Global Industrial Automation Industry Research 2024-2031: Supply Chain Optimization, Energy-Efficient Systems, Government Initiatives Bolsters Growth [Yahoo! Finance]
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Source: Yahoo! Finance
Controls), Services), Mode of Automation, End-use Industry (Oil & Gas, Automotive, Food & Beverage), and Geography - Global Forecasts to 2031" report has been added to ResearchAndMarkets.com's offering. The industrial automation market is expected to reach 368.05 billion by 2031, growing at a CAGR of 9.1% during the forecast period of 2024-2031. The market growth is driven by government initiatives promoting industrial development, increasing investments in industrial automation, rising demand for energy-efficient systems, and increasing need for supply chain optimization. However, high CAPEX requirements and concerns about workforce displacement restrain the market's growth. Moreover, the increasing demand for sustainable solutions is expected to create market growth opportunities. However, cybersecurity risks associated with automated systems pose challenges to the market's growth. In 2023, Asia-Pacific is expected to account for the largest share of the snacks processing eq
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