As per a latest research report by Technavio Research, the global industrial automation market in chemical and petrochemical market is poised to grow by USD 2.79 billion during 2019-2023, progressing at a CAGR of almost 8% during the forecast period.

The market is driven by technological advances in control systems. In addition, the rise in the demand for main automation contractors (MACs) is anticipated to boost the growth of the industrial automation market in chemical and petrochemical industry.

The growing need for fast and accurate systems in the process and discrete industries has led to technological advancements in automation control systems. Factors such as advances in sensor technology and the reduction in the cost of sensors have led to the development of wireless sensors that offer flexibility in installation. With the reduction in the size of circuit boards, controllers, and semiconductors, vendors are introducing miniature versions of automation control systems. Vendors are also incorporating advanced features such as faster processors, increased memory capacity, and new communication features to help the chemical and petrochemical industry operators handle complex operations. Many such technological advances in automation control systems are expected to have a positive impact on the growth of the market during the forecast period.