2014-04-17 06:55:05 - Global Process Automation Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Process Automation market is to grow at a CAGR of 6.62 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for automation solutions from the Oil and Gas industry. The Global Process Automation market has also been witnessing an increasing availability of wireless sensor networking. However, the reluctance of organizations to migrate to newer technologies could pose a challenge to the growth of this market.
The increasing availability of wireless sensor networking in SCADA-based industrial control systems is one of the major emerging trends in the market. This helps enterprises to overcome certain issues related to the rigid architecture of SCADA such as inflexibility and centralized architecture. With this
technology, the deployment of sensors in SCADA-based industrial control systems becomes easier as it provides wireless networking access. For instance, in the Energy and Power industry, sensors are generally deployed in either production or induction wells. Through wireless sensor technology, the sensors can be deployed inside gas pipelines in a cost-effective way, thereby resulting in increased process efficiency.
One of the major drivers is the increasing demand for automation solutions from the Oil and Gas industry. The effective deployment of automation solution helps companies improve their productivity and enhance their monitoring and security systems.
A major challenge in the market is the reluctancy in migrating to the latest technology. Several organizations across various process industries across globe find it difficult to shift from their legacy system to the latest technology because of various technical issues such as interoperability and compatibility with existing system.
The key vendors dominating this space include ABB Ltd., Honeywell International Inc., Siemens AG, and Yokogawa Electric Corp.
The other vendors mentioned are Applied Material Inc., Apriso Corp., Aspen Technologies Inc., Emerson Electric Co., General Electric Co., iBASEt Inc., IBM Corp., Invensys plc, Oracle Corp., PSI AG, Rockwell Automation Inc., SAP AG, Schneider Electric Co., and Werum Software & Systems AG.
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