Press release
Process Plant Automation Market Expected to Expand at a Steady CAGR through 2025
In manufacturing industry, effective utilization of time translates into productivity enhancement. Increasing productivity, efficiency, and quality while minizinging costs through optimized asset utilization are prime focus of manufacturing companies. Process plant automation offers a great potential leverage for improving productivity and profitability. As a result, process plant automation has become the need of the hour. Process plant automation market holds a tremendous opportunity for the growth and development during the forecast period.
With the increasing competition, all manufacturing industries, including oil & gas, chemical & petrochemical processing, pharmaceutical, automotive, paper & pulp, etc. are continuously seeking process plant automaton technologies in sync with optimizing operation and increased productivity. Process plant automaton improves control over complex and interactive processes, enhancing plant floor utilization leveraging opportunity to improve yield and increased production rate.
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Process Plant Automation: Market Dynamics
Increasing adoption of IoT across various industries, stringent regulatory requirements, increasing cost pressures and globalization are attributing towards adoption of process plant automation. The augmented adoption of process plant automation solutions, such as PLC, HMI, DCS, and SCADA, is enabling industries to monitor, control and manage plant process efficiently. Manufacturers are driving productivity by leveraging technological innovations, along with designing and engineering process automation solutions. Increasing population, stable growth in economy, increasing disposable income, rapid urbanization and industrialization are augmented to positively affect global process plant automation market. Manufacturers are seeking to increase production capacity in order to meet the growing demand for manufactured products, hence driving manufacturers to focus on developing methods to gain operational efficiencies, improve productivity and reduce energy consumption. The ability of process plant automation to boost the overall organizational efficiency, productivity and integration of modern technology is expected to boost the growth of global process plant automation market.
Owing to uncertainties regarding the current recession, fluctuating raw material prices and political forces, the manufacturing sector remains risk averse, limiting manufacturers’ to invest on new machinery, software, and talent. Moreover, in a slow-growth environment high capital investment required to develop process plant automation solution is expected to hamper the growth of global process plant automation market.
The rising necessity to reduce unplanned downtime, optimize process operation, cut per-unit-production energy costs and increase productivity is expected to augment the demand of process plant automation, hence driving the global process plant automaton market.
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Process Plant Automation Market: Regional Outlook
The process plant automation market in Asia-Pacific is expected to witness a prominent growth during the forecast period owing to rapid adoption of automaton and advanced technologies in a rapid growing industrial environment. The growth in Asia-Pacific is mainly attributed to increasing investment in various industries such as pharmaceuticals, automotive, chemicals, food & beverages and energy & power in countries such as India and China. Rising investment in construction and infrastructure sector in U.S. is driving construction aggregate industries in the region hence, expected to indirectly propel the process plant automation market. Moreover, increasing mining activity and oil & gas exploration and production activities Countries such as U.S., Brazil, Mexico etc. are expected to have prominent effect on the process plant automation market. Strict environmental regulations & safety standards, increasing labor wages and increasing competition in manufacturing sector are some key factors expected to drive process plant automation market in European Region.
Process Plant Automation Market: Key Players
Rockwell Automation, Inc.
Emerson Electric Co.
Mitsubishi Electric Corporation
Robert Bosch GmbH
RicohDocs
Process Automation Solutions
Process and Plant Automation Limited
Primetals Technologies
Metso Corporation
MAVERICK Technologies
Honeywell International Inc
Schneider Electric
Koyo Electronics Industries CO., LTD.
Hitachi, Ltd.
Toshiba International Corporation
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