Industrial automation market ‘will exceed $250bn by 2024’
A new report from Transparency Market Research predicts that the global market for industrial automation equipment will expand from $183bn in 2015 to reach $352bn by the end of 2024 – a CAGR of 6.6% over the period. Part of this growth will be driven by manufacturing industry revolutionising the way that it operates. Another driving factor is said to be a strong growth in demand for CNC technologies.
However, the study also reports that the market is facing restraints such as poor awareness about the benefits of industrial automation, especially in emerging economies. In addition, some potential users are being dissuaded from adopting more automation by the high costs of installation and maintenance.
The study also reports that:
• the automation market is highly fragmented with the top four global players holding just 12.5% of the market in 2015;
• Europe will be the largest regional market for industrial automation equipment by the end of 2024, accounting for almost 30% of global sales; and that
• the PLM (product lifecycle management) market will be worth $44bn by 2024.