BANGALORE, India, Sept. 15, 2021 /PRNewswire/ -- The Industrial Automation Market is Segmented by Type (Computer Numerical Control (CNC) Routers, Machine Vision Systems, Manufacturing Execution Systems (MES), Plant Asset Management, Product Lifecycle Management (PLM), Programmable Logic Control Systems (PLC), Supervisory Control and Data Acquisition (SCADA), Others), by Application (Automotive and Transportation, Chemical, Energy and Power System, Food, Environment and Building Technologies, Oil and Gas, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Industrial Materials & Equipment Category.
The global Industrial Automation market size is projected to reach USD 212410 Million by 2027, from USD 130710 Million in 2020, at a CAGR of 6.7% during the forecast period 2021-2027.
Major Driving Factors
The increasing adoption of Industry 4.0and the advent of5G wireless technology is propelling the Industrial Automation market.
Need to eliminate human error and reduce cost is expected to drive the growth of the Industrial Automation market. These systems are effective in eliminating human error and thus improving the quality and homogeneity of the products delivered by using adaptive control and monitoring in various stages of industrial processes.
Although the initial investment in industrial automation systems may be significant, the technology's implementation will result in lower data analytics costs. Furthermore, the danger of machine failure and service outages is kept to a minimum thanks to this automatic data analysis. Thus the cost-saving feature is expected to drive the Industrial Automation market.
TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL AUTOMATION MARKET
Workers in a plant with an industrial automation system work fewer hours and spend more time on jobs with a high value-added. Employees are freed from having to conduct tiresome and routine tasks thanks to automation technology. These systems are effective in eliminating human error and thus improving the quality and homogeneity of the products delivered by using adaptive control and monitoring in various stages of industrial processes. Furthermore, using robots on production lines with hazardous working conditions for humans is safer. Such advantages are expected to increase the adoption and theory by driving the industrial automation market growth.
The increasing need for maintaining the industrial assets streamlines activities and improves plant asset capacities is expected to drive the industrial automation market. Plant Asset Management uses a combination of software, smart instrumentation, and Fieldbus communications to continuously monitor the critical plant assets, reducing the risk of failures while increasing equipment availability.
Government Initiatives and Supportive Policies are expected to drive the growth of the industrial automation market. For the digitization of their respective manufacturing sectors, governments in Europe and Asia-Pacific are pushing the adoption of industrial automation technologies and systems, this, in turn, is expected to drive the growth of the market.
The plant Asset Management (PAM) segment is expected to be the most lucrative segment during the forecast period. The rising deployment of PAM systems in process and discrete sectors to construct a comprehensive data repository connected to varied equipment deployed in these plants, from uptime performance to life cycle cost assessment, might be attributed to the rise of this segment.
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