Product ID: SQMIG45D2047
Global Industrial Automation Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Industry(Discrete Automation, Process Automation) - Industry Forecast 2024-2031
Report ID:
SQMIG45D2047 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
61 |
Figures:
75
Global Industrial Automation Market Dynamics
Industrial Automation Market Driver
- Digital Supply Chain Across Industries Has Changed Due to Industry 4.0.
Organizations are compelled to embrace industry 4.0 in the global industrial automation market to meet customers' evolving needs, such as fast and personalised services. The market participants collaborate with tech-savvy businesses to provide novel solutions based on rapidly evolving technologies. For instance, Tech Mahindra Limited and Honeywell International Inc. teamed together in February 2020 to create digital "Factories of the Future" by utilising digital technology. The partnership intends to assist firms to hasten the process of digital transformation. Similar to this, Siemens and SAP SE worked together to provide businesses with industry 4.0-enabled business processes. These procedures in the global industrial automation market will make it possible to create a digital thread that spans the entire product lifecycle. In order to help manufacturers, scale up their growth and achieve the potential of industry 4.0 technologies and solutions, businesses are focused on using 5G, industry 4.0, digital transformation, and software capabilities. In the upcoming years, it is projected that these alliances and collaborations would increase demand for automation solutions across industries.
- Predictive Maintenance and Real-Time Data Analysis are Becoming More Important
There is fierce competition in the manufacturing sector as a result of rapid development in Europe, the Middle East, and Africa. Manufacturing companies across global industrial automation market, especially in end-user sectors like oil & gas, food & beverage, automotive, and aerospace & military are searching for solutions. This would support real-time data analysis, proactive maintenance, and enable them get better visibility of the manufacturing plant to increase plant efficiency. Real-time access to plant floor data made possible by industrial automation technologies enables enterprises to centralise corporate data and multi-plant operations. This element is estimated to promote the market expansion further. Industrial automation technologies, such as HMI, also assist producers in closely monitoring production processes and quickly adapting to changing production demands in order to increase operational efficiency, reduce unscheduled downtime, and provide improved visibility.
Industrial Automation Market Restraint
- High Initial Capital Expenditures
Industrial automation processes are cost-effective, but they come at a significant initial capital cost due to the need to adopt new technology and train staff. Due to the fragmented nature of the industrial automation market, the return on investment (ROI) cannot be predicted. Small and medium-sized businesses (SMEs) are reluctant to utilise the benefits of technology because of the high upfront expenses and unpredictable return on investment.
Smart manufacturing tactics and favourable government initiatives, such as the Make in India movement and the Government of India's MSME company financing programme, are likely to overcome this obstacle and soon open up new markets for the solutions.
Global Industrial Automation Market Report Snapshots
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