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Industrial Automation Market to Hit US$ 287.9 Billion by 2026

/EIN News/ -- Recent Released Report on “Global Industrial Automation Size, Share, Growth, Trends, Consumption and Forecast, 2019 – 2026” - Acumen Research & Consulting.

LOS ANGELES, Feb. 11, 2020 (GLOBE NEWSWIRE) -- The Global Industrial Automation Market is expected to grow at a CAGR of around 7.2% during the forecast period 2019 to 2026 and reach the market value of around US$ 287.9 Bn by 2026.

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Asia Pacific dominated the global industrial automation market in the year 2018. Different huge purposes behind the predominance of Asia Pacific are due to the economic growth in nations such as India and Indonesia. Advancement in technologies along with integration with current manufacturing environment is predicted to stimulate the market growth. Moreover, the presence of manufacturing companies and developing economy of the Asian countries is likely to contribute to the growth of the market throughout the assessment period. Meanwhile, Europe is anticipated to showcase a positive growth rate during the forecast period because of the increasing automotive and power generation industries in this region. Historically, Europe region is known for high adoption novel concepts to enhance energy and resource efficiency in industrial production. The market for industrial automation is dominated by countries like Germany, France, UK, Italy, Russia & Turkey. The establishment of manufacturing facilities by many multinational and petrochemical companies is one of the major reasons for the high growth of the industrial automation market in chemical and petrochemical industry in this region. Advantages of industrial automation like lower operating cost, reduction in human error, lower wastage, efficient manufacturing, synchronisation of procedures, quality production, faster product lifecycle and others. Growing industrial base and rising variety of companies. Increasing capabilities of sensors and automation technology and also the advent of robots. Rise of complementary industries like automotive industries and rise in demand because of rising per capita financial gain and population around the world. Reduction of risk and hazard in dangerous work and concurrent reduction of companies liabilities because of accidents. improvements in human machine interface and control the state of industrial automation equipment. Growing interconnectivity and internet of things, developments in computer aided systems, and others.

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North America is expected to register the highest CAGR during the forecast period and expected to maintain its dominance over the year’s due to the high demand for semiconductor products and manufacturing. Technological advancements in this region is also another major factor stimulating the market growth throughout the assessment period.

DCS has dominated the technology segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Major reasons behind the predominance are the growing adoption of DCS in chemical and petrochemical plants. This is because of their ability to regulate and monitor process variables such as temperature, pressure, and flow rate through the production process.

Machine Manufacturing segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast amount. Automation empowers small American businesses to stand toe-to-toe with entrenched rivals around the globe. With greater technical know-how and stronger strategy, these firms can continue to produce quality goods at reasonable costs. End-to-end factory automation will double or even triple production compared to plants that use only a few automation systems. Not only that, equipment can often be kept running for longer period of time with comparatively very little impact on the maintenance outlook. This lets companies outperform even rivals with a lot of simpler or low-quality goods.

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Automation Market on the basis of component is segmented into hardware and software. The hardware segment is further bifurcated into sensors, programmable logic controllers, human-machine interface, servo, laser markers, safety light curtain and robots. Furthermore, the software segment is expected to carry major shares in the market throughout the forecast period because of the high adoption of software solutions including human-machine interface (HMI), supervisory management and data acquisition (SCADA), manufacturing operations management (MOM) software and others.

Some of the key manufacturing companies include in the global industrial automation market are Emerson Electric Co., ABB, Siemens, Schneider Electric, Endress+Hauser Management AG, Yokogawa India Ltd., Honeywell International Inc., WIKA Instruments India Pvt. Ltd., Azbil Corporation, Fuji Electric Co., Ltd, 3D Systems, Inc., HP Development Company, L.P., FANUC CORPORATION, Stratasys Ltd., Hitachi, Ltd., Tegan Innovations, Rockwell Automation, Inc., Chaos Prime, Dwyer Instruments, Inc. and others.

Some of the key observations regarding global industrial automation industry include:

  • In April 2018, Schneider Electric, France based company, collaborated with Stäubli Robotics to integrate robotics solutions into EcoStruxure smart machines by combining products and software into complete automated solutions.
     
  • For instance, robots are used for self-optimization of the production lines and customized product solutions in the discrete automation industry. Furthermore, the collaboration of Schneider Electric with Stäubli Robotics will accelerate growth of the Industrial Automation Market.

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