Automation Market Overview:
Human error has always been cited as the leading cause for nearly all man-made disasters that have occurred in history. Even the slightest mistakes have resulted in catastrophic incidents that have impacted human civilization in socioeconomic ways indescribable. Scientists have spent the last few years in researching over mistakes, their causes, and ways to evade them. Unfortunately, human brain is designed to err- it is pre-programmed to make mistakes in order to gather lessons that help people move forward in life. Needless to say, humans will not stop erring, which is why disasters will not cease to come to life. Thanks to technological advancement, human civilization has reached a point where we can use digital systems to prevent errors. The automation market is here to help people prevent errors from materializing, and lead a smooth-functioning lifestyle.
Automation consists of a control system that performs tasks for its user, thereby reducing the need for manual intervention. It is the trend at which industries are capitalizing on and releasing products that have autonomous characteristics. Experts at IndustryARC have assessed the automation market, and estimated its 2018 market size between $155 billion to $160 billion.
Automation Market Outlook:
Automation is simply a mechanized system that performs tasks for people. Minimized human assistance leads to less errors, which in turn increase efficiency of a process. The automation market is often credited with several benefits for humankind such as increased productivity, reduced labor-intensive work, higher profits, and bettered safety. Robotics and control systems are the most important aspects of automation, as the entire functionality rests on them. The advantages of automation are many, some of which have become esteemed growth drivers for its market, which is set to grow with an outstanding CAGR of 9%-12% during the forecast period of 2019 to 2025. APAC region is the geographical leader of the global automation market, owning a regional market share of 32% in 2018. According to the International Monetary Fund, around 1 million robots are currently in use in Asia, which is around 67% of global industrial robot usage. As a manufacturing hub, APAC market is investing time and resources in proliferation of automation, and is expected to lead the autonomous revolution worldwide.
Automation Market Growth Drivers:
- Increased Production Rates
Humans have a tendency to introduce variability into their work. Manual work is often criticized for inconsistency as the output is completely dependent on everyday capacity for work. Automation market is the complete opposite of this predicament, and provides products that bring consistency to industries. Simple processes like printing on a bottle can be performed invariably by robots. When menial tasks like these are automated, workweeks become extensively shorter for the labor class. This is considered advantageous to human life, and encourages automation market growth.
According to the Department of Labor of United States of America, 5,147 workers were killed in the year 2017 while they were at their jobs. Electrocution, falls, being struck by a heavy object, and getting caught between two objects are the primary causes for worker deaths. The only constructive ways to battle this challenge is to introduce automation in our world’s industries. Automation will transform the manual work performed by labors and render them with an operative role that only makes them monitor the work performed by autonomous entities. This will colossally improve safety in industrial workplaces which will act as a growth driver for the automation market.
Automation Market Challenges:
The greatest automation market challenge is the initial cost of investment that is required for designing, executing, and installing an automated system. If companies trust these systems for reduction of costs in the future which will be inevitable since automated systems are designed to do that, this challenge can be combated considerably.
Automation Market Key Players Perspective:
The key players according to the automation market are ABB, Honeywell Solutions, Emerson Electric, Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Rockwell Automation, and Yokogawa Electric.
ABB, a Swiss-Swedish international automation company headquartered in Zurich has made considerable advancement in the global automation market. One of their key products called ABB Parts Fingerprint is being employed by industries worldwide to mitigate operational risks.
Automation Market Trends:
Automation market is experiencing disruptive trends in every sector. Users can now store their data in clouds by wireless technology alone. This is one of the examples of the unprecedented positive direction that the market is taking. Some of the other interesting disruptive trends are:-
- 3D Printing- Automated 3D printers are capable of producing machinery parts that are extremely accurate, and precise in their output. Militaries are poised to utilize 3D printers for manufacturing battlefield parts.
- Nanomanufacturing- This is a branch of science that deals with manufacturing of products on molecular, or atomic level. Automation has accentuated Nano manufacturing’s usefulness and perpetuated production of solar cells, and batteries.
Automation Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the automation market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the automation market, and their specific applications in different areas.
Automation Market Report: Industry Coverage
Automation market can be segmented on the basis of- industry, components, tools, technology, application, and geography. By industry, the market can be divided into automotive, oil & gas, food and beverage, building and infrastructure, and others. Component segment divides the market into Sensors, Switches, Relays, Safety components, Control components, Motion/ drivers, Transmitters and receivers, Dampers, and Actuators.
The global automation market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Automation Market Report
Is the market demand for the Automation growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the Automation market?
A Few Focus Points Of This Research Are Given Below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global the Automation market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures