Press release
Industrial Automation Market : Trends & Opportunities with Forecast 2024
Over several years and with incredible investment in research and development, the global industrial automation market has evolved to reduce the burden of labor on humans. According to the research report, the global industrial automation market is anticipated to reach a valuation of US$352.02 bn by the end of 2024 from US$182.64 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 6.6%.
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Several advantages of industrial automation have been its driving force in the global market. The market is also being fueled by the growing demand for industrial systems and technologies that lighten the load on of human interference and ensure operational efficiency. The biggest advantage of industrial automation technologies is that they reduce time and over persistent usage cut down manufacturing costs as well.
Several industries are installing industrial automation as it promises reduction of human error. Additionally, the market is also expected to have soaring revenues in the coming years due to the flexibility these technologies offer. For instance, factory managers can change manufacturing schedule rapidly in response to the seasonal fluctuations.
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In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Of all these regions, Europe held the giant share in the overall market in 2014. The region accounted for 51% of the overall market in 2014, followed by Asia Pacific. Analysts anticipate this trend to continue over the coming years.
On the other hand, Asia Pacific is also projected to offer several opportunities to the industrial automation market, especially in the measurement and instrumentation, and pulp and paper segments. Currently, the largest industrial automation market lies in Germany, a nation that is anticipated to maintain the leading position during the forecast period. The demand for industrial automations is forecast to rise rapidly in the Asia Pacific and the Europe regions.
The global industrial automation market is extremely fragmented due to the presence of several players in the global market. Some of the leading players operating in the global market are ABB Ltd., FANUC Corporation, Honeywell International Inc., Toshiba Machine Corporation Ltd., Yokogawa Electric Corporation, Emerson Electric Company, General Electric Company, Yaskawa Electric Corporation, Rockwell Automation, Inc., Mitsubishi Electric Corporation, and Voith GmbH.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
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