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Process Automation Market Projected to Garner Significant Revenues by 2026-end
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Process Automation Market: Drivers, Restraints and Trends
Some upcoming trends in process automation market are first is the integration of numerous wireless technologies such as Bluetooth, WLAN, VoIP to process automation. Second trend is that companies are sending their devices data directly to the cloud i.e. connecting industrial devices to the cloud. Another Trend is integration of big data analytics with automation. The latest industrial revolution named ‘Industry 4.0’ is the latest trend in the process automation market. The rising trend use of cooperative robots in process automation market.
The advantages of an automated industry has attracted the organizations which are running non-automated process industries. Such organizations are investing to upgrade their process plants which is a driving factor for the process automation market.
Process automation demand is growing due to technological innovations in the recent years. Energy efficient industries, cost efficient and less time to market concept is increasing the popularity of process automation among industry players and in turn aiding the process automation market.
Various factors affecting the non-automated factories and industries has led to the transformation of non-automate process industries to process automated industries. As major concern of industries now a days is to increase its sustainability in terms of energy cost and resource efficiency which is aiding the process automation market. The process automation provides better asset management and flexible manufacturing.
The wide application areas of process automation market is major driving factor. Rising government incentive scheme and rising labor charges is another factor driving the market.
The service market has emerged as the most prolific domain in churning out the market revenues for the process automation market, with an augmented segment of the end-users, preferring the maintenance and outsourcing services instead of the in-house purchase and the subsequent maintenance.
The developing nations are among the major potential market for process automation system where as most developed economies are experiencing less growth, when it comes to process automation, but are driven by the need to modernize in rapidly aging process automation infrastructure.
Manufacturers are finding ways that provide cost reductions, greater efficiency and improved productivity in process automation. To fulfill this underlying demand, suppliers continually make investments for product development and for greater market penetration.
The initial cost of switching to process automation is a restraint to the process automation market.
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Process Automation Market: Segmentation
Process automation market is segmented on the basis of components, communication protocol, application and region.
On the basis of component, the global process automation market can be segmented into software, hardware and services. Hardware is sub-segmented into switches, controllers, input/output cards, human machine interface and I/O cards. Services market is further sub segmented into outsourcing, external engineering and asset management.
On the basis of communication, the global process automation market can be segmented into wireless protocol and wired protocol.
On the basis of application, the global process automation market can be segmented into water treatment plant, chemical manufacturing industry, paper industry, metals industry, pharmaceutical industries, food and beverage industry, oil & gas and automotive industry.
On the basis of region, the global process automation market can be segmented into seven regions which includes, North America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East and Africa (MEA), Latin America and Japan,
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Process Automation Market: Key Players
Key players in global process automation market are, ABB Ltd., Emerson Electric Company, Danaher Corporation, Omron Corporation, Mitsubishi Electric Corp., Schneider Electric, Rockwell Automation, Siemens and Yokogawa Electric Corporation.
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