The market for industrial automation is projected to reach a value of US$ 40.6 billion in 2023 and US$ 81.4 billion by 2033. A 7.2% CAGR is predicted for the market throughout the forecast period. The following variables affect market expansion:
Demand for industrial automation solutions is increasing as a result of the importance of predictive maintenance and asset management systems, which give users improved visibility into their equipment status.
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The efficient flow of information across different units in an industry allows for the most efficient conversion of raw materials to finished goods, highlighting the significance of the connected enterprise system, which augurs well for industrial automation market future trends.
Industrial automation solutions adoption trends are likely to be favoured by governments across the world as they are focusing on the development of process and distinct industries by launching a variety of initiatives and plans backed by investments to boost productivity.
Manufacturers can gain real-time access to plant floor data enabled by industrial computing and automation technologies, which helps them centralize business data and multi-plant operations, thereby surging the sales of the industrial automation solutions.
As per the industrial automation market study, the industrial automation market size is estimated to be about US$ 51 Bn by 2026.
Key Takeaways:
- By sensor, inductive sensors are expected to dominate the market due to automatic welding system and their capabilities such as high mounting flexibility robust metallic detection.
- By servo, servo motors are expected to grow at the fastest CAGR during the forecast period, as market participants launch new servo motors for automation systems.
- AC motors are expected to see widespread adoption by motor type due to their low maintenance and low cost.
- By industry, the discrete automation industry is likely to lead the market as the sub-segment, automotive and heavy manufacturing industries, is likely to drive the demand for automation solutions.
- By component, the software segment is expected to have a significant market share during the forecast period since it seamlessly allows businesses to streamline their manufacturing processes.
- By hardware, Robots are expected to grow at a rapid pace due to technological advancements and the emergence of Industry 4.0, with market players introducing advanced robots for automation purposes.
- The Middle East and Africa market for PAM and adoption of industrial automation solutions are expected to grow at the fastest rate, as PAM improves decision-making and turnaround time by tracking manufacturing defects.
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Competitive Landscape:
The industrial automation market appears to be highly competitive. Several well-established machine automation technologies providers form a solid competitive landscape.
These market participants attempt to maintain their positions by investing in collaboration, mergers and acquisitions, partnerships, product/technology launches, and expansion.
These strategies assist market participants in gaining a more significant industrial automation market share and meeting their expansion plans. They are primarily concerned with new technology advancements in industrial automation.
The market would be subjected to constant innovations and developments, intensifying competition among top industrial automation system integrators.
Industrial Automation Market by Category
By Deployment:
- Industrial Robots
- Machine Vision System
- Process Analyzer
- Field Instruments
- Human Machine Interface
- Industrial PC
- Industrial Sensors
- Industrial 3D Printing
- Vibration Monitoring
By Component:
- Supervisory Control and Data Acquisition
- Programmable Logic Controller
- Distributed Control System
- Manufacturing Execution System
- Industrial Safety
- Plant Asset Management
By End-use Industry:
- Oil & Gas, Chemicals
- Pharmaceuticals & Medical Devices
- Food & Beverages
- Energy & Power
- Automotive
- Machine Manufacturing
- Water & Wastewater Treatment
- Electronics & Semiconductors
- Metals & Mining
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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