Textile automation growing at six per cent
Global automation in the textile industry is expected to grow at a CAGR of six per cent during 2018-25. The automation market in the textile industry is fragmented and has the presence of numerous players who offer various products and services.
Availability of favorable government policies will be one of the major factors that will have a positive impact on the growth of global automation market. Countries like India are key revenue generators for the global textile industry. Owing to favorable government policies, there are several investments and developments in this sector, which will have a positive impact on the automation market. These policies are beneficial for the growth of the industry and drive the automation of processes, in turn, increasing the demand for field, control, and communication devices.
India is already allowing 100 per cent FDI in the textile industry under the automatic route. Industries listed under the automatic route need no approval from the Reserve Bank of India or the Government of India for any investments. Such favorable policies will attract investments in this sector and create a demand for automation products and services in the textile industry. In terms of geographic regions, Asia will be the major revenue contributor to the automation market in the textile industry throughout the forecast period.