Industrial Automation Market Insights & Forecast Over 2019 – 2025, Key Players Are: Schneider Electric SE, General Electric Company, ABB Group, Fuji Electric Ltd
The mining & metal industry is expected to witness high growth in the industrial automation market due to the rise in the adoption of remotely operated technologies in mines. The processes involved in the mining industry, such as metal extraction, grinding, milling, spinning, and forging, have high risks to worker’s health & safety, encouraging the companies to install modern technologies to reduce industrial fatalities and accidents.
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High manufacturing & maintenance cost associated with these automated solutions is the major factor restraining the industrial automation market growth. Automated machines require periodical maintenance & repair for reducing the chances of system downtime and failure. As the machines are integrated with modern and high-cost components, their replacement will increase the overall maintenance cost of the business. With high operational & maintenance costs of the equipment, SMBs are preferring manual operational solutions to reduce their overall capital expenses, thereby negatively impacting the industrial automation market demand. The lack of skilled technicians and engineers to operate these solutions is also encouraging the businesses to invest highly to procure services from manufacturers or service providers.
For instance, in August 2018, Rio Tinto announced its plans to deploy nine autonomous drilling systems in its Pilbara mines. The technology will allow the operators to use a single console to operate four drill rigs remotely, thereby enhancing mining operations. Similarly, driverless vehicles are being widely used for loading & unloading of the materials and equipment in mines. In January 2019, Inner Mongolia North Heavy Industries Group Corp. developed a driverless mining truck with a built-in GPS tracking feature and load capacity of around 110 metric tons.
The Asia Pacific industrial automation market is expected to witness high growth over the coming years owing to rapid digitalization and automation in industrial sectors. Countries including China, India, and Japan are the major economies with high growth in the manufacturing sector. The global companies are establishing their manufacturing base in these countries due to the easy availability of low-cost resources and labor. With this increase in the number of manufacturing facilities, the demand for automated technologies is growing rapidly to improve business productivity and efficiency in operations, thereby accelerating the industrial automation industry growth functionalities.
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The key players operating in the industrial automation market are Siemens AG, Vega Conveyors & Automation Ltd., Schneider Electric SE, General Electric Company, ABB Group, Fuji Electric Ltd., Hitachi Ltd., Honeywell International, WIKA Instruments India Pvt. Ltd., Azbil Corporation, FANUC Corporation, Danfoss Group, Krohne Group, Chaos Prime, and Rockwell Automation. The companies in the market are engaged in developing innovative technologies for different industrial segments.
Industrial Automation Market, By Component
• Control valves
• Field instruments
• Human-Machine Interface (HMI)
• Industrial robots
• Machine vision
Industrial Automation Market, By End-Use
• Aerospace & defense
• Food & beverages
• Mining & metals
• Semiconductor & electronics industry
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