Market Size of Latin America Process Automation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.98 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Process Automation Market Analysis
The Latin America Process Automation Market is expected to witness a CAGR of 5.98% over 2021 - 2026. The COVID-19 pandemic created economic turmoil for small, medium, and large-scale industries across the world. Additionally, country-wise lockdown inflicted by the governments worldwide to minimize the spread of the virus impacted the growth of enterprises.
- Automation has become an essential part of modern manufacturing and industrial processes. It helps enterprises to realize the priorities above. Companies worldwide are automating their operations with the help of different technologies like SCADA, DCS, MES, and PLC. The demand for these technologies is escalating, and many vendors are manufacturing solutions to help enterprises achieve higher efficiency in their manufacturing processes.
- 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 Mexico and Brazil 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.
- 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.
- Automation of manufacturing processes has offered various benefits, such as effortless monitoring, reduction of waste, and production speed. This technology offers customers an improved quality with standardization and dependable products within time and at a much lower cost.
- Further, connecting the industrial machinery and equipment and obtaining real-time data have played a vital role in the adoption of SCADA, HMI, PLC systems, and software that offer visualization; thus enables reducing the faults in the product, reducing downtime, scheduling maintenance, and switching from being in the reactive state to predictive and prescriptive stages for decision-making.
