According to ARC Advisory Group’s new research, the outlook remains positive for capital investments in automation products in the process industries. This is because the macro trends that underlie the growth in this market remain in place. These trends include globalization, infrastructure expansion, an aging installed base of automation equipment, manufacturing labor shortages, digitalization, an increasing middle class in Asia, and the ongoing need to improve production and process controllability and reduce energy consumption. Governments around the world are investing to become less dependent on unreliable foreign suppliers of energy. This heightened emphasis on energy security has boosted investment activity in nuclear energy, LNG, and even fossil fuel power plants. Sustainability goals and environmental, social, and governance (ESG) mandates have taken the forefront of every business sector. For many of the heavy process industries, decarbonization impacts the entire value chain, including raw materials, manufacturing products materials and components, as well as consumption by consumers and disposal.
"Despite supply chain challenges, ongoing economic uncertainty, and rising energy and the prices of raw materials, the expenditure in process industries continued globally, providing opportunities for suppliers. End users also realize that digitalization makes a significant impact on their industrial operations. Each year, new products and capabilities provide higher value, driving investments in new equipment. Additionally, an increased focus on energy security helped drive investment activity across process industries,” according to Allen Avery, Senior Analyst and key author of ARC's Total Process Automation Systems Market Research.
Total Process Automation Market Trends
In addition to providing detailed competitive market share data, the research also addresses key market trends as follows:
- Drive for Standardization
- Localization
- Energy Transition
- Environmental, Social, and Governance Practices
- APC for Sustainability
- Software-defined Process Automation
- Virtualization
- Flexible Manufacturing
- Increased Investment in AI
- Communications Become More Standardized and Universal
Leading Suppliers to the Total Process Automation Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: ABB, Mitsubishi Electric, Rockwell Automation, Schneider Electric, Siemens.
About the Total Process Automation Research
The Total Process Automation Systems research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis plus five-year market forecasts. The segmentation includes Industry, World Region, Product Type.
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