Lean manufacturing to boost growth
The industrial automation and instrumentation market in India is poised to grow by US$2.58 billion during 2020-2024, progressing at a CAGR of over 10% during the forecast period, said a Technavio report on 3 Mar 2020.
The “Industrial Automation and Instrumentation Market” says the Indian market is driven by the simplification of manufacturing through automation.
In addition, the shift toward lean manufacturing is anticipated to boost the growth of the industrial automation and instrumentation market.
Indian manufacturers are increasingly adopting automation to overcome various complexities and simplify the manufacturing processes in a bid to improve productivity, according to the report.
The integration of technologies such as robotics, AI, and machine learning is helping manufacturing firms reduce labor costs, eliminate human errors, and automate the entire process with improved lead times.
Also, the incorporation of sensors, analyzers, and transmitters provides valuable insights and ensures controlled production operations.
With increasing competition in the Indian market, the adoption of automation systems is expected to gain momentum during the forecast period. This will fuel the growth of the industrial automation and instrumentation market in the country, according to the report.
The leading companies in the Indian Industrial Automation and Instrumentation Market are:
ABB Ltd operates its business through segments such as Electrification products, Robotics and discrete automation, Industrial automation, and Motion. The company offers a wide range of industrial automation process products such as PLC automation, control systems, motors and generators, and measurement products.
Eaton Corp. Plc operates its business through segments such as Electrical products and electrical systems and services, Hydraulics, Aerospace, Vehicle, and eMobility. The company offers a range of contactors and starters, sensor and limit switches, pump panels, soft starters, and control relay and timers.
Emerson Electric Co operates its business through segments such as Automation solutions, Climate technologies, and Tools & home products. The company offers a wide range of industrial automation products. Some of its key offerings include control valves, pressure transmitters, remote automation and SCADA solutions, and liquid and gas analyzers.
General Electric operates its business through segments such as Power, Aviation, Lighting, Renewable energy, Healthcare, Oil and gas, and Transportation. The company offers automation and protection equipment and software solutions.
Honeywell International Inc operates its business through segments such as Aerospace, Honeywell building technologies, Performance materials and technologies, and Safety and productivity solutions. The company offers standalone instruments, smart sensors, and integrated systems. fiinews.com
