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Industrial Automation Market to Witness Comprehensive Growth | 2024
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Transparency Market Research estimates that the global industrial automation market will reach a valuation of US$352.02 bn by the end of 2024 from its valuation of US$182.64 bn in 2015. Over the forecast period of 2016-2024, the global market is anticipated to expand with a steady CAGR of 6.6%.
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Based on the automation type, the Product Lifecycle Management (PLM) segment held a dominant position in the overall market and is most likely to retain its stance over the forecast period. Geographically segmented into South America, Middle East and Africa, Asia Pacific, Europe, and North America, the Europe segment contributed to over 51%5 to the global market in 2014 and expected to sustain its dominating position in the forthcoming years.
Increasing Types Technology to Augment the Deployment of Industrial Automation Solutions
Industrial automation is a process of using various control systems to employ and manage equipment in manufacturing units and factories. Industrial automation is being demanded to increase the manufacturing, production, and process efficiencies in the production of automotive assemblies, aircrafts, switching on telecom networks, steering and ship stabilization, heat treating boilers and ovens, machinery, and operating several factories. Furthermore, the increasing investments in research and development processes of industrial automation is expected to help in the expansion of the global market. Various industrial segments are adopting to these systems to reduce the labor burden on humans and eliminated human errors. These benefits delivered by automation processes are expected to boost the global market.
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The introduction of various industrial automation solutions is fueling the market as the presence of several types of solutions allows manufacturing units to employ the most appropriate option for their system. The extensive research and development programs carried out by prominent players are most likely to bring introduce solutions in the market, further fueling the market growth.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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