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Machine Automation Controller Market to Grow from $33.7B in 2019 to $41.5B by 2024
June 26, 2019 | PRNewswireEstimated reading time: 1 minute
The machine automation controller market was valued at $32.32 billion in 2018 and is projected to reach $41.54 billion by 2024; it is expected to grow at a CAGR of 4.3% during 2019-2024.
This report provides a detailed analysis of the machine automation controller value chain. Research and development, manufacturing and assembly, distribution, end user, and after-sales services are the prominent stages in the machine automation controller value chain. The maximum value is added during the manufacturing and assembly phases.
The growth of the market is driven by rising focus on reducing overall operational cost, increasing need to drive productivity in process industries, and the growing use of robots in the manufacturing sector. However, high initial capital investment for SMEs and difficulty in finding system failure resulting in increased downtime are factors restraining the market growth. Cybersecurity threats and rising digital skill gaps are the major challenges faced by players in the machine automation controller market.
The machine automation controller market is dominated by various established players according to their core competencies. The key players offering DCS include ABB (Switzerland), Honeywell (US), Siemens (Germany), Yokogawa (Japan), and Emerson (US). Whereas, the key players offering PLC are Siemens (Germany), Rockwell (US), Schneider Electric (France), Mitsubishi Electric (Japan), and ABB (Switzerland).
Further, leading players offering industrial PC include Advantech (Taiwan), Siemens (Germany), and Beckhoff Automation (Germany). These major companies in the machine automation controller market have adopted product launches and contracts as key strategies to expand their business operations, customer base, and geographic reach by providing the best possible solutions to their customers.
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