Industrial Automation Market Predicted to Garner USD 493 billion by 2032

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According to Market.us, The Industrial Automation Market is projected to reach USD 493 billion by 2032, expanding at a CAGR of 9.0% between 2023 and 2032.

New York, March 14, 2023 (GLOBE NEWSWIRE) — The global industrial automation market was valued at around USD 212.6 billion in 2022 and is projected to reach approximately USD 493 billion in 2032, growing at a CAGR of slightly above 9.0% between 2023 and 2032. Industrial Automation is the automation of machinery and processes in different industrial sectors. It makes use of autonomous technologies like robotics or computer software.

Global Industrial Automation Market

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Key Takeaway:

  • By Component, in 2022, the industrial robots segment has generated the largest revenue share 2022.
  • By Control System, the distributed control system(DCS) segment has dominated the market, and it accounted for the largest global revenue of 34% in 2022.
  • By End-User Industry, the manufacturing segment had dominated the market, and it accounted for the largest global revenue of 10% in 2022.
  • In 2022, Asia Pacific dominated the market with the highest revenue share of 34.5%.
  • The North American region is expected to grow at a significant CAGR from 2023-2032.

The industrial automation market is expected to grow exponentially over the forecast period due to the increasing adoption of automation technology in various industrial sectors such as automotive, chemical, and energy utilities.

Factors affecting the growth of the industrial automation market
There are several factors that can affect the growth of the industrial automation market. Some of these factors include:

  • High Demand for real-time data analysis: Real-time data analysis in industrial automation reduce risks and learns more about customers, as such demand is increasing in the market which is propelling the market growth.
  • Government Policies: Smart manufacturing and government policies such as the Government of India MSME loan scheme and Made in India movement are likely to open up new market opportunities.
  • The cost of automation: Tools for quality control like sensors and inspection cameras are an important part of the automation system. This aspect increases the cost of automation for businesses.

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Top Trends in Global Industrial Automation Market

GST application forced the companies to associate their warehouse for tax benefits and business productivity. This inspires companies to adopt mobile automated vehicles.

Manufacturing industries in India are continuously started adopting robotics applications in their manufacturing processes. It helps manufacturers to offer error-free delivery within a short time in the market.

Companies in the manufacturing industry are using automatic identification and data capture in the process to collect data for classification and market analysis. Companies in India are installing various conveyor systems to reduce manual operations.

Market Growth

The global industrial automation market is driven by its significant use in various industrial sectors such as automotive, chemical, and energy utilities.

Vendors in Warehouse Management Systems(WMS) are working with end users to democratize automation due to this market growth is driving.

Industrial automation has large demand in the manufacturing industry due to companies using automated automotive assembly lines for the manufacturing of fuel systems, pumps, motors, and gearboxes.

Regional Analysis

The industrial automation market was dominated by Asia Pacific, which acquired the most significant revenue share of 34.5% in 2022. The strong growth in the Asia Pacific region can be attributed to the present key market players as well as emerging companies within the region.

The region is also seeing a growing demand for better solutions to manage industrial plants in India, China, and other countries. Smart production facilities are a common trend. This helps to increase the acceptance of industrial automation and is driving further market growth in the region.

North America is expected to hold a lucrative market share in the forecast period. Many regional industries in North America including automotive, healthcare, and manufacturing, are adopting industrial automation.

Competitive Landscape

Key companies are investing substantial capital in joint ventures and research and development in new technologies. Market players are also expanding the capabilities and applications of automation control systems in support of their use in various industries such as healthcare, aerospace & defense, automotive, and chemicals.

Some of the major players include ABB Ltd., Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, Fuji Electric Co., Ltd., Other Key Players.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 212.6 Billion
Market Size (2032) USD 493 Billion
CAGR (from 2023 to 2032) 9.0%
APAC Revenue Share 34.5%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Rapid growth is being experienced due to the rise of connected enterprises. Information flow between different units within an industry is essential for enhanced production. It allows manufacturers to better understand the process of converting raw materials into finished goods using IoT/IP networks.

Revolution in industry 4.0 helps industries for a digital supply chain which is the main factor for the growth of the industrial automation market.

Market Restraints

Industrial automation is cost-effective and requires high initial costs for technology implementation and training which is the primary factor which restraining market growth.

Also, market growth is affected by a lack of skilled workers and employees.

Market Opportunities

The industrial automation market is expected to grow with continued development and investment in the manufacturing sector.

New automation technologies, such as AI, machine learning, cloud computing, and other technologies will create lucrative growth opportunities in the global industrial automation market.

Also, the integration of IoT in manufacturing plants is helping for connecting devices and systems to a network which is expected to drive the market during the forecast period.

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Report Segmentation of the Industrial Automation Market

Component Insight

Based on components, the industrial robot segment is dominant in the market with the largest market share and is expected to continue its dominance during the forecast period. An industrial robot is a machine designed to perform production-related tasks in an industrial environment. Industrial robots are highly effective in increasing productivity and producing high-quality products.

Control System Insight

Based on the control system, the distributed control system segment was dominant in the market with the largest market share of 34% in 2022. The advent of 5G technology and its adoption by the power sector is the main factor for the growth of this segment.

End-User Industry Insight

On basis of the end-user industry, the manufacturing segment is dominant in the market with a market share of more than 10% and will remain dominant during the forecast period. Automation in manufacturing refers to the use of production software and robotic tools to manage a factory during the manufacture of a product. These tools can be used to assist businesses in tasks like production planning, inspection, processing, assembly, and inventory management.

For more insights on the historical and Forecast Industrial Automation Market data from 2016 to 2032 – download a sample report at https://market.us/report/industrial-automation-systems-market/request-sample/

Market Segmentation

Based on Component

  • HMI
  • Industrial Robots
  • Control Valves
  • Sensors
  • Other Components

Based on Control systems

  • DCS
  • PLC
  • SCADA
  • Other Control Systems

Based on End-User Industry

  • Oil and Gas
  • Automotive
  • Healthcare
  • Food and Beverages
  • Chemicals
  • Energy and Power
  • Manufacturing
  • Other End-User Industries

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Key Market Players

  • ABB Ltd.
  • Emerson Electric Co.
  • Honeywell International, Inc.
  • Kawasaki Heavy Industries, Ltd.
  • Mitsubishi Electric Corporation
  • OMRON Corporation
  • Rockwell Automation, Inc.
  • Schneider Electric SE
  • Siemens AG
  • Yokogawa Electric Corporation
  • Fuji Electric Co., Ltd.
  • Other Key Players

Recent Development of the Industrial Automation Market

  • In February 2021, ABB launched cobot portfolios in GoFa cobots and SWIFTI cobots. The cobots are able to provide high capacity and support the robots in their movements.
  • In April 2021, Accenture has completed its acquisition of Pollux. This acquisition will expand the expertise and experience of Pollux in automation solutions.
  • In June 2021, Plex Systems was acquired by Rockwell Automation Inc., a provider of smart manufacturing solutions. The acquisition will expand industrial cloud offerings through Plex Systems’ cloud-native smart manufacturing platform.

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