Industrial Automation Market Growth, Scope, Overview, and Industry Size will grow at a CAGR of 10.30% by 2032
Research Reports
Aug 03, 2023
In 2022, the Industrial Automation Market is expected to be worth 192.7 billion USD. During the projection period (2023-2032), the Industrial Automation market industry is anticipated to increase from USD 212.5 billion in 2023 to USD 465.7 billion, registering a compound yearly growth rate (CAGR) of 10.30%. The government’s initiative to promote industrial automation and the growing need for automation for high-quality and reliable manufacturing are the main factors boosting market growth.
Automation in manufacturing is the use of machinery to speed up systems or production processes. The manufacturer wants to improve production process efficiency, cost optimisation, and accuracy. The firm’s actions can be collected, and the information flow can be improved with automation.
The manufacturer automates the tedious, repetitive tasks that call for specialised knowledge as well as those that demand stamina or accuracy.
In the manufacturing sector, automation reduces the need for human labour, enhances accuracy, uniformity, and operational effectiveness, and not only boosts production output but also ensures reliable manufacture. The sensors are primarily used to link manufacturing lines and are also used with technology that monitors the machinery and generates data, graphics, and other outputs that are user-friendly.
IoT automation technology is crucial because it facilitates the development of efficient, cost-efficient, and responsive system architectures. Utilising Industrial IoT (IIoT) solutions enables the connecting of industrial assets, quick and simple transparency, and greater efficiency.
The IIoT and edge solutions simplify device management and shop floor software throughout their lifecycles, improving customer experience; as a result, the adoption of these systems will increase the market’s overall size. AI, advanced analytics, edge computing, and cloud computing are made possible by IIoT solutions. These technologies analyse machine data and produce valuable insights that can be used to increase asset availability and productivity.
Siemens, for instance, offers IIoT solutions like Industrial Edge, MindSphere, and Mendix, which combine cutting-edge technologies like AI, edge computing, the cloud, and advanced analytics to provide insights from industrial data. As a result, market growth will be boosted by the increasing acceptance of IIoT across sectors. Consequently, driving market revenue for industrial automation.
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Key Companies in the Industrial Automation market include.
- Rockwell Automation Inc.
- Plex Systems
- Siemens AG
- Emerson Electric Co.
- Adverb
- ABB Ltd.
- General Electric Company
- Honeywell International Inc.
- Omron Corporation
- Mitsubishi Electric Corporation
- Yokogawa Electric Corporation
Segment Insights:
Depending on the kind of component, the industrial automation market is segmented into hardware, software, and services segments. With the highest market revenue, the hardware category dominated the market. Industrial automation equipment, a class of production tools, automates a variety of production tasks.
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According to the control systems used, the industrial automation market is divided into four categories: DCS, PLC, SCADA, and Others. Because SCADA is a computer-based system that analyses, gathers, and processes data in real-time, it dominates the market because it enables the organisation to precisely analyse and forecast the optimum response to measured situations and perform those actions automatically each time.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. Due to the manufacturers’ improved production capabilities and effective trading strategies, the North American Industrial Automation market dominates the industry. Due to increased competition and customer demands, their firm has become more efficient as a result of the adoption of cutting-edge technology and digital transformation. The industrial automation market in this region receives the majority of its funding from the US.
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Due to the rising need for cutting-edge technologies in the oil and gas, water and wastewater, and electricity infrastructure, Europe’s Industrial Automation market holds the second-largest market share. Additionally, the UK Industrial Automation market was the fastest-growing market in the European region, with the German Industrial Automation market having the biggest market share. From 2023 to 2032, the Asia-Pacific Industrial Automation Market is anticipated to experience the quickest CAGR growth. This is brought about by the region’s presence of major market players, the growth of nearby enterprises, and the expanding demand for better industrial plant management systems. Additionally, the Indian Industrial Automation market was the Asia-Pacific region’s fastest-growing market, while China’s Industrial Automation market had the greatest market share.
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