Europe Process Automation Market Size

Europe Process Automation Market Analysis

The European process automation market is expected to witness a CAGR of 6.18% over the forecast period 2021 - 2026. Since COVID-19 in early 2020 had put the brakes on economic growth, it acts as a catalyst for the medium- to long-term development of industrial autonomy. The survey was conducted between June and July 2020 with over 500 decision-makers from the process industries. Moreover, 33% of respondents highlighted a slight increase in investment toward autonomous operations in 3 years as a direct impact by COVID-19.

• The IoT demand trend is expected to shift toward industrial space from consumer demand over the near future, primarily driven by various Industry 4.0 applications. Countries like the United Kingdom are on the verge of the industrial revolution, as data is being used on a large scale for production while integrating it with various manufacturing systems throughout the supply chain.
• European nations have been at the forefront of adopting industrial automation solutions and have been under the government's constant support. For instance, the UK government revealed the Industrial Strategy primarily outlined a plan to invest GBP 2 billion per year by 2020 for new research and development in the technology sector. Smart manufacturing and the Industrial Internet of Things (IIot) will be built upon the work that automation has already forged over these years. Focusing on the possibilities that the automation solutions will enable will present the opportunity for multiple industries to push the boundaries of technological innovation, which is crucial for the UK economy in a post-Brexit phase. Automation solutions are expected to revolutionize the process industries.
• Furthermore, process industries, such as chemical and petrochemical, paper and pulp, water and wastewater treatment, energy and utilities, oil and gas, pharmaceutical, food, and beverages, are expected to fuel growth.
• Industrial system architects, integrators, and machine builders have leveraged connected computing advances to aid manufacturing facilities function more efficiently. The rising need for real-time intelligence, better control of operations, scheduling, and increasing market penetration of big data analytics in the manufacturing industry is expected to generate demand for advanced process automation in the near future. Big data analytics has been used to refine complicated processes and manage supply chains.
• Moreover, big data analytics allows an enterprise to use factory automation to shift from reactionary practices to predictive ones. This change targets to improve the efficiency of the process and performance of the product.