Industrial and Factory Automation Market Resonates Surge in Global Oil and Gas Industry
The industrial and factory automation market was valued at around $180 billion and is estimated to grow at a CAGR of 10% through to 2025.
Hyderabad, India – August 1, 2019 /MarketersMedia/ —
The industrial and factory automation market was valued at around $180 billion and is estimated to grow at a CAGR of 10% through to 2025. The industrial and factory automation market which already has a market size of nearly $5 billion in 2018. As per the new research report by IndustryARC titled “Industrial and Factory Automation Market: By System Types (Control Systems, Software, Machine vision, Others); By Hardware (Human Machine Interface, Connectivity, Others); By verticals (Energy, Automotive, Chemicals, Others) & By Geography – Forecast (2018-2023)”. The global market is driven by soaring demand from the manufacturing and automobile market. Furthermore, the increasing technologies will lead to the growth of factory automation market. This report covers Industrial and Factory Automation Market Size by Type and applications, Industrial and Factory Automation Market share by top 5 companies and also the market share by start-ups during the forecast period (2019-2025).
Industrial and Factory Automation Market: Snapshot
Pneumatic thermostat, electro hydraulic valve, and solenoids equipment are highly cardinal in the manufacturing, oil and gas as well as in the automotive industry. In the era of revolution, industry has been a core consumer of robotics for decades. Industrial robots are a crucial part of the progress of the manufacturing industry, and the invention of drones have crossed the frontier. Moreover, according to the International Federation of Robotics 2018, the automation of the fourth industrial revolution is accelerating, and around 1.3 million industrial robots will be entering services around the world.
The oil and gas industry’s dependency on automation has increased recently as it secures the lives of the workers who deal with dangerous operations on a daily basis. Europe is leading the market with industrial & factory automation market share of 30 to 35% because of the heavy industrial development in the region. Furthermore, the application CAGR in the oil and gas industry will be 2 to 2.5% during the forecast period of 2019-2025. According to European Commission, manufacturing industry accounts for 16% of Europe’s GDP.
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Industrial and Factory Automation Market: Competitive Landscape
Major players are influencing the market for further growth and expansion. Some of the key players are:
Emerson Electric- In February 2019, the company released Emerson’s AMS Device Manager helps improve plant reliability with better organized data for more informed and proactive management of field devices.
Siemens AG- In November 2018, Siemens Mobility signed a contract with London Underground to design and build 94 new generation Tube trains worth around $1.7 billion billion GBP. In October 2018, Deutsche Beverage Technology partnership with Siemens for crafting breweries benefits from modular Siemens automation.
Mitsubishi Corporation- In February 2019, the company has announced its decision to invest in the UK-based innovation energy services provider OVO Group Limited. They will obtain 20% of the shares in OVO Group.
Honeywell International Inc has announced Honeywell Aerospace’s hybrid-electric turbo generator that will power the first generation of vertical takeoff and landing (VTOL) aircraft.
Rockwell Automation- Rockwell Automation and Schlumberger entered into a new joint venture agreement to create Sensia, the oil and gas industry’s first fully integrated automation solution provider to help customers maximize the value of their investments.
Yokogawa Electric Corporation has announced its recent development of real-time Cavitation detection system that helps to prevent equipment degradation and improves the efficiency of plant maintenance.
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The global industrial and factory automation market has seen an immense growth in the last decade owing to the increasing advanced technologies and adoption of the same. The technology has upgraded its level in the manufacturing, oil and gas and automotive industry. The usage of robots and drones have revolutionized the above mentioned industries due to which the industrial and factory automation market is booming globally, especially in Europe.
Related Reports:
A. Factory Automation Mechanical Component Market
https://www.industryarc.com/Report/196/factory-automation-mechanical-products-market-analysis.html
B. Factory Automation Market
https://www.industryarc.com/Report/194/Factory-Automation-Electrical-Products-Market-Report.html
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