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Industrial Automation Market - Europe to Acquire Nearly 30.0% Share in Global Market by 2024
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Europe to Acquire Nearly 30.0% Share in Global Market by 2024
In terms of geography, the global market is segmented into North America, South America, Asia Pacific, Europe, the Middle East and Africa, and Rest of Latin America. Of these, Europe is anticipated to lead the global market in the coming years. By the end of 2024, the Europe industrial automation market is projected to acquire a share of 29.9% in the global market. Meanwhile, product lifecycle management (PLM) will be the popularly used technology in the coming years. By the end of the forecast period, this segment is expected to be worthy US$44.10 bn.
Demand for Operational Efficiencies Raises Demand for Industrial Automation
The global industrial automation market is expected to witness a significant spike in the coming years as the manufacturing industry is on the cusp of revolutionizing its operations. The introduction of new technologies that permits manufacturing industries to speed up their processes and ensure utmost efficiency are expected propel the growth of the overall market. Analysts project that industrial automation is expected to witness substantial growth in areas of metals and mining, oil and gas, automotive and transportation, and pulp and paper industries. The growing efforts to reduce the human element in several processes to prevent accidents, bring in operational efficiency, and establish a certain quality of output are all fuelling the growth of the overall market.
The global industrial automation market is also growing due to the rise in the number of industries. The emergence of industries such as food and beverages, electrical and electronics, chemicals, water management, and pharmaceuticals have triggered a sizeable demand for various types of industrial automation processes. Additionally, adoption of the Internet of Things (IoT) across the construction industry is also projected to boost the demand for industrial automation in the coming few years. The report states that the industrial automation will find a significant impetus from emerging economies of Brazil and India as both the countries are inclined toward increasing their manufacturing activities.
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High Cost of Installation and Maintenance Hampers Market Growth
The global industrial automation market faces restraints such as poor rate of awareness about the benefits of industrial automation in the manufacturing industry. This sentiment is especially true for small players. Thus, the adoption of industrial automation technologies is especially low in emerging economies. Furthermore, several players in the market are being dissuaded by the challenge of repeatedly incurring high installation and maintenance costs to ensure the systems function smoothly.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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