Market Highlights
The global industrial automation services Market The global industrial automation services market size is expected to grow from USD 264.69 billion by 2026, growing at a compound annual growth rate (CAGR) of 8.9% during the forecast period 2020-2026, 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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