The global industrial automation control market accounted for US$ 158.5 Bn in 2018 and is expected to grow at a CAGR of 8.0% over the forecast period 2019-2027, to account for US$ 324.6 Bn in 2027
LONDON, March 11, 2019 /PRNewswire/ --
The global industrial automation control market accounted for US$ 158.5 Bn in 2018 and is expected to grow at a CAGR of 8.0% over the forecast period 2019-2027, to account for US$ 324.6 Bn in 2027. Factors including rapid expansion in manufacturing industry and constant rise in labor costs and need for accuracy in production are significantly driving the global industry automation control market. However, the high capital required for initial deployment is impeding the market growth. Widening government support for the adoption of industrial automation control is opportunistic for the growth of the market. For instance, German government's strategy 'Industry 4.0', includes development and deployment of industrial robots as a key driver. The government announced to offer non-refundable cash grants of around EUR70 Mn each year to support research institutes, companies, and academics during 2016 - 2020 for human-technology interaction research.
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The industrial automation control market is fragmented with the presence of large ecosystem, however, the competitive dynamics of the market is expected to change during the upcoming years.In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the industrial automation control market further.
For instance, the government of India started Make in India initiative to support the growth of various industries such as automobile, textiles, construction, and aviation among others. Further, the Indian Government is launching Make in India 2.0 which is the next round of make in India, and this initiative will focus to turn India into a global manufacturing hub. Major manufacturers are already on the way to incorporate artificial intelligence in their existing network to procure higher productivity gains from automation technology including labor flexibility, reliable demand forecasting, better finish, and agile supply chain & inventory optimization. Similarly, UK government announced investment of £17.3 million in robotics and artificial intelligence. The investments are aimed to support the digital strategy of Europe which focus on making UK world's most innovative economy. The initiatives by the government supports the growth of automation in the European region. This initiative provides multiple benefits to the Asian companies and thus increasing the growth of industrial automation control market in the region.
On the basis of industry vertical, the electronics and semiconductor segment is leading the industrial automation control market followed by the food & beverages segment, both the verticals are anticipated to grow at a decent CAGR.With the rising demand for smartphone, laptops, tablets, smart watches, and other consumer electronic products have also intrigued the manufacturing industry to increase its production capacity.
Also, the majority of semiconductor and electronic fabrication plants are located in Asian countries such as Taiwan, South Korea, Japan and China which demands advanced automated equipment and machinery.The demand for industrial automation is increasing in electronics & semiconductor industry with the rise in demand for novel electronic products.
Newer devices are also giving rise to demand for batteries, chips, displays which requires precision and is obtained by the deployment of automation during the production operations to reduce human errors. Therefore, the use of industrial automation and control is high in the electronic & semiconductor industries.
The overall industrial automation control market size has been derived using both primary and secondary source.The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the industrial automation control market.
It also provides the overview and forecast for the global industrial automation control market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the industrial automation control industry. Some of the players present in industrial automation control market are ABB Ltd., Honeywell International Inc., Siemens AG, Emerson Electric Co., Bosch Rexroth AG, General Electric Company, Hitachi, Ltd., Koyo Electronics Industries Co., Ltd., Mitsubishi Heavy Industries, Ltd., Omron Corporation, Rockwell Automation, B&R Industrial Automation Gmbh, and Beckhoff among others.
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