Research Outlines Huge Growth In Industrial Automation Market

Posted by Sakshi Mishra on January 1st, 2020

The global industrial automation market exhibits a highly cutthroat competition mainly due to the presence of innumerable players, observes Transparency Market Research based on a newly published report. The fragmented nature of this market’s vendor landscape depicts most players integrating their products with advanced technologies. With an increasing demand for industrial-grade products occurring in almost every sector, a high requirement for automation that can help mass produce commodities is being felt all over the globe. This has caused a spike in the number of players entering the industrial automation market, which is certainly expected to increase the competitive intensity during the upcoming years.

Developing products that deliver functional transformation and commercial excellence is expected to be a key strategy adopted by most players working in the global industrial automation market to stay ahead in the competition. Key players working in this market are: Toshiba Machine Corporation Ltd., Rockwell Automation, Inc., FANUC Corporation, Yaskawa Electric Corporation, Yokogawa Electric Corporation, Emerson Electric Company, BB Ltd., Honeywell International Inc Mitsubishi Electric Corporation, Voith GmbH, and General Electric Company, among several others.

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According to experts from Transparency Market Research, the global industrial automation market had gained revenue worth US2.64 bn in 2015, which is further expected to grow up to US2.02 bn by the end of 2024. This growth is projected to occur at a handsome CAGR of 6.6% during the forecast period from 2016 to 2024.