Singapore Industrial Process Automation Market is expected to reach USD 605.36 million by 2030

The adoption of industrial automation in pharmaceutical industry and the thriving chemical industry are driving up demand for the Singapore Industrial Process Automation market during the forecast period.

Singapore Industrial Process Automation Market was valued at USD 318.86 million in 2022, and is predicted to reach USD 605.36 million by 2030, with a CAGR of 7.01% from 2023 to 2030, according to new research by Next Move Strategy Consulting.The burgeoning chemical industry in Singapore serves as a driving force behind the expansion of the industrial process automation market.

This sector extensively employs industrial process automation solutions, including DCS, PLC, and MES, to enhance its real-time production efficiency, precision, and safety. With the ongoing growth of the chemical industry, the demand for industrial process automation solutions is projected to continue its upward trajectory, consequently fostering further market growth.

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

Vendor lock-in can lead to increased expenses, decreased adaptability, and limited opportunities for innovation, all of which can negatively impact the growth of the industrial process automation market. Concerns about being tied to a specific vendor's technology may dissuade companies from investing in automation systems, thus impeding 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 Singapore 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 Singapore Industrial Process Automation Market Report:

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

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