Plant automation solutions: Key market research findings
- Development of integrated automation solutions
- Sharper industrial regulations regarding chemical contamination
Technavio has released a market research report on the global plant automation solutions market, which is expected to grow at a CAGR of around 6% between 2016 and 2020. The attempt to improve the efficiency and productivity by numerous companies is the major contributing factor to the growth of the plant automation solutions market. At present, the APAC dominates the market with a value of almost $20 billion and is expected to grow at CAGR of almost 9% during the forecast period. The growing demand from the demand from the power and cement industry is a major contributor to the growth of the market in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“With computational analysis of data being recognized as a valuable asset, there has been an increase in the adoption of analytics tools in plant automation. The increased focus on digitization to improve efficiency and flexibility is expected to boost the growth global plant automation solutions market during the forecast period,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
Regulatory bodies are imposing stringent regulations to minimize chemical contamination and esnure the safety of workers. For instance, stringent legislations such as OHSAS 18001 and OHSAS 29 CFR 1910.107 impose heavy penalties on flouting the prescribed norms. Hence, more companies are implementing plant automation solutions to ensure regular monitoring of plant operations and processes and thereby propelling the growth of the market.
The key vendors in the market include Siemens, Honeywell, Emerson, ABB, Schneider, and Rockwell. The global plant automation solutions market is primarily dominated by large players that have diverse portfolios and presence in all key regions. The competitive business environment in this market is anticipated to intensify with the increase in product extensions and technological innovations, coupled with an increase in collaborations and M&A. The vendors that have the capability to offer cost-effective, customized automation solutions to end users will gain a competitive edge over their peers.
A more detailed analysis is available in the market research report, Global Plant Automation Solutions Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
