued at US$182.64 bn in 2015 and is likely to touch US$352.02 bn by 2024.”
Energy and Power to Lead among Industries Employing Industrial Automation
Industrial automation in energy and power system is expected to aid the industries to decrease the cost power generation along with the maintenance cost. It is a challenge for power system operators to provide reliable energy and power to consumers owing to which the need for automation is increasing. Automation is expected to help the industry to easily control and monitor the grids so that fast response in real time events is ensured. Leading the market, the energy and power segment is likely to rise to a valuation of US$37.23 bn by the end of 2024. The need to improve productivity and reduce the cost of implementation is eventually high in this segment, thus making it the leading industry in terms of adoption of industrial automation. Other industries which are prominent in deploying industrial automation are hydro power, pulp and paper, and automotive and transportation. The prime trends impacting automation in these industries are rising focus on decreasing the cost of production and increasing efficiency and productivity.
Region-wise, the global industrial automation market was led by Europe in 2015 with a share of 29.71% in the same year. It is expected to retain a lead until the end of the forecast period with a share of 29.89% in 2024. The market for industrial automation in Europe is being bolstered by the presence of numerous industries striving to automate their manufacturing processes and enhancing their productivity. The industry contributing to the growth of the market in the region is energy and power and hydro power with neck to neck competition.
Growing Use of Advanced Technology to Drive Market Growth
Growing use of new technology is expected to drive the global industrial automation market during the forecast period 2016–2024. New industrial automation technologies such as simplified user interfaces, easy robotic programming, improved gripper technology, and better vision-guided systems are helping industrial automation companies in enhancing their manufacturing operations. The industrial automation market is likely to exhibit substantial growth in areas such as automotive and transportation, metals and mining, oil and gas, and pulp and paper, among others. Companies such as Universal Robots, ABB, and Rethink Robots have introduced new robots than can work alongside humans, thus reducing the work load for employees.
This review is based on a Transparency Market Research report titled, “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 2016 - 2024.”
The segments covered in the global Industrial Automation market are as follows:
Global Industrial Automation Market: 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)
Global Industrial Automation Market: 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
Global Industrial Automation Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- South East Asia and India
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC