Factory automation market could reach $185 billion by 2016
Global factory automation sales could grow from $120 billion 2010 to $185 billion in 2016 at a compound annual growth rate of 7.58% from 2011 to 2016, according to a report from MarketsandMarkets.
The report, titled Industrial Controls & Factory Automation Market: Global Forecast & Analysis, says that the key companies involved in the industry’s growth include Siemens, ABB, Emerson Process Management,Rockwell Automation, Schneider Electric, Honeywell, Omron, and Yokogawa.
The largest markets are in the Americas and Europe, where applications in chemical, petrochemicals, pharmaceuticals, pulp and paper, automotive, mining, oil and gas, and power plants have driven the need for automation. However, an emphasis is being put on the Asia-Pacific region, as companies like Emerson and ABB are collaborating or merging with local companies due to the gap in the application industry and the automation tools available in the area, according to the report.
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