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Industrial Automation Market Projected to Accomplish Revenues Of 216.5 Billion Market By 2023 | Industrial Automation Market In-Depth Analysis Report

Jan 13, 2022 5:57 PM ET

Industrial Automation Market Projected to Accomplish Revenues Of 216.5 Billion Market By 2023 | Industrial Automation Market In-Depth Analysis Report

Industrial Automation Market – Overview

The use of automation in a range of industry verticals is estimated to create the impetus needed for the growth of the industrial automation market 2020. The semiconductors and electronics industry reports are set out by Market Research Future, which centers on market choices for expansion. A 9.35 ?GR is estimated to guide the earning potential to USD 216.5 Billion in 2023.

The need to infuse qualities such as flexibility, efficiency, quality, and productivity are estimated to advance the automation industry. Moreover, the use of progressive automation, such as 3D printing, is likely to further create a better scope of growth for industrial control and automation in the impending period.

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Segmental Analysis

The segmentation of the industrial automation market has been conducted on the basis of technology, type, region, and end-user. Based on the type, the industrial automation market has been segmented programmable automation and fixed automation. On the basis of end-user, the industrial automation market has been segmented into oil & gas, aerospace & defense, pharmaceuticals, mining & metals, electrical & electronics, automotive & transportation, machine manufacturing, food & beverage, and others. On the basis of technology, the industrial automation market has been segmented into human machine interface (HMI), distributed control system (DCS), programmable automation controller (PAC), supervisory control & data acquisition (SCADA), programmable logic controller (PLC), and others. On the basis of regions, the industrial automation market comprises of Asia Pacific, Europe, North America, and other global regions.

Detailed Regional Analysis 

The regional study of the industrial automation market includes regions such as Asia Pacific, Europe, North America, and other global regions. The European region is the principal market and is responsible for USD 49.21 Billion in revenue in 2017.The outlook of the European region looks promising and is expected to observe an upswing post the year 2017. The development of the industrial automation market is motivated by a robust level of private investment, which is influencing the market encouragingly. The North American region is the next principal market for industrial automation and had attained USD 37.92 Billion in the year 2017. The region is an initial adopter of the newest technologies such as industrial robots and is also a part of the continuing industry advancement in the region, which is likely to favor the development of the market. The Asia Pacific region is in the process of the industrial revolution and is expected to continue an increasing development trend. China is the major market for the industrial robot market and is witnessing a high demand for automation, particularly from the Chinese transportation sector. Furthermore, the administrations in the region are also expanding support towards the implementation of industry 4.0, which is further estimated to benefit the overall development of the market.

Competitive Analysis

The aid provided by government bodies and trade bodies is forecasted to create better prospects for progress in the market globally. The contenders in the market existing in harmony with each other, and barriers to entry in the market are predicted to become less challenging in the future. The enhancement in the functioning and quality of products is estimated to open up new avenues for progress in the forecast period. The instabilities in the currency are anticipated to even out and consequently generate a promising influence on the market. The alternation in consumer trends is predicted to create a surge in a variety of products that will be offered in the market. The market is projected to create a favorable growth backdrop for companies operating in the market. The diversification of production strategies is estimated to create a positive effect on the global market. The access to funding is expected to encourage further development of the market in the upcoming period. The combined effect is formed in the middle of supply and demand forces in the market is anticipated to encourage additional development of the market.

The distinguished contenders in the industrial automation market are General Electric Company, Fanuc Corporation, Ametek, Inc., Mitsubishi Electric Corporation, Honeywell International Inc., Siemens AG, Emerson Electric Co., Rockwell Automation, Inc., Yokogawa Electric, ABB Ltd., and Schneider Electric SE.

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