Any enterprise works towards a singular goal: to make high-quality products at a profitable price. This goal can be achieved by using evolving technology to streamline the business process. Other objectives such as workplace safety, consistency in product specifications and adhering to environmental regulations are maintained and operational constraints are reduced to a minimum.
The market for process automation in North America is expected to reach USD 42.30 billion by the end of 2021, growing at a CAGR of 8.52% from the current estimate of USD 25.90 billion. Some of the key vendors in the process automation market are ABB, Siemens, Schneider Electric, Honeywell and Rockwell Automation.
Drivers
- Government incentives for the manufacturing industry
- Environmental regulations and safety standards to maintain
- The cost of solutions has been reducing consistently and increase in labor market wages
Restraints
- The market has reached a stagnant position
Automation has become an important part of modern manufacturing and industrial processes. It helps enterprises to realize the aforementioned priorities. Companies all over the world are automating their processes 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 efficiency in their manufacturing process.
SPECIALITIES OF THIS REPORT
- The report will be useful in gaining an exhaustive understanding of the regional market. It will also be of assistance in providing a comprehensive analysis of the major trends, innovations and associated prospects for market growth over the coming half a decade.
- The report will be an ideal source material for industry consultants, manufacturers and other interested and allied parties to gain a critical insight into the factors driving and restraining the market, in addition to the opportunities offered.
- The report contains a wide range of information about the leading market players and the major strategies adopted by them.
WHAT THE REPORT OFFERS
- Identification of key drivers and restraints of the market.
- Assessment and competition analysis.
- Identification of market scenarios, opportunities and key companies.
- Extensively researched major companies’ profiles along with their strategic initiatives and market shares.
- Identification & analysis of the macro and micro factors affecting this market.
- Identification of key market players with their strategic interests and key financial information.
