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Global Automation Lifecycle Services Market to Reach $61.11 Billion by 2022, Finds Frost & Sullivan
" Asia-Pacific (APAC) is expected to account for 30.1% of the total LCS market by 2022, followed by North America (28.9%), due to the commissioning of new process manufacturing plants and large plant base," said , Senior Research Analyst, Industrial Practice. "Owing to the large presence of the discrete and hybrids industry, the EU will be third with 27%. MEA and LATAM regions account for 13.9% of the market."
Krishnan added: "Although Europe and North America are expected to be the fastest-growing regions with a CAGR of 8.2%, APAC is expected to bounce back strongly from COVID-19, with power, chemicals, and water industries showing strong recovery signs. In the Middle East , integration of refining and petrochemicals is leading to market consolidation, while LATAM is expected to witness strong recovery in 2021 and 2022, once COVID-19 subsides."
To tap into the growth prospects exposed by the industrial automation LCS market, vendors should focus on the following:
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Srihari Daivanayagam, Corporate Communications –
South Asia
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