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 Insights
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).
Industrial automation market is primarily driven by increasing need for real-time data analysis across geographies and the increasing use of cutting-edge technology across end-use sectors to boost performance. In addition to this, growing need for proactive maintenance and real-time data analysis, which would give firms better visibility into their manufacturing facilities and hence increase productivity is adding fuel to the industrial automation market. It is further supported by increased focus on asset management and predictive maintenance solutions, which would give users more visibility into the state of
Governments in Europe, the Middle East, and Africa are concentrating on the development of discrete and process industries by undertaking various initiatives and plans backed by investments to improve productivity in order to meet the rising demand and changing consumption patterns brought on by the growing population. The use of various industrial automation and communication components and technologies is encouraged by these actions done by governments of various nations for the structural growth of industries.
The industrial automation market's value chain and demand have both been profoundly influenced by the COVID-19 epidemic. In the nations that are most adversely affected by the pandemic's spread, the demand for industrial automation solutions has decreased. Due to the negative consequences of the pandemic, many industrial and infrastructure projects were suspended or delayed in a number of countries. This had an impact on the demand for industrial automation market. The Middle East and Africa's industrial automation market was dominated by nations including Bahrain, Egypt, Qatar, Saudi Arabia, Nigeria, and South Africa; however, the pandemic's negative effects caused the year-over-year growth to slow in 2019.
However, the processed food sector and the end-use market for pharmaceuticals both noticeably increased demand during this time. Consequently, the pharmaceuticals and processed food industries made a strong recovery and started recovering at a higher pace after a period of 2 to 3 months of decrease following the beginning of the unique pandemic. Due to these increasing needs, the pharmaceuticals and processed food industries are experiencing a sharp increase in demand for industrial automation solutions and components.
US Industrial Automation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Industrial Automation Market Report Snapshots
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