Global Automation Markets worth $185 Billion by 2016
The global automation market is expected to reach $185.0 billion by 2016 at a compounded annual growth rate (CAGR) of nearly 8% from 2011 to 2016, according to just-released market research report "Industrial Controls & Factory Automation: Global Forecast & Analysis (2011 - 2016)" published by MarketsandMarkets.
Automation systems and solutions include process industry mainstays such as programmable logic controllers, typically referred to as PLCs; distributed control systems, invariably called DCSs; and supervisory control and data acquisition systems (SCADA), a software application used to manage industrial processes controlled typically by PLCs. “Automation,” so called, also includes field devices, and management software systems such as manufacturing execution systems (MES) and enterprise resources planning (ERP).
The automation market is expected to grow from $120 billion in 2010 to $185 billion in 2016, at a CAGR of nearly 7.6% from 2011 to 2016, according to the report. Key companies with respect to automation include Siemens (Germany), ABB (Switzerland), Emerson Process Management (U.S.), Rockwell Automation (U.S.), Schneider Electric (France), Honeywell (U.S.), Omron (Japan), Yokogawa (Japan), and others.
The Asia-Pacific region is expected to grow at the highest rate due to increase in production activities in the region, cheap labor, huge population base, and lucrative government policies. China is the growth engine for automation in Asia in spite of lower levels of plant automation. India too is gaining factory automation market share, indicates the report.
Automation is chiefly responsible for reducing human interaction in the process, thus, lowering labor and production costs, and increasing throughput or production output.
MarketsandMarkets is a global market research and consulting company based in the U.S.