USD 177.57 billion
Report ID:
SQMIG45D2047 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
61
|Figures:
75
Global Industrial Automation Market size was valued at USD 171.21 Billion in 2022 and is expected to grow from USD 185.42 Billion in 2023 to reach USD 350.9 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).
The industrial automation market is a dynamic and rapidly evolving sector that revolutionizes traditional manufacturing processes through the integration of cutting-edge technologies. Its primary function can therefore be viewed in the improvements of operations, efficiency, and economies during diverse commercial enterprises. This market is concentrated in a vast number of automation solutions; robotics, control systems, sensors, and software solutions that are deployed with the main purpose of enhancing efficacy and safety measures in the production line as well as maintaining uniformity and reliability of the products being manufactured. The constant quest for operational efficiency and minimized operational costs by industries to remain relevant in today’s global marketplace remains a dominant driver of the industrial automation market. This represents an ideal market since its need for quality products to meet the standard set down by regulatory and government bodies puts pressure on companies to employ automation solutions to enhance the manufacturing lines.
The most significant is the relatively high initial investment costs of introducing automation technologies. It may also help to explain why SMEs specifically do not adopt it, as this last barrier may discourage more firms from doing so. Furthermore, issues related to job loss and the lack of sufficient demand for re-skilling represent major barriers that reflect upon the population at large. Nevertheless, the implementation of single or multiple types of automation technologies into an already operating system still remains a big issue for most industries and organizations since this process demands big investments, as well as special knowledge and a great deal of efforts to match new automated components with the existing processes and avoid negative impacts on the organizational performance. It challenges also pose threat in cybersecurity as automation systems I different organizations are most likely to be connected to the internet hence easily attacked/ hacked.
However, the concept of industrial automation provides market sales opportunities that can bring new ideas to the existing industry. Growth and maintenance of Industry 4.0, characterized by the intersection of digital tools with classical production techniques, can be considered the starting point for the emergence of a smart factory and companion systems. The utilization of IoT technology and integrated AI algorithms builds additional opportunities for prognosis, analytics, and making decisions about maintenance and functioning, as well as it suggests more potential profit yields and loss decrease.
US Industrial Automation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 177.57 billion
Largest Segment
Discrete Automation
Fastest Growth
Discrete Automation
Growth Rate
8.84% CAGR
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The global industrial automation market is segmented on the Component, Hardware, Software Type, Industry Vertical, and region. Based on Component, the market is segmented into Hardware, Software, and Service. Based on Hardware, the market is segmented into Industrial Sensors, Machine Vision Systems, Field Instruments, Industrial Robots (Robot Type- Traditional Industrial Robots, Collaborative Robots), Human Machine Interface, Industrial PCs, and Others. Based on Software Type, the market is segmented into Manufacturing Execution System, Industrial Safety, Plant Asset Management, Supervisory Control & Data Acquisition, Programmable Logic Controller, and Distributed Control System. Based on Industry Vertical, the market is segmented into Oil and Gas, Manufacturing, Automotive, Healthcare, Food and Beverages, Chemicals, Energy and Power, Metal and Mining, and Others. Based on region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by Component
The software segment stands as the largest driving force, wielding significant influence over the industry's trajectory. This dominance stems from the pivotal role software plays in optimizing operations, enhancing efficiency, and enabling seamless integration across various automated processes. From advanced SCADA (Supervisory Control and Data Acquisition) systems to robust PLC (Programmable Logic Controller) programming platforms, industrial software solutions empower manufacturers to streamline production, minimize downtime, and ultimately boost profitability. Moreover, the emergence of Industry 4.0 technologies has catalyzed further growth in this segment, with solutions like MES (Manufacturing Execution Systems) and predictive analytics platforms revolutionizing how factories operate, driving demand for sophisticated software offerings.
The services emerge as the fastest-growing segment, propelled by the escalating need for specialized expertise and support to implement and maintain automation solutions effectively. As industries increasingly transition towards automation to stay competitive in today's dynamic landscape, the demand for consulting, integration, and maintenance services surges. Companies seek to capitalize on the full potential of automation technologies, necessitating tailored solutions, training, and ongoing support to optimize performance and ensure seamless operation. This trend underscores the pivotal role of service providers in facilitating the adoption and evolution of industrial automation, shaping the industry's trajectory as it continues to innovate and expand.
Analysis by Industry Vertical
The manufacturing segment occupies its significant position among the other categories as the largest industrial automation market. This can be attributed to the increased use of automation technologies to improve the efficiency of their operations, maintain high standards of their products, and in the process, minimize expenses. Automotive industries, electrical industries, textiles, garment industries, and related fields like home appliances and consumer durables also engage extensively in the use of robotics, artificial intelligence, and advanced control systems.
The healthcare segment is one of the most extensive growth segments in the industrial automation industry. This is because there is a growing need for high accuracy, best quality, and speed in operations involving surgeries, tests and manufacture drugs. The automation technologies applied in healthcare are numberless such as; robotic surgeries, automated diagnosis, and artificial intelligence in patients’ monitoring and data processing. These developments are not only beneficial to the patient’s end, but also beneficial for physicians, nurses, and medical facilities overall cutting back on expenses. COVID-19, within this regard, has played a crucial role to push the adoption of automation solutions in the healthcare unit, making it amply clear that reliable and scalable solutions are preconditions necessary to meet drastically increased healthcare needs. This trend shows the increasing willingness of the healthcare sector to adopt new technologies in the area, which is the major factor in the continuing expansion of the industrial automation market at top speed.
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North America stands as a dominating region in this market, primarily due to the presence of major technology companies, high investment in research and development, and the early adoption of advanced manufacturing technologies. They identify the United States of America particularly as having better structure embracing automation in different industries such as automotive, aerospace and electronics. Other driving forces such as the efforts of the government to promote smart manufacturing and the use of IoT gadgets in industrial operations also help augment the growth of the market in this region.
The Asia-Pacific region is still considered as the most growing market pertaining to industrial automation. This fast-growing market is due to the increasing trend towards the automation of countries such as China, India, and Japan that constitute the manufacturing world’s heart. The area embraces a large pool of human resources which is harnessed through increased investment in industrial structures and accompanied by great emphasis on improvement of manufacturing competence to conform to global standards. In this case, smart factories have been affirmed as the leading influencer of automation technologies contributed by the government’s backing through various policies and activities. Also, electronics automotive & textile industries across Asia-Pacific have been growing tremendously invoking the necessity to adopt high end of automation for higher productivity and positioning in the global market.
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Industrial Automation Market Driver
Government Initiatives to Promote Industrial Automation
Growing Need for Flexible and Customizable Production
Restraints
Fluctuations in end-use industries
Concerns about Job Displacement
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The industrial automation market is competitive, characterized by a landscape dominated by several key players. These companies present a broad spectrum of products like the programmable logic controller (PLC), human interface devices, supervisory control and data acquisition devices and systems, and various industrial robots amongst others. It’s the kind that never rests but keeps reinventing itself in lines of activity including industrial security, cloud-based automation, software solutions, etc., which people globally require in manufacturing businesses. However, there are many other industry players and new entrants from the region, as well as increasingly innovative solutions and technologies such as machine vision systems, and predictive maintenance systems for the industrial environment. The role of strategic partnerships and affiliations, mergers and acquisitions are critical in determining key features of the market growth, allowing companies to proliferate its market share, as well as advance its technology portfolio and sustain its competitive advantages. It creates a continual development and guarantees the market relevant to the dynamics of industries and what is expected on the international level.
Industrial Automation Market Top Player's Company Profiles
Industrial Automation Market Recent Developments
In March 2024, ABB Ltd from Switzerland shares a partnership with Automated Architecture Ltd (AUAR) from U. K. to incorporate Robotic Automation in constructing buildings. These ideas define the mission of the collaboration related to vision and AI for robots to construct low-energy dwelling homes.
In February 2024, Automation Technology GmbH (Germany) unveiled a new 3D sensor series called ECS (Eco Compact Sensor) sensors that is ideal for machine vision application mainly in the food processing, packaging, and robotics industries.
In November 2023, the Germany based software corporation SAP SE has opened the SAP Hong Kong Cloud ERP Experience Center for midsize firms – the center is designed to help midsize firms to adopt cloud-based ERP tools comes with business AI and automation solutions.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types of teams that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Market analysis, the market for industrial automation is proving to be rapidly growing, with North America pushing competitors out of the race. The executive summary of the regional leadership is informed by factors such as the well-developed manufacturing industry, the high penetration levels of automation technologies, and massive investment in the digitization of industries. An influential force behind this drive is the rising need for cutting costs and increasing productivity across manufacturing organizations, which automation solutions help to meet. Also, because of proliferation of IoT and AI technologies, another trend is the increased rate of integration of IoT and AI into automation systems which makes manufacturing smarter and more adaptive. Such developments do not only improve production efficiency but can also spearhead the provision of predictive maintenance and raw data processing in real time, which serves to reinforce North America’s status as the epicenter of industrial automation.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 171.21 Billion |
Market size value in 2031 | USD 350.9 Billion |
Growth Rate | 8.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Industrial Automation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Automation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Automation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Automation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45D2047