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This “By component (factory-level control, enterprise-level control, factory instrumentation), automation mode (semi-automatic, fully automatic) and end user (oil and gas, automobiles, food and beverages, chemicals and materials)-global forecast to 2027” Report has been added to ResearchAndMarkets.com provide.
It is estimated that the compound annual growth rate of the industrial automation market from 2020 to 2027 will reach 9.3%, and will reach 306.2 billion US dollars by 2027.
The increasing popularity of factory instrumentation and enterprise-level control components for cross-industry automation hardware and software supports the growth of the industrial automation market. The increasing need to monitor, control, and analyze machine operations and predict downtime and failures drives the demand for sensors. A wide range of sensor technologies have been developed to address different applications and environments. Proximity sensors, vision sensors, ultrasonic sensors, position sensors, photoelectric sensors, temperature sensors, and tilt sensors are some of the sensors used in automation applications. The development of automation solutions with integrated sensors improves the performance efficiency of manufacturing plants and enables companies to manage operating costs.
The COVID-19 pandemic has had a moderate impact on global industrial operations and manufacturing activities, affecting the growth of the industrial automation market. Decline in demand for luxury goods, automobiles, and electronic products during the pandemic, as well as nationwide blockades, have reduced the sales revenue of automobiles and consumer electronics…
The full story on Benzinga.com
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