Industry: Semiconductor & Electronics | Publish Date: 14-Nov-2023 | No of Pages: 118 | No. of Tables: 90 | No. of Figures: 34 | Format: PDF | Report Code : N/A
Latin America Industrial Process Automation Market was valued at USD 5.35 billion in 2022, and is predicted to reach USD 8.41 billion by 2030, with a CAGR of 4.83% from 2023 to 2030. Industrial process automation refers to the use of computer technology, along with hardware to control & monitor industrial processes such as inventory management, manufacturing, and production of goods.
It involves the integration of various technologies and systems, such as sensors, programmable logic controllers (PLCs), human-machine interfaces (HMIs), and supervisory control & data acquisition (SCADA) systems, to streamline and optimize production processes including quality control, assembling, testing & inspection, packaging & labeling.
Process automation is applied to a wide range of industries, including oil & gas, chemical processing, food & beverage, and pharmaceuticals, among others. The goal of process automation is to improve efficiency, quality, and safety while reducing costs & minimizing human error.
Thus, industrial process automation plays a significant role in modern manufacturing & production, enabling companies to operate more efficiently, produce higher-quality products, and create safer working environments for their employees when compared to traditional manual methods.
The continuous innovation and development aimed at enhancing the accuracy & efficiency of food production processes, while ensuring compliance with food safety regulations, are expected to fuel the growth of the industrial process automation market in Brazil. For instance, in March 2021, ABB launched collaborative robots for Nestle, the world's largest food & beverage company to improve the productivity of pallet loading in its chocolate manufacturing facilities in Brazil by 53% by using a newly built ABB palletizing robotic solution.
The growth of the industrial process automation market in Latin America is driven by rising investments in automation in Peru. For instance, in June 2021, the Inter-American Development Bank (IDB) announced the approval of a USD 300 million conditional credit line for Peru to support investment in business innovation & automation and help close the technology gap that affects micro, small & medium-sized enterprises (MSMEs).
This provides an opportunity for the industries in Peru to invest in various industrial process automation systems such as DCS, PLC, and industrial robots to enhance their production efficiency, reduce costs, and improve the quality of their output. This contributes to the growth of the market in the country.
Lack of standardization is a significant challenge that can restrain the growth of the industrial process automation market. In the absence of standards, vendors may create proprietary systems that are difficult to replace or upgrade. This may lead to vendor lock-in, as companies become reliant on the technology of a particular vendor, limiting their ability to work with different vendors.
Vendor lock-in can lead to higher costs, lower flexibility, and less innovation, which can negatively impact the growth of the industrial process automation market. Companies may be hesitant to invest in automation systems if they are concerned about being locked into a particular vendor's technology, limiting the growth of the market.
The increasing adoption of cloud-based automation solutions presents a significant growth opportunity for the industrial process automation industry. These solutions offer several benefits such as increased efficiency, productivity, and profitability for businesses. They can be easily scaled up or down, making them suitable for businesses of all sizes.
Additionally, cloud-based solutions provide greater control and visibility into industrial processes, and can significantly reduce the costs associated with maintaining and upgrading hardware, software, and infrastructure. Cloud-based automation solutions can significantly reduce the costs associated with maintaining & upgrading hardware, software, and infrastructure.
As a result, companies can focus on their core competencies and invest resources in other areas of their business. With several companies investing in cloud-based solutions for managing and utilizing 3D data obtained from reality capture devices, it is evident that there is a growing interest in adopting these technologies.
For instance, in January 2022, Accenture strategically invested through Accenture Ventures, in Cintoo, a provider of cloud-based solutions to manage and utilize 3D data obtained from reality capture devices. As a result, continued growth and innovation in the industrial process automation industry is expected in the future.
The Latin America industrial process automation industry includes several market players such as Hitachi Ltd, Yokogawa Electric, Siemens AG, Mitshubishi Electric Corporation, Honeywell International Inc., ABB Ltd, Toshiba Corporation, Emerson Electric Co., Rockwell Automation Inc, Omron Corporation, and Fanuc Corporation, Schneider Electric SE, Endress+Hauser, Valmet OYJ, and Dwyer Instruments Inc.
MES
Hardware
Software
Services
DCS
Hardware
Software
Services
PLC
Hardware
Software
Services
SCADA
Hardware
Software
Services
Field Instruments
Industrial Robots
Human Machine Interface
Process Analyzers and Drives
Oil and Gas
Chemicals and Refining
Energy and Power
Pulp and Paper
Metals and Mining
Pharma
Cement & Glass
Others
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2022 |
USD 5.35 Billion |
Revenue Forecast in 2030 |
USD 8.41 Billion |
Growth Rate |
CAGR of 4.83% from 2023 to 2030 |
Analysis Period |
2022–2030 |
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
The rising investments in automation in Peru The advancing precision and food safety in Brazil. |
Companies Profiled |
15 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Hitachi Ltd
Yokogawa Electric
Siemens AG
Mitshubishi Electric Corporation
Honeywell International Inc.
ABB Ltd
Toshiba Corporation
Emerson Electric Co.
Rockwell Automation Inc
Omron Corporation
Fanuc Corporation
Schneider Electric SE
Endress+Hauser
Valmet OYJ
Dwyer Instruments Inc.