Process Automation Market Growing in Revenue Making CAGR of 7.16% by 2023 with ABB, HONEYWELL INTERNATIONAL, ROCKWELL AUTOMATION, SCHNEIDER ELECTRIC SE, EMERSON ELECTRIC, EATON CORPORATION, DASSAULT SYSTEMS

The global process automation market was valued at USD 108.43 billion in 2017 and is expected to reach a value of USD 165.87 billion by 2023 at a CAGR of 7.16% over the forecast period of 2018u20132023. The scope of the market covers several types of control systems and associated instrumentation used for industrial process control. Such systems can range from large interconnected and interactive distributed control systems, with many thousands of field connections to a few modular panel-mounted controllers.

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The rising need to achieve lesser time to market and process optimization in the industrial operations coupled with government initiatives to adopt automation has been instrumental in driving the process automation market across the globe. However, the lack of skilled workforce is expected to hinder the growth of the market.

Focus on Cost-Cutting and Business Process Improvement
The developments in wireless technology have opened up new avenues for this market with improved quality and increase in production, which is further expected to fuel the demand for automation in the country. With technologies like DCS, PLC, SCADA, and MES, automation equipment has become more sophisticated, performing more complex actions at a low operating cost. Also, coupled with the advances in sensor technology, these technologies have started the era of smart manufacturing, resulting in business process improvement. Developing countries like Brazil, India, and China are focusing on manufacturing to increase their industrial output to support and drive their economy forward. For example, China aims to move up the manufacturing value chain, but with labor rates dramatically increasing in the past few years, the supposed low-cost offshoring no longer makes sense without significant investment in automation. Also, being resourceful, demographically rich, and an increasing rate of the population entering the middle and upper classes is boosting the consumption at consumer's end and enabling industries to implement automation to maintain or enhance their production output, thus, augmenting the growth of the market.

Key Developments
• November 2017: Rockwell Automation announced its investment in The Hive, a Silicon Valley innovation fund and co-creation studio, to gain access to an ecosystem of innovators and technology start-ups with a focus on applications of artificial intelligence (AI) to industrial automation.
• November 2017: Schneider Electric launched a new service designed to help industrial manufacturers modernize their PLC systems safely. By reducing downtime and disruption to the operation, the service may provide an easier migration to the company’s Modicon M580 programmable automation controllers.
• October 2017: Mitsubishi Electric announced that it would launch its newest MELSEC iQ-R Series general-purpose programmable controller, the IEC 61508 SIL 2-compliant redundant programmable controller paired with a redundant-function SIL2 CPU set for high performance and extra reliability.
• September 2017: Dassault Systems acquired Exa Corporation, a global innovator in simulation software for product engineering. This acquisition strengthens the company's Simulation Portfolio with next-generation fluid dynamics capabilities on the 3DEXPERIENCE Platform.

The major players include –
ABB LTD, HONEYWELL INTERNATIONAL INC., ROCKWELL AUTOMATION INC., MITSUBISHI CORPORATION, SCHNEIDER ELECTRIC SE, EMERSON ELECTRIC CO., EATON CORPORATION, DASSAULT SYSTEMS, YOKOGAWA ELECTRIC CORPORATION, SIEMENS CORPORATION, ROBERT BOSCH GMBH, TEXAS INSTRUMENTS INC., JOHNSON CONTROLS INC., amongst others.

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Brazil to Drive the Market in Latin America
Brazil's industries account for one-third of its GDP and include consumer durables, steel and petrochemicals, aircraft, and computers. Most large industries in the country are in the southern and south-eastern regions. Brazil experienced rapid economic growth in the immediate aftermath of the 2008 global recession. Thus, Brazil hopes to leverage the gains of robotics, both as a manufacturer and user. According to International Federation of Robotics, Brazilian robotics imports have increased at an annual rate of 5.3% between 2012u20132016. As the rate is expected to rise in the near future, increasing deployment of industrial automation and control systems is bound to grow. Brazil is boosting its industrial production, distribution infrastructure, power capacity and enhancing its transmission to meet the needs of its growing economy. Similarly, it is expected that increasing nationwide investments in automotive (by global players), oil & gas, utilities (both government supported) are expected to drive the deployment of automation and controls in the country.

Manufacturing Execution Systems to Witness the Fastest Growth
Manufacturing Execution Systems (MES) is an IT system used in designing, planning, and analyzing manufacturing strategies, as well as for managing and monitoring operations during production. MES has witnessed an increased deployment in process industries (like the pharmaceutical and food & beverage industries), owing to the greater demand for quality control and precision, further buoyed by industrial standards and government regulations in the region. MES applications provide cost savings and opportunities for improvement in operation, thus delivering high performance of production assets across the supply chain for local manufacturers. The traditional MES systems were isolated and more focused on supply and production, while the present MES systems are being extensively integrated with ERP (Enterprise Resource Planning) and BPM (Business Process Management) systems to offer higher efficacy. The MES sector has witnessed an increasing number of mergers and acquisitions. For instance, Siemens AG acquired Elan to enhance its offering to the pharmaceutical and biotech industries. Also, vendors, such as GE, SAP, and Microsoft are utilizing their cross-industrial expertise, to develop improved modular MES systems.

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