Process automation market set for steady growth
An
ARC Advisory Group product story
Edited by the Engineeringtalk editorial team
Jun 13, 2003
The automation market for process industries in the Europe, Middle East and Africa region totalled over $17 billion in 2002, according to a new study by the ARC Advisory Group.
The automation market for process industries in the Europe, Middle East and Africa (EMA) region totalled over $17 billion in 2002, according to a new study by the ARC Advisory Group.
Expanding at a cumulative annual growth rate (CAGR) of 5.3%, it will reach around $22 billion by 2007.
While the global economic slowdown inhibited the growth of the process automation business in the EMA region during 2002, ARC forecasts that it will gradually recover and grow over the next five years.
"Process manufacturers are under competitive pressures to cut costs and enhance efficiencies.
They are responding by improving their supply chain, reducing energy costs, and achieving efficiencies in other areas.
Suppliers who are working closely with their customers to deliver automation solutions that address these unfulfilled needs will succeed in the long term", according to Senior Analyst Himanshu Shah, co-author of "Total automation business for process industries EMA outlook".
Shah continued, "The market expansion during the next two years will be below the projected growth rate, but will pick up during the subsequent period".
The research findings for the total process automation market for the EMA region are extensive.
Process manufacturers in the EMA region are adjusting their growth strategies to succeed in an increasingly more competitive environment.
They will upgrade and invest more in automation solutions to improve operational performance.
Manufacturers in the EMA region will be extensively leveraging automation technologies while integrating their plant level systems with enterprise systems.
They also are improving their customer centricity, productivity, and profitability.
A significant portion of future investments will take place in legacy system migrations.
Growth in the process automation market will be driven by software and services.
Central and Eastern European economies present the most growth opportunities.
Although the study highlights the various factors that spur or inhibit the growth of the process industry automation market in the EMA region, it also discusses the serious challenges facing suppliers as they grapple with the prospect of having to make up for the paucity of new projects.
"As the competition increases", Shah concluded, "process manufacturers in the EMA region will begin to invest more in solutions to gain sustainable competitive advantages which would provide the growth impetus".
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