Market Highlights
The global industrial automation
services Market 2020 can potentially advance at an approx. rate of 10% from 2020
to 2027 (review period), reveals Market Research Future (MRFR). The market can
also reach a valuation of USD 55.60 billion, indicating considerable gains
during the given timeframe.
Top Boosters and Main Barriers
Industrial automation services involve a vast set of technologies
as well as automatic control devices that help boost the quality and
productivity of products, while bringing down the production cost. These
services also help lower human intervention in industrial processes and ensure
better performance compared to humans. It involves the use of robots,
computers, information technologies and control systems that manage industrial
processes. Some globally known companies in the industrial automation services
industry include Mitsubishi Electric Factory Automation, ABB Ltd., Emerson
Electric Company and Siemens, to mention a few.
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Industrial automation services help standardize all the processes
within an industry, facilitating superior-quality and consistent results.
Therefore; its demand in a variety of industries to achieve reliable and
qualitative manufacturing has soared considerably over the years. It also
enables mass production in industries, given its capability to prevent human
intervention, improve the product quality, and cut down labor expenses, all of
which culminates in reduced operational costs.
The industrial automation services are gaining traction because of
the emergence of the Industry 4.0 trend along with IoT enabled smart
technologies. The rapidly increasing number of SMES, rising popularity of
Internet of Things and cloud-based automation, high demand for smart factories,
supply chain synchronization, mass customization and developments in the M2M
communication technology also benefit the worldwide market.
Market Segmentation
The main segments considered in the report, depending on which the
industrial automation services market has been analyzed, include service,
solution, and end user.
The service segment can be narrowed down into consulting,
professional service, system integration services, technical training, and
others. Between these, the consulting services note the highest demand in the
market as they help back every stage of the projects, ranging from the startup
to the ongoing maintenance. It also leverages the existing assets to boost the
output, enhance the quality, ensure safety and also cater to regulations.
The various solutions available in the market are programmable
logic controller, distributed control system, and SCADA, among others.
The end users listed in the report are metals and mining,
automation and transportation, energy and power system, oil and gas, material,
food and chemical. The demand for industrial automation services has risen
significantly in heavy industries, environment and building technologies, and
similar other areas. The energy and power systems are some of the top end-users
boosting the growth of the industrial automation services industry across
globe.
Regional Study
The regional study of the industrial automation services market
largely comprises Europe, North America, Asia Pacific (APAC), and the Rest of
the World (RoW).
North America can be the most formidable regional market during
the assessment period. The market expansion will be the most apparent in
countries like the United States (U.S) and Canada, thanks to the large number
of well-known players like General Electric Company (U.S.), Danaher Corporation
(U.S.) and Honeywell International Inc. (U.S.). North America is a technically
advanced region that makes high deployment of robots, especially in the manufacturing
unit, which indicates highly promising growth prospects for the industrial
automation services market.
APAC, with the highest growth rate, can benefit from the
developing infrastructure that allows better penetration of automation
solutions, leading to higher productivity. Surging need for advancements and
innovations in the technology can also lead to more business growth for
industrial automation services in the region. Further, developing economies,
low labor cost, and technological advancement in industrial automation services
can also induce market expansion in the approaching years.
Leading Contenders
The leading contenders striving to get a bigger share in the
global market for industrial automation services include Yokogawa Electric
Corporation (Japan), General Electric Company (U.S.), OMRON Corporation
(Japan), Siemens AG (German), Samsung Electronics Co., Ltd. (South Korea),
Mitsubishi Electric(Japan), Rockwell Automation(U.S.), Johnson Controls
Inc.(U.S.), Honeywell International Inc.,(U.S.), Schneider Electric (France),
Danaher Corporation (U.S.), to list a few.
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