The leading players in the global industrial control for process manufacturing market are Siemens AG, Emerson Electric Co., Schneider Electric, and ABB Ltd. The cumulative share of these players was estimated at 48% in 2014, observes Transparency Market Research (TMR) in its new research report. The players operating in a highly consolidated market have been focusing on technological advancements with persistent research and developments. Mergers and acquisitions will also be the two key strategies adopted by players to improve their product offerings in the international market.
According to TMR, the global industrial control for process manufacturing market was worth US$61.23 bn in 2014 and is expected to be worth US$96.20 bn by the end of 2021. Between the forecast years of 2015 and 2021 the market is anticipated to expand at a CAGR of 5.2%.
“Innovation on the automation front will help the companies to gain a competitive edge over others,” suggests the lead author of this research report. The future of this industry will be determined by state-of-art automation to transcend barriers faced by end users. Companies need to focus on making industrial controls that deliver efficient results, making optimum utilization of time, says TMR.
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Adoption of Efficient Manufacturing Processes Propels Global Market
A large number of industries such as oil and gas, chemical, pharmaceutical, power and healthcare, and food and beverages seek efficient methods while manufacturing a wide range of products. To reduce the wastage during these processes and ensure uniformity in the final output process, control systems are used. Thus, the growing demand for consistent products has been driving the overall industrial control for process manufacturing market. The market is also being propelled by increasing demand for efficiency, safety, and minimal variability.
Standardization of processes in various industries has also been responsible for the growing demand for industrial control for process manufacturing solutions. Furthermore, the ability of these solutions to regulate variables to meet the requirements of the desired end result is also boosting their demand. The growing safety and security concerns in manufacturing units and process industries is also expected to fuel the industrial control for process manufacturing market.