Finland Industrial Process Automation Market is expected to reach USD 204.2 million by 2030

Owing to the flourishing automotive industry and flourishing chemical industry are driving up demand for the Finland Industrial Process Automation market during the forecast period.

Finland Industrial Process Automation Market was valued at USD 131.9 million in 2022, and is predicted to reach USD 204.2 million by 2030, with a CAGR of 4.65% from 2023 to 2030, according to new research by Next Move Strategy Consulting. The chemical industry in Finland is resolutely dedicated to environmental sustainability, as evidenced by its ambitious objective of achieving carbon neutrality by 2045.

Finnish chemical companies are actively driving growth through the introduction of innovative and state-of-the-art products and services. Within this context, industrial process automation assumes a pivotal role in enhancing both efficiency and sustainability in chemical manufacturing processes.

Automation of these industrial processes can effectively reduce energy consumption and emissions, aligning perfectly with the industry's objective of reaching carbon neutrality. Additionally, as the chemical industry continues to gain significance alongside sectors like electronics and forest products, the implementation of automation technologies can further bolster its expansion and competitiveness, while simultaneously promoting a sustainable and environmentally responsible approach to industrial operations.

According to the European Chemical Industry Council, with revenues of USD 28.04 billion in 2021 and USD 13.8 billion of exports in 2021, the chemical industry is Finland’s largest export sector. It provided 19% of Finnish industrial output and 19% of exports. This is expected to propel the growth of the industrial process automation market in the country.

However, a significant challenge in advancing the industrial process automation market arises from the absence of standardized procedures. When standardized protocols are lacking, it can incentivize manufacturers to develop their proprietary systems that prove challenging to replace or upgrade. This situation can lead to a scenario where companies become overly reliant on a single vendor's technology, limiting their ability to collaborate with multiple service providers.

Vendor lock-in can lead to increased costs, reduced flexibility, and a limited scope for innovation, all of which can have an adverse impact on the growth of the industrial process automation market. Concerns about being tied to a specific vendor's technology may discourage companies from investing in automation systems, thus hindering the market's expansion.

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 Finland 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 Finland Industrial Process Automation Market Report:

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

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