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With the rising digital revolution, the focus of automation has shifted to improve quality and flexibility in the manufacturing process. Therefore, the implementation of industrial automation and process control is on the rise in order to create new opportunities and enhance operational capabilities by leveraging new possibilities, fastening processes, and making organisations adaptable to changes in the future.
The global industrial automation market size is expected to exhibit a CAGR of 8.9% between 2020 and 2027. This is attributed to the increasing adoption of modern technologies, such as industrial internet of things (IIoT), owing to the advent of Industry 4.0 across several manufacturing industries globally, reports Fortune Business Insights. The research firm also observes that the market was worth US$168.81 billion in 2019 and is likely to reach US$ 326.14 billion by 2027.
The widespread effect of the global pandemic, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from various governments, as well as the industries, is anticipated to bring economy back on track and aid in resuming industrial activities.
South East Asia industrial automation market
In South East Asia, the industrial automation & process control market is expected to grow at a CAGR of 7.8% from 2020 to 2025 to reach US$4.97 billion by 2025, reports ResearchAndMarkets.com. The growth of industrial automation and process control in South East Asia is majorly supported by government initiatives, growing demand for industrial automation backed by growing production demands, and the advent of Industry 4.0. Growing needs for mass production and mounting pressure for reducing operational cost is also contributing to the overall growth of this market. However, high capital investment and the direct impact of industrial automation on employment are the major restraining factors for the consistent growth of this market.
According to ResearchAndMarkets.com. Singapore commanded the largest share of South East Asia’s industrial automation & process control market followed by Vietnam and Thailand in 2019. The large share of this country is attributed to the high per capita income in the region with the manufacturing industry as a major contributor to it.
The high start of Industry 4.0 and rapid automation of industrial manufacturing & processing industry backed by strong government initiatives, such as National Robotics Program is also aiding Singapore to emerge as the most dominating country in the South East Asia industrial automation & process control market, explained ResearchAndMarkets.com.
The product lifecycle management (PLM) is estimated to account for the largest share of the overall industrial automation and process control market. The large share of this segment is attributed to the solutions provided by PLM in the manufacturing industry such as shorter time to market, reduced compliance risk, innovation, greater design efficiency, and reduced manufacturing cost.
On the other hand, the programmable logic controller market is slated to grow, owing to the performance of controlled algorithms by machine function, scalability, and multidiscipline and enabled programmable automation controller (PAC).
Modern technologies support Industry 4.0 growth
The rise of advanced digital industrial technologies is dramatically transforming the industrial scenario. Industry 4.0 has helped manufacturing industries improve productivity, flexibility, and efficiency in industrial processes at reduced operational costs. In addition to this, the industrial revolution is rapidly shifting the economic dynamics, fostering industrial growth, and changing the overall competitiveness of the companies.
Adoption of advanced technologies, such as industrial internet of things (IIOT) is propelling the companies to allow field devices to interact and communicate with each other with centralized controllers while ensuring reliable decision making and enabling accurate real-time responses. Increasing adoption of modern digital technologies backed by the Industry 4.0 revolution is expected to drive the global industrial automation market during the forecast period.
Improved efficiency and a reduction in production costs, when compared to conventional manufacturing processes, are boosting the adoption of automation technology, which is driving the digital transformation across the manufacturing segment. The application of robots in manufacturing helps in increasing efficiency, from raw material handling to finish product packing. These robots are programmed to operate 24x7 and also can be customized to perform complex functions.
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