Textile automation grows at six per cent
Automation in textile industry is expected to register a six per cent CAGR by 2023.
There are several investments and developments in the industrial sector, which will have a positive impact on the automation market. Availability of favorable policies will be one of the major factors that will have a positive impact on the growth of the market. Favorable policies will attract investments in this sector and create a demand for automation products and services in the textile industry. 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.
Rapid developments in the textile industry have led to improvements in product offerings by vendors and superior quality solutions to customers. Vendors are also offering licensing options that allow end-users to reduce the cost of initial investments.
Asia will be the major revenue contributor to the automation market in the textile industry throughout the forecast period. Additionally, the increase in investments in the textile industry will also fuel the market’s growth in the region. Countries like India are key revenue generators for the global textile industry. India already allows 100 per cent FDI in the textile industry under the automatic route.