Process Control Automation Market
“The Business Research Company recently released a comprehensive report on the Global Process Control Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The process control automation market size has grown steadily in recent years. It will grow from $59.86 billion in 2023 to $62.71 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to industry 4.0 revolution in the manufacturing sector, growing need to achieve process optimization in lesser time, rising rate of the population entering the middle and upper classes, reduction of operating costs with the advent of IoT, implementation of new policies and regulations.
The process control automation market size is expected to see strong growth in the next few years. It will grow to $76.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to expansion of manufacturing sector, increasing demand for automation in industries, increasing demand for machines, increasing number of government initiatives, increasing use of remote operations. Major trends in the forecast period include technological advancements, use of advanced software, development of process automation companies, product innovation, adoption of automation technologies.
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Market Drivers and Trends:
The expansion of the manufacturing sector is expected to propel the growth of the process control automation market going forward. The manufacturing sector refers to the portion of the economy producing goods through various processes, such as machining, fabrication, assembly, or chemical processing. The manufacturing sector is expanding due to economic growth, government policies and incentives, consumer demand and preferences, and supply chain resilience. Process control automation plays a crucial role in manufacturing by enhancing efficiency, quality, productivity, flexibility, safety, and cost-effectiveness. It enables manufacturers to remain competitive in an increasingly complex and dynamic business environment. For instance, in August 2023, according to a report published by the National Association of Manufacturers (NAM), a US-based manufacturer association, manufacturing value-added production exhibited yearly growth from $2.905 trillion in the first quarter of 2023 to $2.895 trillion in the fourth. Manufacturing made up 10.9% of the value-added output in the first quarter of the US economy. Therefore, the expansion of the manufacturing sector is driving the growth of the process control automation market.
Major companies operating in the process control automation market are developing advanced software-centric industrial automation systems, such as EcoStruxure Automation Expert, to serve customers with advanced features better. EcoStruxure Automation Expert is software-centric industrial automation software that controls and manages various aspects of industrial processes and machinery. It is used to automate and optimize tasks traditionally performed by human operators or mechanical systems. For instance, in December 2022, Schneider Electric, a France-based digital automation company, launched the EcoStruxure Automation Expert. The unique features of EcoStruxure Automation Expert offer consumer-packaged goods, logistics, and water and wastewater operations unparalleled automation capabilities and operational flexibility. These include expanded libraries for segment functions and energy management devices, an improved user experience in the build time tool, enhanced built-in cybersecurity measures, and support for additional engineering input formats like DEXPI and Excel. Moreover, the solution offers language support in Chinese, English, French, German, Italian, Portuguese, and Spanish, along with enriched documentation.
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Major Key Players of the Market:
Mitsubishi Electric Corporation, Robert Bosch GmbH, Siemens AG, General Electric Company, Schneider Electric SE, Danaher Corporation, ABB Ltd, Eaton Corporation Plc, Kawasaki Heavy Industries Ltd, Emerson Electric Co, Delta Electronics Inc, Honeywell International Inc, Rockwell Automation Inc, Omron Corporation, KUKA AG, Yokogawa Electric Corporation, Endress+Hauser AG, AVEVA Group Plc, Pepperl+Fuchs SE, Invensys Limited, IDEC Corporation, Aspen Technology Inc, Rudolph Technologies Inc, Carlo Gavazzi Holding AG, Inductive Automation LLC, Beckhoff Automation, Hawk Measurement Systems, Maple Systems Inc, AlpHa Measurement Solutions LLC
Process Control Automation Market 2024 Key Insights:
• The process control automation market size is expected to see strong growth in the next few years. It will grow to $76.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Manufacturing Sector Expansion Fuels Growth In Process Control Automation Market
• Innovative Technologies Driving Advancements In Process Control Automation Market
• Asia-Pacific was the largest region in the process control automation market in 2023
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This release was published on openPR.
