Posted On: 1970-01-01
Oil and gas sector acquired the highest revenue share in the overall Saudi Arabia industrial automation market in 2019 - 6Wresearch
Saudi government’s initiatives to reduce the dependency on the oil and gas sector and invest heavily in the domestic manufacturing sector including pharmaceutical, automobile, and food processing industries would spur the demand for industrial automation in Saudi Arabia over the coming years. Further, the growing need for automation for better production efficiency in the industrial sector would open up new avenues for industrial automation solutions.
According to 6Wresearch, Saudi Arabia industrial automation market size is projected to grow at a CAGR of 4.1% during 2020-2026. The Saudi government has implemented several initiatives to boost the non-oil sector such as Vision 2030, National Transformation Program (NTP) and the National Industrial Development and Logistics Program (NIDP). All these bode well for the growth in the non-oil sector, especially manufacturing, resulting in an increased demand for industrial automation in the kingdom. Furthermore, increasing the use of technologies such as Industry 4.0 and IoT (Internet of Things) are expected to promote the adoption of smart factories. Thus, the growing need to connect devices and machines efficiently with each other would lead to the demand for industrial automation in the forecast period.
According to Akshay Thakur, Senior Research Analyst, Research and Consulting, 6Wresearch, “In 2019, motion and drives garnered maximum revenue share in the overall Saudi Arabia industrial automation market on account of the vital role played by them in automation function of the industry such as conveyors, linear motions, cooling application and rotational operations.
Further, the robotics segment is expected to register the highest growth in the Saudi Arabia industrial automation market in the forecast period on account of the usage of technologies such as Industry 4.0 across the country which in turn would lead to faster adoption of robotics in the industrial manufacturing process. Also, incorporation of robotics in the industrial manufacturing process would improve the efficiency of manufacturing and reduce labor costs as well.” Akshay further added.
According to Apoorva Sawhney, Research Analyst, Research and Consulting, 6Wresearch, by verticals, the oil and gas segment holds the highest revenue share in Saudi Arabia industrial automation market. However, the growing participation of private players in the power utility sector, rising demand for power infrastructure to fulfill power requirements in remote areas, increased investment in renewable energy projects and plans to boost the national power generation capacity are likely to lead to the development of power plant projects in the country, resulting in a surge in the demand for industrial automation in the coming years.
Some of the key players in the Saudi Arabia industrial automation market include Siemens, ABB, Honeywell, Yokogawa, and Omron.
“Saudi Arabia industrial automation market (2020-2026F)” report provides an in-depth analysis with 22 figures and 10 tables covered in more than 85 pages. The report estimates and forecasts the overall Saudi Arabia industrial automation market by-products, by verticals and by regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.