Rising labor costs, solving design complexity, and digitalization of the manufacturing sectors are the factors driving the growth of the process automation market. The advancement in 3D printing or additive manufacturing is fast emerging as a key information technology tool for the growth of industrial process automation market. As per our recent business intelligence report, the global process automation market size was $65 billion as of 2018, and the market demand is projected to increment at a healthy CAGR of 7% over the forecast period of 2019 to 2025.
Process automation is a technology which is used to describe any process being automated by the use of computer software with less intervention of a human. Process automation frequently utilizes an automation system to interconnect sensors and administrator terminals. The information is based on a recent business intelligence report from IndustryARC, titled “Process Automation Market: by type (PLC, SCADA, valves, transmitters, MES); by industry (chemical, oil & gas, petrochemical, F&B, paper, automotive) & by region – forecast (2019 – 2025).”
Regional Forecast of the Process Automation Market
According to IndustryARC market analysis, APAC as a region held the largest demand share of more than 30% to 35% of the overall demand as of 2018. Rising wages and the size of the manufacturing sector makes it an attractive region for process automation equipment. This is really working in China, where the mass reallocation of cheap labor from the automotive sector to manufacturing is slowing, which in turn is increasing the demand for manufacturing execution systems in the region.
Analyst of the report identifies pharmaceuticals as the major application segment of the process automation market, and the demand for this segment is projected to increment at an above-average CAGR of 8% over the forecast period of 2019-2025. The demand for telemedicine is increasing in the pharmaceutical sector as it has emerged as one of the best ways to connect physicians and patients. The need to reduce healthcare costs and the growing number of aging patients are also major factors driving the growth of telemedicine services and thereby stroking the process automation market.
Process Automation Market: Disruptive Trends
- The role of Artificial Intelligence (AI) is growing in the healthcare sector. AI is transforming any and all areas of healthcare, from hospital workflow tasks to diagnosing health conditions, thereby providing process automation, improving workflow productivity, and increasing diagnostic accuracy.
- Merging virtual and physical worlds using process automation; new technologies are accelerating the merging of the virtual and physical worlds, enabling the creation of new business models such as digital twins. Manufacturers are introducing these models by which they can sell digital services along with their products.
- The open process automation (OPA) vision is gaining traction with new end users and additional suppliers. OPA systems initiated by ExxonMobil and managed by The Open Group aims to build a proof of concept prototype, which establishes standards for OPA systems by minimizing vendor-specific technologies. These systems also increase overall return on investment by maintaining stringent safety and security.
Some of the key players operating in the process automation market are Mitsubishi Corporation, Robert Bosch GmBH, ABB Ltd, Eaton Corporation, Dassault Systems, Emerson Electric Co., Honeywell International, Inc., Johnson Controls, Inc., Rockwell Automation, Inc., and Schneider Electric SE.
Process automation is a technology which is used to describe any process being automated by the use of computer software with less intervention of a human. Rising labor costs and digitalization of the manufacturing sectors are the factors driving the growth of the process automation market during the forecast period 2019 to 2025.
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