Factory Automation Predicted to Reach $185 Billion by 2016
July 2, 2013
MarketsandMarkets Reports Industrial Controls Market to Grow at a CAGR of 7.58%
A number of top factory automation companies are predicted to grow the market by a compound annual growth rate (CAGR) of 7.58% from 2011 to 2016, according to the "Industrial Controls & Factory Automation Market: Global Forecast & Analysis" report by MarketsandMarkets.The report predicts companies such as Siemens, ABB, Emerson Process Management, Rockwell Automation, Schneider Electric, Honeywell, Omron Automation, Yokogawa and others to be key influencers, driving the industrial control market to grow from $120 billion in 2010 to $185 billion by 2016.Subsets of automation that reduce the need for human labor expected to see the most growth include robotics, control systems, IT systems and manufacturing execution systems (MES). Others include human machine interface (HMI), distributed control systems (DSC), SCADA, conveyor belts, conveyance systems and programmable logic controllers (PLC).According to the report, Asia-Pacific is expected to grow at the highest CAGR due to increases in production activities, inexpensive labor costs, a growing population and lucrative government policies. Despite lower-than-average levels of plant automation, China is expected to be the key influencer in Asia. India is also showing gains in global market shares.
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