LONDON–(BUSINESS WIRE)–Nov 3, 2020–
The new industrial automation control market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Industrial Automation Control Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the increasing focus towards smart factories”, says a senior analyst for Industrials at Technavio.
The growing focus on improving efficiency and productivity has increased the adoption of smart factories. Industrial operators across aerospace, automotive, and heavy engineering industries are gradually transforming and digitalizing their manufacturing units by adopting the latest technologies such as IIoT. This has increased the number of connected devices and machines, which is driving demand for efficient automation solutions. As the markets recover Technavio expects the industrial automation control market size to grow by USD 25.18 billion during the period 2020-2024.
Industrial Automation Control Market Segment Highlights for 2020
- The industrial automation control market is expected to post a year-over-year growth rate of almost 5%.
- The sensors segment was the leading product segment in the global industrial automation control market in 2019.
- The market growth in this segment will be faster than the growth of the market in the drivers SCADA and PLC segments.
Regional Analysis
- 45% of the growth will originate from the APAC region.
- Market growth in APAC is driven by factors such as rapid industrialization and rising investments in power, water and wastewater treatment, and food and beverage industries.
- China and Japan are the key markets for industrial automation control in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The industrial automation control market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The industrial automation control market is segmented Product (Sensors, DCS, Drives, SCADA, and PLC), Geography (APAC, North America, Europe, South America, and MEA), and End-user (Process industry and Discrete industry).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Eaton Corporation Plc, Emerson Electric Co., General Electric Co., Honeywell International Inc., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.
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About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 11/03/2020 12:00 AM/DISC: 11/03/2020 12:01 AM
Copyright Business Wire 2020.
