Pune, Oct. 10, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Industrial Automation Market, valued at USD 206.85 billion in 2022, is projected to achieve a CAGR of 9.7% during the forecast period from 2023 to 2030, ultimately reaching USD 433.8 billion by the end of the decade.”
Market Overview
Industrial automation refers to the use of advanced technology and machinery to control and perform tasks in manufacturing and other industrial processes with minimal human intervention. It involves the integration of various systems and technologies to streamline and optimize production processes, improve efficiency, reduce errors, and enhance overall productivity. Industrial automation relies on sensors to gather data from the environment and actuators to execute specific actions based on that data. Sensors can detect variables such as temperature, pressure, humidity, and more, while actuators can control machines, robots, and other devices.
Market Analysis
The industrial automation market has witnessed significant growth in recent years, driven by various factors that continue to shape and transform the industry. Rapid advancements in technology, including the Internet of Things (IoT), artificial intelligence (AI), machine learning, and cloud computing, have revolutionized industrial automation. These technologies enable real-time data analysis, predictive maintenance, and smarter decision-making, driving the adoption of automation systems. Stringent safety regulations and quality standards are a driving force behind industrial automation adoption. Automation systems can ensure compliance with safety protocols and regulations while minimizing the risk of accidents and product defects. As companies expand globally and supply chains become more complex, the need for efficient and responsive production processes increases. Industrial automation allows for greater flexibility in adapting to changing market conditions and customer demands.
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Major Players Listed in this Report are:
The Key Players are ABB Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation & Other Players
Industrial Automation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 206.85 Bn |
| Market Size by 2030 | US$ 433.8 Bn |
| CAGR | CAGR of 10.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Industrial Automation Market Study
- In the ever-evolving landscape of industrial automation, the discrete automation segment is poised to emerge as a dominant force. This segment primarily focuses on manufacturing processes that involve the production of individual, distinct items, such as automotive parts, electronics, and consumer goods.
- The photoelectric segment stands out as a driving force in the market, thanks to its crucial role in sensing and detection applications. This segment encompasses a wide range of sensors and systems that utilize light-based technology to detect objects, changes in position, and a variety of other parameters.
Recent Developments
- Schneider Electric and Capgemini have joined forces in a groundbreaking collaboration aimed at propelling the advancement of 5G-powered industrial automation. This strategic partnership is set to revolutionize the industrial landscape, harnessing the transformative potential of 5G technology to enhance efficiency, productivity, and innovation across various sectors.
- Rockwell Automation and Infinitum, two industry leaders in automation and energy solutions, have joined forces in a groundbreaking agreement that promises to revolutionize the landscape of energy-intensive industrial applications. This collaboration aims to make high-efficiency low-voltage drives and motors readily available, addressing the growing demand for sustainable and cost-effective solutions in the industrial sector.
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Market Dynamics Analysis
The industrial automation market is undergoing dynamic shifts driven by a multitude of factors. One of the primary drivers propelling its growth is the relentless pursuit of increased efficiency and productivity across industries. Companies are increasingly adopting automation solutions to reduce labor costs, improve precision, and enhance operational speed. Furthermore, the rising demand for high-quality products and the need for consistency in manufacturing processes are compelling industries to invest in automation technologies. However, this transformative journey is not without its challenges and restraints. The upfront costs associated with implementing automation systems can be substantial, especially for small and medium-sized enterprises, which might deter adoption. Additionally, concerns about job displacement due to automation persist, necessitating careful workforce planning and upskilling programs to address this issue. Lastly, regulatory hurdles and compliance requirements, particularly in highly regulated sectors like healthcare and pharmaceuticals, pose significant threats, as non-compliance can result in hefty fines and reputational damage.
Industrial Automation Market Key Segmentation
By Components
- Hardware
- Photoelectric
- Laser
- Inductive
- Others
- Motor
- AC
- DC
- Drive
- Sensors
- PLC
- HMI
- Servo
- Laser Markers
- Safety Light Curtain
- Robots
- Software
By Industry
- Discrete Automation
- Automotive
- Electronics
- Heavy Manufacturing
- Packaging
- Others
- Process Automation
- Oil & Gas
- Chemicals
- Pulp & Paper
- Mining and Metals
- Healthcare
- Others
Key Regional Developments
North America, led by the United States, is a significant player in industrial automation. The region is characterized by a mature industrial automation market market with a strong emphasis on advanced technologies such as IoT, AI, and robotics. Key industries include automotive, aerospace, and electronics manufacturing. Government initiatives to promote domestic manufacturing and automation have further fueled growth. Often referred to as the 'Industrial Heart of Europe,' Germany is a powerhouse in industrial automation. The country is renowned for its engineering excellence and exports a wide range of automation equipment globally. The emphasis here is on precision engineering and Industry 4.0 initiatives.
Impact of Recession on Industrial Automation Market Growth
The ongoing recession has had a mixed impact on the industrial automation market. While it has posed challenges for some businesses, it has also accelerated the adoption of automation technologies in various industries. As companies seek ways to navigate uncertain economic conditions, industrial automation is likely to play a pivotal role in their strategies for cost reduction, efficiency improvement, and long-term competitiveness.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Industrial Automation Market, By Components
9. Industrial Automation Market, By Industry
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion
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