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 News

In July 2021, Kezzler AS, a cloud-based platform for product digitization and traceability, joined forces with Rockwell Automation Inc. By utilising cloud-based chain technologies, the alliance seeks to give manufacturers the ability to track their product's entire path from the origin of the raw materials to the point of sale or beyond.
In July 2021, in order to create a new solution for the services and asset lifecycle management, Siemens AG and SAP SE expanded their relationship. The collaboration intends to link original equipment manufacturers (OEMs) and plant floor operations, product creation through digital twins, and remote condition monitoring to allow collaboration throughout the asset lifespan.
In June 2021, Plex Systems, a provider of smart manufacturing solutions, purchased by Rockwell Automation Inc. in June 2021 for USD 2.22 billion. The cloud-native smart manufacturing technology from Plex Systems will be added to the industrial cloud services with this acquisition.

Global Industrial Automation Market Report Snapshots

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Global Industrial Automation Market size was valued at USD 177.57 billion in 2019 and is poised to grow from USD 407.268 billion in 2023 to USD 441.7 billion by 2031, growing at a CAGR of 8.84% in the forecast period (2024-2031).

Players in the global industrial automation market are primarily focusing on innovative robotics and automation applications. To increase their market presence, the players in the industry engage in mergers and acquisitions, partnerships, and collaborations. ABB Ltd., Rockwell Automation, and Honeywell International are some of the major competitors in the industry. They are creating cutting-edge uses for robotics and automation technologies in order to unlock new development possibilities. For instance, ABB Ltd. invests about 5% of its revenue in R&D to broaden its product line with an emphasis on collaborative robotics, digital factory automation, machine-centric robotics, and artificial intelligence. 'Emerson Electric Co.', 'General Electric Company ', 'Honeywell International Inc', 'Siemens AG', 'ABB Ltd.', 'Schneider Electric SE', 'Rockwell Automation Inc.', 'Mitsubishi Electric Corporation', 'Yokogawa Electric Corporation', 'Omron Corporation', 'Bosch Rexroth AG', 'KUKA AG', 'Fanuc Corporation', 'Keyence Corporation', 'Parker Hannifin Corporation', 'Yaskawa Electric Corporation', 'Adept Technology Inc.', 'Festo AG & Co. KG', 'Beckhoff Automation GmbH & Co. KG', 'Danaher Corporation.'

Digital Supply Chain Across Industries Has Changed Due to Industry 4.0.

Increasing the use of digital twins and augmented reality in manufacturing to support market expansion. Organizations can assess possible improvements, identify implementation risk reduction, and grasp feasibility with the use of a digital twin. The adoption and upkeep of digital twins have been easier with the rise of the industrial Internet of Things, which includes cloud-based systems and intelligent sensors. For their commercial operations, organisations use digital twin technology to lower the chance of equipment failure. By simulating the procedure, it also aids in automatically scheduling the repairs. For instance, the German logistics business DHL International GmbH integrated a supply chain solution for Tetra Pak's warehouse in July 2019 utilising a digital twin. Scalable, economical, and agile supply chain operations would be made possible. In order to construct a digital twin, transportation vehicles are equipped with Internet of Things (IoT) technology. It ensures the safe delivery of necessities, such food and beverages, from the farm to the customer. The expanding demand for automation solutions in the next years is to blame for this rising usage of digital twin technologies.

During the forecast period, Europe is expected to hold a dominant position in the global industrial automation market. According to the International Federation of Robotics (IFR), the highest robot densities worldwide were found in Western Europe (225 units per 10,000 employees) and the Nordic European Countries (204 units per 10,000 employees) in January 2021. With 346 units per 10,000 employees, Germany comes in fourth among the most automated nations in the world. These are a few of the important elements that make up the majority of the region.

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Global Industrial Automation Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Industry(Discrete Automation, Process Automation) - Industry Forecast 2024-2031

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