Dedham, MA —Despite poor growth recently, the worldwide process automation market is projected to grow at a 4.7% compound annual growth rate (CAGR) over the next five years and exceed $58 billion in 2007, according to a new study, "Total Automation Business for the Process Industries Worldwide Outlook," released by ARC Advisory Group.

Though few manufacturers in the process automation market are building new plants because of excess global capacity, ARC's study found many pockets of reliable growth in process automation. Many process plants use legacy, often obsolete automation systems, and will require upgrading soon.

ARC adds that Latin America represents the highest growth area for total process automation, followed by developing regions of Asia. Meanwhile, the study adds that North America and the Europe, Middle East, and Africa (EMA) region will grow at about the same average annual rate, while Japan will likely see the least growth during the next five years.