The rapid digitalization and adoption of automation led the industrial sector to witness huge demand last year. The acute labor shortages should drive the sector’s growth further in the upcoming months. The industrial automation market is expected to grow at a 7.6% CAGR to reach $233.94 billion by 2028. So, both Honeywell International Inc. (HON) and Emerson Electric Co. (EMR) should benefit.
HON and EMR are two prominent industrial companies. HON operates as a diversified technology and manufacturing company worldwide. It offers aerospace products and services, control, sensing, and security technologies for commercial buildings, specialty chemicals, advanced materials, process technology for refining and petrochemicals, and energy-efficient products and solutions. EMR designs and manufactures electronic and electrical equipment, software, systems, and services. The company offers its products for industrial, commercial, and consumer markets worldwide through its network power, process management, industrial automation, climate technologies, and commercial and residential solutions divisions.
