Global Industrial Automation Market is estimated at USD 298.71 Billion out of 2030 and is projected to increase at 8.4% CAGR during the conjecture time frame (2020 to 2030).
Globally, the size of Industrial Automation Market is set to grow at a CAGR of 8.4%, estimated to reach USD 298.71 Billion by 2030 driven by Robust growth in manufacturing sectors worldwide.
Industrial Automation engages risk moderation, versatility, agility, responsiveness, and quicker time to showcase. It increments limit usage, which drives capital interest in the most current robotization advancements. The new frameworks increment seriousness and empower the enrollment of a more intelligent, tech-situated labour force, empowering more mechanization. Businesses are progressively moving towards automation of assembling and related processes.
Different computerized processes are being sent in ventures like gadgets, auto, and synthetic compounds. Ideal government strategies that help to fabricate benefit the development of organizations, innovation suppliers, and the Industrial automation market. New automation advancements that empower higher wages offset are considered key Industrial robotization market patterns.
Recent coronavirus pandemic has impacted industries across the globe. COVID-19 has not only accelerated deglobalization in manufacturing but has also affected logistics severely. Companies have problems ranging from obtaining raw materials and delivering end products to attracting workers from quarantines. This scenario has, in turn, promoting automation as the only alternative.
Pandemic-related logistics problems prompted the companies to consider localizing more manufacturing for both themselves and their customers. New automation technologies that offset higher wages are driving deglobalization by increasing efficiency. Resultantly, industries across the globe are fostering their investments in automation. Developed countries like the US and Germany are adopting automation to improve trades.
Due to its higher wages and workforce shortages, the US is investing much more in industrial automation than any country. The country is also lowering the dollar value compared to other global currencies so that US manufacturing capacity utilization exceeds 80 %. This would also incentivize more US manufacturers to invest in automation.
However, the US is not the only country adopting automation. Other countries, especially China and India, are also investing heavily in industrial automation technologies. China's automation spending is expected to shoot up exponentially, accounting for 30 % of worldwide automation spending. Implementation of automation technologies will transform manufacturing competitiveness and accelerate market growth.
Robust growth in manufacturing sectors worldwide drives the industrial automation market size.
Manufacturing industries are likely to continue to transform in the years to come, witnessing a shift from manual assistance to automation, thereby driving the market demand. Most of the modern manufacturing processes are automated already to reduce or zero human intervention. Automation technologies are defined as the need of the hour as conventional manufacturing mechanisms are inadequate to meet current requirements.
Moreover, favorable government policies in the manufacturing sector and increased focus on economic diversification in emerging markets are the two key growth propellers driving industrial automation. Additionally, the growing need for digital transformation across various verticals, such as manufacturing, healthcare, transportation, and retail, acts as a major tailwind for industrial automation market growth.
Compatibility issues and high installation costs slow down the industrial automation market share.
Compatibility issues and high installation costs are the major restraints for the market growth, slowing down automation processes uptake, especially in small-scale enterprises.
Lack of awareness and technical expertise are the major challenges the industrial automation market confronts.
The lack of awareness for the advantages of automated processes and technical expertise, alongside the continuous innovation in manufacturing processes, pose challenges to the industrial automation market growth.
Rising demand for innovative industrial automation and networking technologies to enhance communications, monitoring, and control in manufacturing companies to foster Industrial Automation Industry growth.
The demand for a line of industrial remote terminal units (RTUs) is growing continually. RTUs offer customized control, standard language support, powerful debugging/monitoring tools, project automation, and controller redundancy. RTUs are designed for applications that need increased processing and communication speed and storage, providing flexibility and reliability that customers require and expect. Resultantly, rugged, flexible RTU that can monitor and control various production processes in extreme environments is much in demand.
The industrial automation market is segmented on the basis of type, technology, end-user, and region. By type, the market is sub-segmented into fixed automation and programmable automation. By technology, market dynamics are sub-segmented into supervisory control and data acquisition (SCADA), programmable automation controller (PAC), programmable logic controller (PLC), distributed control system (DCS), and human-machine interface (HMI), among others.
By end-user, the market is sub-segmented into machine manufacturing, oil & gas, aerospace & defense, electronics, automotive, pharmaceuticals, and others.
Automation systems use different embedded processors and algorithms to manage and control the process. SCADA and HMI technologies have a wide range of applications in several industries, including aerospace & defense, oil & gas, electrical & electronics, chemical, automotive & transportation, pharmaceuticals, food & beverages, mining & metals, and electric power generation, among others.
The Industrial IoT network of physical devices and more, embedded electronics, software, sensors, actuators, and connectivity gadgets are used in vehicle manufacturing. These automation systems provide greater direct integration of the physical world into computer-based systems, resulting in increased efficiency, accuracy, and financial benefits. Besides, various developments in the field of IoT and development of new engineering technologies play a vital role in the growth of automotive manufacturing across the globe.
Increasing global demand for autonomous vehicles and efficient production systems pushes automakers to emphasize on developing new manufacturing processes, which are more efficient and maximize output. Also, increasing pressure to minimize carbon footprint by increasing uses of fuel-efficient automobiles and electric vehicles pushes the demand for automation in the automotive industries
Asia Pacific region dominates the global industrial automation market. The market is growing with a positive YoY rate and is expected to do so. Factors positively impacting market growth include advancement in technology and integration with the current manufacturing environment. Also, the increasing application areas yearly and the strong presence of manufacturing companies and the developing economy of Asian countries play a major role in the development of the market.
North America accounts for the second-largest share in the global industrial automation market. Market growth attributes to the high demand for semiconductor products and flourishing manufacturing sectors in the region. Huge technological advancement in North American countries is also an important factor supporting the growth of the regional market.
Europe also shows a positive growth rate towards the adoption of automation control systems. Besides, factors such as the growing automotive and power generation industries in the region fuel market growth.
Global Industrial Automation Market appears highly competitive. Several well-established technology providers form a strong competitive landscape. These players try to maintain their market positions by investing in strategies, such as collaboration, mergers & acquisitions, partnership, product/ technology launch, and expansion.
These strategies help the market players to gain a larger competitive advantage in the market and to meet their expansion plans. They focus on new technology development initiatives and geographical expansion. The market would witness relentless innovations and developments, which, as a result, would intensify the competition among these players.
Late acquisition of Industrial automation firm PARI would assist Wipro Infra with acquiring the best position in the robotization business, expanding its market access and more extensive play in Industrial IoT.
December 2020:-December 10 2020, secretly held, Wipro Enterprise's Infrastructure Engineering Company in India reported obtaining Precision Automation and Robotics India (PARI). PARI is a leading supplier of turnkey arrangements in Industrial robotization and mechanical automation, for the most part, for the car business players. Likewise, it has been a trailblazer and has a critical presence in electric vehicle space, including battery gathering.
Throughout recent years, WIN has assembled tremendous abilities and organizations. With this procurement, Wipro Infrastructure Engineering (WIN) would use markets where the organization has a presence through its water power business for these new arrangements. The consolidated strength makes WIN an entire Industrial mechanization organization fit for serving clients universally and offers critical learning experiences. WIN has wandered into the Industrial robotization business with the vision to be among the leading players worldwide.
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In primary research methods, information is gathered through key decision-makers and industry insider interviews. The secondary research facilitates a detailed analysis based on the researches available on public platforms. MRFR experts use reliable sources such as annual reports, SEC filings, and white papers to consolidate unique intelligent inputs.
Reasons to buy the Global Industrial Automation Market Research Report
MRFR has tracked down the market since 2015 and has included the necessary historical data & analysis in the research report. MRFR's industrial automation report offers a complete assessment of the current and future automation industry outlook with detailed market insights and changing market scenarios. The research report offers several strategic business methodologies that help the readers to make informed business decisions.
Simultaneously, it provides information on the current market trends, challenges, and opportunities that would change the market dynamics in the foreseeable future. MRFR research analysts work collaboratively with industry experts to offer you a comprehensive analysis of the current market scenarios. The report includes the latest advancements in the market and future trends that would influence the growth of the industrial automation industry.
MRFR also allows customized industrial automation market analysis according to your needs. Meaning, MRFR can cover a particular product, application, or a company covering detailed analysis in the report.
|Market Size||298.71 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Technology, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd. (Switzerland), Siemens AG (Germany), Emerson Electric Company (US), Schneider Electric SE (France), General Electric Company (US), Honeywell International Inc. (US), Yokogawa Electric (Japan), Mitsubishi Electric Corporation (Japan), Ametek Inc. (US), Fanuc (Japan), Rockwell Automation Inc. (US)|
|Key Market Opportunities||Various development in field of IoT and development of new engineering technologies.|
|Key Market Drivers||
Global industrial automation market is projected to grow at approximately 8.4% CAGR during the assessment period (2020-2030).
Global industrial automation market valued at USD 298.71 billion in 2030.
ABB Ltd. (Switzerland), Siemens AG (Germany), Emerson Electric Company (US), Schneider Electric SE (France), General Electric Company (US), Honeywell International, Inc. (US), Yokogawa Electric (Japan), Mitsubishi Electric Corporation (Japan), Ametek, Inc. (US), Fanuc (Japan), and Rockwell Automation, Inc. (the US), are some of the top players operating in the global industrial automation market.
The Asia Pacific region holds the largest share in the global industrial automation market, followed by North America and Europe, respectively.
Automotive is the largest end-user segment in the global industrial automation market.