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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 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.'

Organizations are compelled to embrace industry 4.0 in the 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 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.

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 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

Product ID: SQMIG45D2047