Canada Industrial Process Automation Market is expected to reach USD 4.19 billion by 2030

The integration of industrial process automation in water and wastewater to control water treatment and increasing government initiatives are driving up demand for the Canada Industrial Process Automation market during the forecast period.

Canada Industrial Process Automation Market was valued at USD 2.54 billion in 2022, and is predicted to reach USD 4.19 billion by 2030, with a CAGR of 5.37% from 2023 to 2030, according to new research by Next Move Strategy Consulting.

The Canadian government has implemented various initiatives that are actively promoting the adoption of robotics in industrial settings, particularly for tasks such as product handling and sorting. These efforts are catalyzing market growth by incentivizing and facilitating the integration of robotic technologies in these sectors, ultimately enhancing efficiency and productivity within Canadian industries. 

For instance, in April 2022, the Canadian Government announced an investment of USD 780 million over the next five years to create a funding agency focused on innovation in science and technology, to offer strong programs in robotics and related fields, in turn producing a skilled workforce in the country. Thus, it is expected to fuel the industrial process automation market growth.

However, a major hurdle in the advancement of the industrial process automation market is the lack of standardization. The absence of standardized protocols can incentivize vendors to create proprietary systems that are difficult to replace or upgrade, potentially causing vendor lock-in. This situation can make companies overly reliant on a single vendor's technology, limiting their flexibility to collaborate with different providers. 

Vendor lock-in can result in higher expenses, reduced adaptability, and diminished opportunities for innovation, all of which can negatively affect the expansion of the industrial process automation market. Concerns about becoming tied to a specific vendor's technology may discourage companies from investing in automation systems, thus hampering market growth.

On the other hand, 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 offer enhanced control and transparency within industrial processes, resulting in substantial reductions in expenses related to the upkeep and enhancement of hardware, software, and infrastructure.

This cost-saving feature allows companies to redirect resources towards their core competencies and other strategic areas of their operations. The increasing adoption of cloud-based solutions for handling and harnessing 3D data acquired from reality capture devices indicates a noticeable surge in interest toward embracing these technologies. 

For instance, in January 2022, Accenture made a strategic investment via Accenture Ventures in Cintoo, a company that offers cloud-based solutions for the management and utilization of 3D data acquired from reality capture devices. As a result, continued growth and innovation in the industrial process automation industry is expected in the future.

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According to the report, leading players in the Canada Industrial Process Automation market include 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.

Key Insights from the Canada Industrial Process Automation Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Canada Industrial Process Automation market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the Canada Industrial Process Automation market is provided in the report along with their competitive analysis.

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