Technological advancements and innovation has changed the traditional working ways in various industries. Nowadays, industrial automation is growing as it can operate various machinery, factories, heat-treating ovens and boilers, switching on telecom networks, steering and ship stabilization, automotive assemblies, and aircrafts and related applications. With huge investment in research and development, the industrial automation market has evolved and has reduced the pressure on humans. In the past few years, the demand in this market has grown across the region and expected to grow significantly in forthcoming years. In a recent report by Transparency Market Research, the global industrial automation market is projected to rise at progressive CAGR of 6.6% during the forecast tenure from 2016 to 2024. The valuation of the market is expected to reach US$352.02 bn by the end of 2024 progressing from US$182.64 calculated in 2015.
How Is The Competitive Landscape In The Global Industrial Automation Market?
The global industrial automation market is highly fragmented and may experience fierce competition in the market due to the presence of numerous large and small players. Couple of players in the market are integrating their products with advanced technologies. Nowadays, almost all the sectors require industrial-grade products that are based on automation and can help in mass production of commodities. These factors have grown the participation of players in the industrial automation market that is expected to increase the competition in the market in coming years.
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Additionally, most of the players in the market are projected to adopt a key strategy in the market in which they will develop projects deliver functional transformation and commercial excellence. Some of the key players in the market are FANUC Corporation, Rockwell Automation, Inc., Yokogawa Electric Corporation, Emerson Electric Company, Yaskawa Electric Corporation, and BB Ltd. companies are also investing in strategic mergers and acquisitions. For instance, recently a Chinese private equity firm AGIC Capital has announced the sale of Gimatic Srl to Barnes Group Inc. for US$433 million in cash. It will help the company to gain better geographical reach and attain more growth in coming years.
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