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Industrial Automation Market to Exhibit 8.9% CAGR by 2027; Advent of Industry 4.0 in Manufacturing Processes to Stimulate Growth: Fortune Business Insights™

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Pune, Aug. 13, 2020 (GLOBE NEWSWIRE) — The global industrial automation market size is expected to exhibit a CAGR of 8.9% between 2020 and 2027. This is ascribable to the increasing adoption of modern technologies such as industrial internet of things (IIoT) owing to the advent of Industry 4.0 across several manufacturing industries globally. Fortune Business Insights, in its latest report, titled “Industrial Automation Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Industry (Discrete Industry, and Process Industry), and Regional Forecast, 2020-2027.”, observes that the market was worth USD 168.81 billion in 2019 and is likely to reach USD 326.14 billion by 2027.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Please visit: https://www.fortunebusinessinsights.com/industry-reports/industrial-automation-market-101589
What does the Report Include?The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026. DRIVING FACTORSLeveraging Modern Technologies Owing to Advent of Industry 4.0 to Favor GrowthThe rise of advanced digital industrial technologies is dramatically transforming the industrial scenario. Industry 4.0 has helped manufacturing industries improve productivity, flexibility, and efficiency in industrial processes at astonishingly reduced operational costs. In addition to this, the industrial revolution is rapidly shifting the economic dynamics, fostering industrial growth, and changing the overall competitiveness of the companies. Adoption of advanced technologies such as industrial internet of things (IIOT) is propelling the companies to allow field devices to interact and communicate with each other with centralized controllers while ensuring reliable decision making and enabling accurate real-time responses. Increasing adoption of modern digital technologies backed by the Industry 4.0 revolution is expected to drive the global industrial automation market during the forecast period.
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REGIONAL INSIGHTSEurope to Remain Dominant; Increasing Production of Robots to Augur GrowthAmong all regions, Europe was worth USD 54.30 billion in 2019 and is expected to witness considerable growth by holding the highest global industrial automation market share during the forecast period. This is attributable to the increasing production of robots by local manufacturers. The market in Asia Pacific is anticipated to witness significant growth owing to the increasing production of technical components such as sensors, and microchips, among others, in countries such as China in the region between 2020 and 2027.COMPETITIVE LANDSCAPERockWell Automation Announcing Latest Enhancement for its Digital Technology to Strengthen PositionIn June 2020, Rockwell Automation, Inc. in collaboration with PTC, announced the launch of enhanced features for its FactoryTalk Innovation Suite. According to the company, the Suite launched in 2018, has been highly successful in helping the customers to achieve considerable operational efficiency while improving quality and reducing unplanned downtime. The latest enhancement enables the customers to maintain real-time data from critical operational sources by adopting advanced technologies such as data analytics and industrial IoT.
List of the Leading Companies Operating in the Industrial Automation Market are:ABB Ltd. (Zürich, Switzerland)Emerson Electric Co. (Missouri, United States)General Electric Company (Massachusetts, United States)Honeywell International Inc. (North Carolina, United States)Mitsubishi Electric Corporation (Tokyo, Japan)Omron Corporation (Kyoto, Japan)Rockwell Automation Inc. (Wisconsin, United States)Schneider Electric SE (Rueil-Malmaison, France)Siemens AG (Munich, Germany)Yokogawa Electric Corporation (Tokyo, Japan)
Quick Buy:IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesExecutive SummaryMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Market Share Analysis and Matrix, 2019Key Market Insights and Analysis, By SegmentsGlobal Industrial Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027By Component (Value)HardwareSensorsPhotoelectricLaserInductiveOthersPLCHMIServoMotorACDCDriveLaser MarkersSafety Light CurtainRobotsSoftwareBy Industry (Value)Discrete AutomationAutomotiveElectronicsHeavy ManufacturingPackagingOthersProcess AutomationOil & GasChemicalsPulp & PaperMining and MetalsHealth CareOthersBy Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaTOC Continued…!!!
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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Contact Us:
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