Automation For Process Industries Headed Up

ARC Advisory Group expects the worldwide market for automation products and services for process manufacturers to grow at a 5% compounded annual growth rate during the next five years. The market will grow from $44 billion, its 2001 level, to close to $57 billion by 2006, according to the research/consulting company. "Despite recent economic turmoil, the worldwide market for automation products and services seems to be making a turnaround in the first half of 2002," says ARC Research director Larry O'Brien. "While new construction remains depressed, industries such as refining and petrochemicals are trying to drive more out of existing plant assets by purchasing advanced forms of automation." O'Brien is principal author of the report, "Total Automation Business for Process Industries Worldwide Outlook, Market Analysis & Forecast Through 2006." Of process automation products, software and associated services has the highest growth potential, according to ARC.