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News Release from: ARC Advisory Group
Edited by the Processingtalk Editorial
Team on 27 December 2006
World process automation market reaches
US$79Bn
Manufacturing companies invest in capital expenditures for automation as they recognize the role of automation in the fierce global market, making automation market forecast grow to US$79 Billion
Manufacturing companies continue to increase investments in capital expenditures for automation equipment as they clearly recognize the role of automation in the fierce global market As a result, the worldwide market for total process automation will grow robustly, with ARC expecting a compounded annual growth rate (CAGR) of 6.4% over the next five years
This article was originally published on Processingtalk on 21 Nov 2003 at 8.00am (UK)
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The market was nearly US$58 billion in 2005 and is forecasted to reach nearly US$79 billion in 2010, according to a new ARC Advisory Group study.
The process automation market experienced strong growth during the past two years, and this trend appears to be continuing.
Users and suppliers alike began to rethink the role of automation and its contribution to the profitability and success of manufacturing.
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"Modern process automation plays a key role in enabling integration of real-time visibility, agility, and speed into the performance management system so that the enterprise re-mains on course in improving business performance," according to Senior Analyst Himanshu Shah, the principal author of the ARC "Automation for the Process Industries Worldwide Outlook".
The global market for automation is still in a growth phase that is expected to last through the next several years.
China, India, and the rest of Asia are firing on all cylinders, booking large infrastructural and grassroots projects.
The Middle East also continues its capital investment boom, with opportunities not just limited to the oil, gas and refining industries.
Japan, North America and Western Europe, the most developed economies when it comes to automation and manufacturing, are experiencing less growth, but are driven significantly by the need to modernise a rapidly aging automation infrastructure.
Manufacturers continue to look at ways that provide greater efficiency, cost reductions, and improved productivity in the global competitive arena.
To satisfy this underlying demand, suppliers continue to make investments for greater market penetration and product development.
This report identifies a number of issues suppliers face in this market where users demand increasing operational efficiency and rely on automation products for real-time operation intelligence to measure key performance indicators.
Discrete automation suppliers are also striving to increase their solution's capabilities and reach more hybrid and process markets.
Many discrete automation suppliers are offering process solutions and increasing their presence in process industries.
Suppliers are augmenting their deliverables and enhancing functionality to meet the expanding needs of users.
In addition to the quantitative assessment of the total process market, this report provides a summary of analysis for a variety of process automation products, market strategies, and market dynamics.
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