Textile accounted for the highest revenue share in the Bangladesh Factory and Industrial Automation Market – 6Wresearch
Textile accounted for the largest share in the market and it will continue to account for the largest share in the coming years. Only 10% of the apparel factories in the Bangladesh have adopted automation process and it is likely to increase significantly in the coming years on account of continuous government efforts such as developing a garment village on a 500-acre land to increase export revenues due to rising competition with Vietnam to provide products at competitive price. Textile industry has captured the highest market revenue share among all other industries as this sector is the highest contributor to the country’s overall export revenues. Increasing government efforts to promote RMG exports would generate more demand for automation products in order to compete with the global players. Factory and Industrial Automation Market in Bangladesh is one of the most essential markets in the country.
According to 6Wresearch, the Bangladesh Factory and Industrial Automation Market size is projected to grow at a CAGR of 10.2% during 2022-2028. With the growing number of factories in economic zones the demand and production of goods would increase significantly, driving the growth of overall factory and industrial automation market. Bangladesh Factory and Industrial Automation Market is expected to show substantial growth in the coming years owing to growing adaptation of technology and increasing penetration of robotics in the manufacturing sector. The sector is gaining popularity in the nation as the use of industrial automation is growing owing to the efficiency it offers. Factory and automation market in the Bangladesh is currently in the growing stage of the industry life cycle and is expected to grow at a robust rate in the coming years.
According to Ravi Bhandari, Research Head, 6Wresearch, Safety captured the highest market revenue share in the overall market owing to their wide applicability in almost all manufacturing units where high precision techniques and accuracy is required. Safety by system solution records significant share in the Bangladesh automation market on account of government measures such as ILO program which aims to improve safety and minimize the risk of another tragedy like the Rana Plaza incident that claimed more than 1,100 lives in 2013.
Controllers are anticipated to boost the market share in the coming years owing to their growing demand in the market. The Bangladesh Factor and Industrial Automation Industry is one of the largest industries in the nation and it will attain huge success in the coming years.
“The Bangladesh Factory and Industrial Automation Market (2022-2028)” report provides an in-depth analysis with 32 figures and 5 tables, covered in 123 pages. The report on the factory and Industrial Automation Market in Bangladesh comprehensively covers the industry by product/components, system solutions, and end users/industries. The report provides a detailed as well as unbiased analysis of the on-going growth drivers, opportunities/high growth areas, and trends of the market which are anticipated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.
Email Us: firstname.lastname@example.org
Call Now: +91-11-430-24-305