The industrial automation and instrumentation market size in India is expected to increase by USD 1.92 billion between 2020 and 2025, expanding at a CAGR of 8.62 per cent during the forecast period
The industrial automation and instrumentation market in India is majorly benefited by the presence of a large number of regional and global oil and gas companies. The growing demand for energy and the rising competition has led major oil and gas companies in the country to increase their investments in automation technologies to boost productivity and reduce operational expenditure,” read a report by Technavio.
It continued, “Besides, rising investments by regional governments in renewable energy have further increased the scope for industrial automation in India. All these factors are creating huge growth opportunities for companies offering industrial automation solutions.”
By product, the market will generate maximum revenue in the industrial automation segment. The growing importance of predictive maintenance to ensure uninterrupted operations will be crucial in driving the growth of the segment.
Similarly, in terms of end-users, the market will witness maximum demand for industrial automation and instrumentation solutions from the process industries during the forecast period. The growth of the oil and gas, chemical and petrochemical, textile and apparel, mining and metals, water and wastewater, food and beverages, power, and pharmaceutical industries will foster the growth of the segment.
The market is mainly driven by the simplification of manufacturing through automation and the shift toward lean manufacturing. Advances in robotics, AI, and machine learning have simplified complex operations in the manufacturing sector. They have also resulted in increased labor productivity, improved quality, reduced labor cost, decreased lead times, and high work safety.
In addition, the rising need for efficient use of resources and reduction of emissions will create new growth opportunities for market players. On the other hand, cyber security threats and high upfront and upgradation costs of automation solutions will reduce the growth potential of market players.
