Industrial Automation Market to Grow with a CAGR of 11.19% through 2028
Increased demand for automation in manufacturing and growing
adoption of industry 4.0 are likely to drive the market in the forecast period.
According to TechSci Research report, “Industrial
Automation Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Industrial Automation
Market stood at USD 208.08 billion in 2022 and is anticipated to grow with a
CAGR of 11.19% in the forecast period. One significant driver of the global
Industrial Automation Market is the ever-increasing demand for operational
efficiency across various industries. Companies are continually striving to
optimize their production processes, reduce costs, and improve overall
productivity. Industrial automation technologies offer a solution to meet these
objectives. Automation enables businesses to streamline their operations by
replacing manual labor with advanced machinery and control systems. For
instance, in manufacturing, robots can perform repetitive tasks with precision
and consistency, leading to higher output rates and lower error rates. This not
only reduces labor costs but also enhances product quality. Moreover,
automation allows for real-time monitoring and control of industrial processes,
leading to better resource utilization and reduced waste. This level of
efficiency extends beyond manufacturing and is also crucial in sectors like
logistics, where automated warehouses and distribution centers can
significantly improve order fulfillment speed and accuracy. As competition
intensifies in the global marketplace, the pursuit of operational excellence
through industrial automation becomes imperative. Consequently, the demand for
automation solutions continues to grow, driving innovation and development
within the Industrial Automation Market.
Another key driver of the global
Industrial Automation Market is the rapid advancements in artificial
intelligence (AI) and machine learning (ML). These technologies are
revolutionizing the way industries approach automation, making processes
smarter and more adaptive. AI and ML algorithms enable automation systems to
learn from data, adapt to changing conditions, and make real-time decisions.
This level of intelligence is invaluable in industrial settings where complex
tasks require constant adjustments and optimization. For example, in the
manufacturing sector, AI-powered robots can detect defects in real time, adjust
their processes accordingly, and provide valuable insights for continuous
improvement. In logistics, AI-driven predictive analytics can optimize supply
chain routes and inventory management, reducing costs and improving delivery
times. Furthermore, AI and ML are crucial for predictive maintenance. By
analyzing data from sensors and equipment, these technologies can predict when
machinery is likely to fail, allowing for proactive maintenance to prevent
costly breakdowns and downtime. As industries increasingly recognize the
transformative potential of AI and ML in automation, the demand for such
solutions continues to surge. This driver propels research, development, and
adoption of advanced AI and ML technologies in the global Industrial Automation
Market.
Browse over XX market data Figures spread
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Automation Market.”
The Global Industrial Automation Market is segmented
into component, industry, vertical and region.
Based on component, The hardware segment had the largest
market share in 2022 & expected to maintain it in the forecast period. Industrial
automation relies heavily on the physical components, devices, and machinery
that form the backbone of automated systems. Hardware components include
robots, sensors, actuators, motors, programmable logic controllers (PLCs), and
other tangible assets. These devices are essential for controlling, monitoring,
and executing tasks in manufacturing, logistics, and other industrial
processes. Hardware components are
responsible for the real-time control and execution of tasks. For instance,
robots on an assembly line perform precise and repetitive tasks efficiently,
enhancing production speed and consistency. PLCs control various machinery,
ensuring they operate seamlessly within a predefined set of parameters. Sensors
and data acquisition hardware play a crucial role in collecting data from
industrial processes. These sensors measure variables such as temperature,
pressure, speed, and quality, providing essential input for decision-making and
process optimization. Hardware components are designed to withstand harsh
industrial environments, ensuring they function reliably over extended periods.
This robustness is vital in industries where downtime can be costly and
disruptive. Hardware is often designed with compatibility in mind, allowing
different components from various manufacturers to work together cohesively.
This interoperability ensures flexibility in building automation systems
tailored to specific industry needs.
Based on industry, The Process automation segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Process automation is dominating the global industrial
automation market for several compelling reasons. Firstly, it brings
unprecedented efficiency to industrial processes. By automating repetitive and
time-consuming tasks, it reduces the need for manual labor, minimizes errors,
and ensures consistent, high-quality production. This leads to significant cost
savings and improved productivity for businesses. Secondly, process automation
enhances safety in industrial environments. It can handle hazardous or risky
tasks, reducing the risk of accidents and injuries to human workers. This not
only protects employees but also minimizes downtime and associated losses. Thirdly,
the data-driven nature of process automation allows for better decision-making.
Real-time monitoring and analytics provide valuable insights into operations,
enabling companies to optimize processes, identify issues before they escalate,
and adapt to changing market conditions swiftly.
Major companies operating in the Global Industrial
Automation Market are:
- ABB Ltd
- Emerson Electric Co. (U.S.)
- Siemens AG
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation
- Omron Corporation
- Yokogawa Electric Corporation
- Fanuc Corporation
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“The Global Industrial Automation market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. Automation
is being increasingly used in manufacturing to improve efficiency,
productivity, and quality. Industry 4.0 is a fourth industrial revolution that
is characterized by the use of advanced technologies such as robotics,
artificial intelligence, and big data analytics. These technologies are driving
the adoption of automation in manufacturing. Similarly, Governments around the
world are imposing stricter regulations on environmental pollution and safety.
This is driving the adoption of automation in manufacturing to reduce emissions
and improve safety. Also, Rising labor costs in developed countries are driving
the adoption of automation in manufacturing to reduce labor costs. There are
technological advancements in industrial automation, such as the use of new
sensors and actuators. These advancements are making industrial automation
systems more efficient and cost-effective. Therefore, the market of Industrial
Automation is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Industrial Automation Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Component (Hardware, Software), By Industry (Process Automation, Factory
Automation, Machine Automation), By Vertical (Pharmaceutical, Food &
Beverage Machinery, Energy Equipment/Mining/Utilities, Packaging Machinery,
Automotive, Textile/Fabric/Coating Machinery, Logistics and Transportation
Equipment, Electrical/Electronic Manufacturing, Building Materials Machinery
& Fluid Machinery, Machine Tool Industry, Plastics/Rubber Machinery,
Industrial Robotics, Wood Working Machinery, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Industrial Automation Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Industrial
Automation Market.
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