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Industrial automation market to reach $352 billion by 2024, says report

The market for industrial automation products and services is forecast to reach $352 billion by 2024, according to a report by Transparency Market Research.

According to the study, the global industrial automation market is projected to rise at 6.6 percent a year over the forecast period between 2016 and 2024.

Expanding at this rate, the market valuation is projected to exceed $352 billion by the end of 2024. In 2015, the market valuation was $182.64 billion. 

The global industrial automation market is likely to witness extreme competition, states Transparency Market Research in its recent report. The market is also fragmented as large numbers of players are operating in it.

Leading players in the market are collaborating with the regional players to increase their geographical reach. They are also focusing advanced technologies to offer better services to their customers.

Rockwell Automation, Toshiba Machine, Emerson Electric, Honeywell International, Mitsubishi Electric, and Fanuc are some of the leading companies functioning in the market.

Depending on the automation type, the product lifecycle management segment held a larger share in 2014. The manufacturing execution system segment closely follows the PLM segment.

On the regional front, Europe accounted for 51 percent share in 2014 and dominated the global industrial automation market.

Europe is likely to continue its dominance during the forecast tenure. Meanwhile, Asia Pacific is expected to offer lucrative growth opportunity due to increasing demand for industrial automation in various industries.

Advancement in technology and the introduction of automation has helped various industries to expand significantly.

Rapidly changing trends and growing demand for products has encouraged the manufactures to install industrial automation services. Globally, the demand for industrial automation has increased significantly and this market is drawing huge sum of investments.

Usage of robot controller industrial mechanism has paved the way for industrial control and industrial automation equipment. Over the coming years, the global industrial automation market is expected to grow extensively as various industries are looking forward to industrial automation.

Despite the growing demand for industrial automation in various industries, few restraining factors might hamper the growth of this market.

Highly expensive research and development activities and the high cost of setting systems for machinery production can deter the demand in this market.

Limited knowledge about the benefits of using industrial automation in emerging economies might restrict the growth opportunity of this market.

High maintenance expenses can also refrain manufactures to install industrial automation in their industries. This might further challenge market growth.

However, the mounting frequency of factories is integrating automation to keep up with the changing pace. This factor might help in overcoming challenges to a certain extent.

Moreover, the incidence of automation devices such as PCs, PLCs, and PACs are expected to drive the growth in this market.

The global industrial automation market by type:

  • Distributed Control System (DCS)
  • Programmable Logic Control System (PLC)
  • Machine Vision System
  • Manufacturing Execution System (MES)
  • Human Machine Interface (HMI)
  • Supervisory Control and Data Acquisition (SCADA)
  • Product Lifecycle Management (PLM)
  • Plant Asset Management
  • Computer Numerical Control (CNC) routers
  • Electronic Control Units (ECU)