Worldwide process automation growth exceeds 5%/year.(NEWS)(Brief Article)

Control Engineering, April, 2005

Dedham, MA -- The worldwide process automation market demands more automation equipment, according to recent research by ARC Advisory Group. The global "Total Process Automation" market is expected to grow at a 5.1% compound annual growth rate (CAGR) during the next five years from nearly $50 billion in 2003 to more than $64 billion in 2008, according to a new ARC's study, "Total Automation Business for the Process Industries Worldwide Outlook."

While manufacturers are expected to remain cautious, ARC research found that plant equipment capital expenditures are projected to increase modestly in many industries. Global competition will compel most manufacturers to improve their plant machinery and processes to stay competitive. The report adds that several new...

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