According to the report analysis, ‘Global Industrial Automation Equipment (iae) Market By Equipment Type, Industry Vertical, And Region 2014-2025: Growth Opportunity And Business Strategy’ states that the cumulative revenue of global industrial automation equipment (IAE) market will reach USD 1,717.8 billion during the period of 2019-2025, resulting from a unremitting growth of 4.55% per annum over the forecast years. Whereas, in the recent past decades, the automation technology in the industrial functioning has massively developed, thereby converting the nature of industrial and manufacturing operations. In the recent trend, the industries are no longer wholly dependent on the human workforce for the simple or complex functioning. With the wide digitalization and internet of things (IoT), industrial automation has become a competitive benefit in the recent’s industrial insights.
However, the manufacturers of the automation systems are developing the applications of technology for increasing the demand and generating the high value of revenue. For instance, the report also suggest that in the global industrial equipment market there are different several players with the different and profitable strategies for being in the market as a strong competitor and leading the fastest market growth with the handsome amount of share while developing the weakness into the strength and employing the young workforce with the innovative ideas includes ABB Ltd., Azbil Corporation, Bharat Heavy Electrical Ltd, Danaher Corporation, Emerson Electric Co., Fanuc Corp., General Electric Co., Hitachi, Ltd., Honeywell International Inc., Johnson Controls Inc, Metso Corporation, Mitsubishi Electric Corp., Nextnine Ltd, NovaTech Process Solutions LLC, Omron Corporation, Rockwell Automation Inc., Samsung Electronics, Schneider Electric SE, Siemens AG, Toshiba Machine Co., Ltd., Yaskawa Electric Corp., Yokogawa Electric Corporation and several others.
Additionally, the machine learning and artificial intelligence are speedily going conventional. The technology has already infiltrated the consumer relationship management sectors, and is a cornerstone of the internet of things (IoT), industry 4.0 and Big Data. The consistent transformations in the customer behavior in terms of quality of product and customization generate the foremost difficulties for the manufacturers that are trying to transform the production system. This is where the technology of machine learning advantageous said by the producers. Furthermore, the digitalization of plants and machinery safeguards the efficient commissioning, optimized machine design, smooth operations and short changeover time. The procedure decreases the requirement on the overpriced prototypes while speeding up the time to market.
Not only has this, in the present era, the virtual reality and augmented reality are being effectively utilized in the numerous contexts from the customer submissions to the manufacturing. However, it is in the latter that augmented reality propose the immense value in the myriad forms, in the mixture with the several other technologies. Certainly, the virtual and augmented reality technologies are transforming the complex production procedures and the product improvements.
In the situation of the industrial and manufacturing automation, the virtual reality can support efficiently the manufacturer to simulate a product or atmosphere digitally. Thus, enabling them to interrelate and submerge themselves within in. The augmented reality enables the industrial operators to project the digital products or the information onto a real-world atmosphere. This is more industrious than projecting on a digitally simulated surrounding like in virtual reality.
Therefore, in the future, it is anticipated that the market of industrial automation equipment will increase across the globe more positively over the coming years.
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Ankur Gupta, Head Marketing & Communications