Industrial Automation Market in Europe and MEA worth $51.4 billion by 2026

The report "Industrial Automation Market in Europe and Middle East & Africa with COVID-19 Impact by Component (Industrial Sensors, Industrial 3D Printing, Industrial Robots), Solution (SCADA, DCS), Industry and Region - Forecast to 2026", is estimated to grow USD 36.4 billion in 2021 and reach USD 51.4 billion by 2026; it is expected to register a CAGR of 7.1% from 2021 to 2026. The growth of the market is attributed to the growing demand for real-time data analysis across geographies and increasing adoption of latest technology across the end-use industries to improve performance. The major driving factor for the industrial automation market is the increasing demand for real-time data analysis and proactive maintenance, which would enable manufacturers to obtain better visibility of the manufacturing plant and, therefore, enhance efficiency. Also, increase in emphasis on predictive maintenance and asset management solutions, which would provide better visibility to users regarding condition of equipment, is fueling their demand.

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“Industrial Sensors Segment Expected to Hold Largest Size of Industrial Automation Components Market in the Middle East & Africa During Forecast Period”

The industrial sensors segment is projected to account for the largest size of the industrial automation market from 2021 to 2026. The growth of the industrial sensors segment is driven by the growing adoption of Industry 4.0 and IIoT and the expansion of the wireless sensors market. Industrial sensors are extensively used in the manufacturing industry, majorly for improving connectivity among various operations. Manufacturers worldwide have begun integrating sensors for collecting real-time data from various data points. Moreover, sensors being an important part of predictive maintenance solutions, are projected to witness rapid growth in demand in the coming years as predictive maintenance is expected to offer lucrative opportunities through capturing of sensor data, facilitating communications, and delivering projections to the players operating in the industrial sensors market in the coming years. Therefore, the market share of industrial sensors in the industrial automation market in the Middle East & Africa in 2020 was valued at USD 1.2 billion, which is higher as compared to the market share of other components and is projected to reach USD 2.1 billion by 2026.

“Market for Pam is Expected to Grow at Highest CAGR from 2021 to 2026 in the Middle East & Africa”

The PAM segment is projected to register the highest growth rate from 2021 to 2026. Plant asset management (PAM) is a software that utilizes the intelligence embedded in industrial assets to accurately measure and provide information about condition of the assets in a plant. PAM is increasingly being used by manufacturers as it improves decision-making and turn-around time by tracking manufacturing defects and thereby avoiding system failures through real-time data collection and quality management techniques. Additionally, PAM enables manufacturers to reduce downtime and resource wastages by identifying possible failures prior to production and also suggests corrective measures. Furthermore, PAM solutions are extensively being implemented in the food and beverages and automotive industries, owing to constant technical innovations and requirement of a complete data record of equipment installed. Also, the increasing demand for PAM technology can be attributed to the advantages of reduction of costs of manufacturing and enhancing operations of high-performance production assets offered by them. Therefore, it is projected that the PAM segment would witness the highest CAGR of 9.5% during the forecast period.

“Saudi Arabia is Expected to Hold Largest Size of Industrial Automation Market in the Middle East & Africa During Forecast Period”

Saudi Arabia is projected to account for the largest size of the industrial automation market in the Middle East & Africa from 2021 to 2026. Saudi Arabia is witnessing significant growth in the manufacturing sector, owing to the increased implementation of several IoT-related software and services, which are constantly driving the country to become a globally recognized technology-driven industry. Along with the manufacturing sector, the food processing industry in the country is well established to deliver significant growth in the forthcoming years. Additionally, the automotive industry in Saudi, being one of the largest in the Middle East, has been relatively stable, with a number of companies registering positive results. Furthermore, the has been actively curating plans and undertaking measures to uplift domestic manufacturing in the country and reduce economic dependency on the oil and gas sector by adopting advanced technology. Owing to all these factors, the market share of Saudi Arabia, which was valued at USD 1.9 billion in 2020, is higher as compared to other countries in the industrial automation market in the Middle East and Africa and is projected to reach USD 2.7 billion by 2026.

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Key Market Players

ABB (Switzerland), Emerson Electric Co. (US), FANUC (Japan), General Electric (US), Honeywell International (US), Mitsubishi Electric (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), and Yokogawa Electric (Japan) are a few major players in Industrial Automation Market in Europe, Middle East & Africa.

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This release was published on openPR.