The global industrial Automation Market Size is growth, reaching USD 476.5 billion by 2031. This remarkable expansion is primarily driven by the increasing demand for cost-effective manufacturing processes, enhanced product quality, and high productivity across various industries.
The SNS Insider report highlights a market size of USD 228 billion in 2023, with a projected CAGR of 9.65% from 2024 to 2031. This growth signifies a growing focus on automation to optimize production lines, minimize lead times, and ultimately boost profitability.
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Some of Major Key Players in this Report:
- ABB Ltd.
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc.
- Mitsubishi Electric Corporation,
- Omron Corporation
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corporation
Growing Demand for Advanced Automation Solutions Across Industries
Several factors are contributing to the Increasing demand for industrial automation solutions. Manufacturers are increasingly adopting automation to gain better process control, Improved visibility into production lines, and streamline operations. This not only improves efficiency but also minimizes human error, leading to consistent product quality. The advancements in Augmented Reality (AR) and digital technologies are further propelling market growth. AR allows for remote monitoring and maintenance, while digital twins facilitate real-time data analysis for optimizing production processes. The report also explores market growth opportunities driven by Increasing investments in industrial IoT (IIoT) and the growing presence of manufacturers with innovative capabilities. Companies are implementing IIoT solutions to create real-time data-driven production plants and optimize asset utilization. These solutions provide transparency across the manufacturing process, enabling predictive maintenance and improved resource management.
Market Challenges and Risks
The market faces certain challenges. New entrants may find it difficult to compete with established players due to the high cost of acquiring and implementing Advanced automation technology, software, and equipment. The training personnel on operating and maintaining these complex systems can be a significant investment. Furthermore, some companies may be hesitant to replace existing infrastructure due to potential disruption and downtime.
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Segment Analysis
By component, software is anticipated to hold the dominant share due to its Important role in streamlining manufacturing processes. Automation software encompasses HMI, MOM, SCADA, and other essential tools. The hardware segment is also projected for robust growth, Driven by the increasing demand for advanced sensors, controllers, and other IoT-enabled equipment that facilitates data collection and analysis.
By Industry, the discrete automation sector is expected to lead the market, encompassing automotive, electronics, heavy manufacturing, packaging, and other industries. This dominance can be attributed to the high demand for automation in repetitive and assembly line tasks within these sectors. The process automation segment, further segmented by oil & gas, chemicals, healthcare, and others, is also anticipated for steady growth, with the mining and metals industry likely taking the lead.
Geopolitical and Economic Considerations
The Russia-Ukraine war has disrupted supply chains for Important components used in industrial automation equipment. This has led to delays in project installations and price fluctuations for raw materials. Additionally, the potential for a global economic slowdown can Reduce market growth as companies may defer investments in new automation technologies.
Recent Developments
February 2021, ABB unveiled its new cobot range, GoFa and SWIFT, designed for improved performance with increased payload and faster work mobility.
July 2021, Rockwell Automation collaborated with Kezzler AS to enable manufacturers to track their products’ journeys through cloud-based traceability solutions.
July 2021, Siemens AG expanded its partnership with SAP SE to deliver a new solution for service and asset lifecycle management, connecting plant floor operations with product development.
Key Regional Developments
The Asia Pacific region is expected to demonstrate the most significant growth during the forecast period. Several factors contribute to this dominance. Countries Such as Japan house leading robotics and automation manufacturers, fuelling regional demand. The China is a major producer of crucial IoT components, and initiatives such as India’s “Make in India” program are encouraging the adoption of advanced manufacturing solutions. These factors combined with government support for industrial development are expected to propel the Asia Pacific region to the forefront of the industrial automation market.
Key Takeaways
- The report highlights the prominent factors driving the industrial automation market, including the need for enhanced efficiency, improved product quality, and rising adoption of IIoT solutions.
- It identifies key market challenges and offers insights into recent developments within the industry.
- The report provides a comprehensive segment analysis by component and industry, enabling a deeper understanding of market dynamics.
- It acknowledges potential disruptions caused by geopolitical and economic factors and offers a balanced perspective on future growth prospects.
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