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Gulf region’s automation industry on track for double digit growth

Submitted by adminsmb on Fri, 07/13/2018 - 23:20

The Gulf region’s automation industry is on track for double digit growth over the next five years, as recovering oil prices and government economic diversification plans boost demand for industrial and building automation technologies, according to new research.

A July 2018 knowledge report by consulting firm TechSci Research said the GCC market for industrial and building automation will be worth US$10.3 billion in 2023, growing at a compound annual growth rate (CAGR) of 10.7 percent from an estimated US$5.6 billion in 2017.