The machine automation controller market is estimated to be worth US$33.7 billion in 2019 and is expected to reach US$41.5 billion by 2024, at a compound annual growth rate (CAGR) of 4.3% during 2019–2024, according to a new report by MarketsandMarkets.
Fuelling the growth of the market include rising focus on reducing overall operational cost, increasing need to drive productivity in process industry, and growing use of robots in manufacturing sector.
In particular, machine automation controllers with IP65 rating—those utilised in a more demanding industrial environment where the automated system is in constant contact with dust, liquid, and solid objects—are expected to hold the largest share of the machine automation controller market.
The Asia-Pacific region APAC is expected to account for the largest share of the machine automation controller market in 2019, and the trend is anticipated to continue till 2024. This is mainly attributed to the huge domestic demand for automated controllers, driven by the growing manufacturing industries such as automotive and electronics, and the growing labour costs, rapidly evolving manufacturing processes, and increasing operational costs, which have seen companies adopting automation technologies to address these challenges effectively.
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