The rise in the demand for IoT products and adoption of automated business systems in the industries in order to achieve targeted production in the manufacturing industry drives the market growth. In addition to this, adoption of automation system by the automobile and mining sectors propel the growth of automation and process control system markets. However, lack of skilled workforce, lack of operating procedures, and increased cyber-attacks on the system are the factors that hamper the growth of the automation and process control system market. Furthermore, implementation of anti-cyber attack software and cloud computing in the process of automation creates opportunities for the automation and process control systems market during the forecast period.
The day-to-day technological advancements in manufacturing sector are facilitating the manufacturing process and other tasks to perform faster and in cost-effective ways. Automated process control systems can significantly improve plant circumstances for workers and reduce the cost of employee insurance by excluding risky tasks. Manufacturers have the competitive advantage over other rivals because of the quality automation process brings to their production methods.
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COVID-19 Scenario Analysis
► The outbreak of COVID-19 virus in December 2019, led to the spread of disease in majority of the countries around the globe with the World Health Organization declaring it a public health emergency. The pandemic impacted almost every sector and it is expected to significantly impact the global automation and process control systems market as well..
► The imposed lockdown has significantly affected the growth of the automation and process control system market, the reason being the partial or complete shutdown of the production unit which led to slow growth. The industries are unable to utilize all the resources which indirectly affect the automation and process control system market to grow. However, the slowdown is predicted for a short period, as the market is observing strong recovery as governments have allowed relaxation in the restrictions imposed resulting in the growth of the market.
To meet the required demands, industries are investing a lot on R&D to come up with an effective automated system, which is capable enough to meet the demands. The manufacturers are focusing to accomplish safe, time-efficient and fast production results that propel the need for industrial automation.
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Key Benefits of the Report
► This study presents the analytical depiction of the automation and process control systems market along with the current trends and future estimations to determine the imminent investment pockets.
► The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
► The current market is quantitatively analyzed to highlight the growth scenario of the market.
► Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
► The report provides a detailed market analysis based on the present and future competitive intensity of the market.
The demand for automation has increased quickly in various business functions to attain low cost and high-quality production of goods. In addition, industries are working upon to integrate their system for the automation purpose which is expected to help them provide constant results with increased productivity and improved product quality. Furthermore, quality control problems involved with human error is reduced, due to efficiency, reliability, and faster work rate of automated process control systems.
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Key Market Players:
► Yokogawa Electric Corporation
► Honeywell International Inc.
► Siemens AG
► Schneider Electric SA
► Mitsubishi Electric Corporation
► Omron Corporation
► Rockwell Automation Inc.
► Emerson Electric Company
► Danaher Corporation
► ABB Ltd.
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