Industrial Automation Market Report Probes the USD billion Size, Share, Growth Report and Future Analysis by 2032

Key Insights

The Industrial Automation Marketsize was valued at USD 205.86 USD billion in 2023 and is projected to reach USD 675.46 USD billion by 2032, exhibiting a CAGR of 18.5 % during the forecast period.Industrial automation is the application of computer-based systems and information technology to control and monitor the processes of an industry. This practice makes it more effective, productive, and safe since it limits the possible involvement of human beings in the manufacturing industry. Characteristics of industrial automation include PLCs, HMIs, robotic systems, and specialized sensors to allow variation monitoring and control. The benefits of industrial automation are numerous. It increases production rates and the quality of end products as it largely reduces human interaction. Automation helps to eliminate hazardous jobs and conditions, lower operational expenses through the utilization of energy and resources and provide more elasticity in job processes as adjustments in the way production is conducted can be implemented much more rapidly than otherwise could be expected.

Industrial Automation Trends

• Growing adoption of Industry 4.0 technologies
• Increasing demand for automated production lines
• Integration of artificial intelligence (AI) and machine learning (ML)

 Driving Forces: What's Propelling the Industrial Automation Market

• Surging demand for increased productivity and automation to meet production goals
• Necessity to optimize operational costs and minimize labor expenses
• Growing emphasis on enhancing product quality and consistency through automation

 Challenges and Restraints in Industrial Automation Market

• High initial investment costs
• Lack of skilled labor for implementation and maintenance
• Security concerns related to cyber threats

 Emerging Trends in Industrial Automation

• Collaborative robotics
• Predictive maintenance
• Virtual reality and augmented reality (VR/AR) for training and simulation

 Growth Catalysts in Industrial Automation Industry

• Government incentives and policies promoting manufacturing automation
• Accelerated industrialization in developing economies, creating new markets for automation systems
• Advancements in sensor and actuator technologies, enabling more sophisticated and efficient automation solutions

 Market Segmentation: Industrial Automation Analysis

Component:

• Hardware
• Software

Industry:

• Discrete Automation
• Process Automation

 Leading Players in the Industrial Automation Market

• ABB Ltd. (Switzerland)
• Emerson Electric Co. (U.S.)
• General Electric Company (U.S.)
• Honeywell International Inc. (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Omron Corporation (Japan)
• Rockwell Automation Inc. (U.S.)
• Schneider Electric SE (France)
• Siemens AG (Germany)
• Yokogawa Electric Corporation (Japan)

 Significant developments in Industrial Automation Sector

• ABB's acquisition of ASTI Mobile Robotics in 2021
• GE's launch of its Predix Industrial IoT platform in 2015
• Honeywell's collaboration with Microsoft to develop cloud-based automation solutions in 2020

 Comprehensive Coverage Industrial Automation Market Report

This comprehensive report offers in-depth insights into the industrial automation market, covering key aspects such as:

• Detailed market size analysis and projections for the forecast period
• Segmentation analysis by industry, product type, and application
• Regional insights into market trends and growth potential
• In-depth competitive landscape, including market share analysis and vendor profiles
• Company profiles of leading players in the industrial automation market
• Identification and analysis of major growth drivers shaping the market

 Regional Insight

• North America holds the largest market share
• Asia-Pacific is expected to be the fastest-growing region

 Recent Mergers & Acquision

• Siemens acquires Mendix in 2019
• ABB acquires ASTI Mobile Robotics in 2021
• Schneider Electric acquires Aveva in 2020

 Regulation

• Industrial automation is subject to various industry standards and regulations, such as:
• ISO 9001
• IEEE 802
• IEC 61508

 Patent Analysis

• There has been a significant increase in patent filings related to industrial automation technologies, particularly in areas such as:
• Predictive maintenance
• Collaborative robotics
• AI-powered automation

Analyst Comment

"The industrial automation market is poised for significant growth as businesses continue to adopt Industry 4.0 technologies to improve productivity and efficiency. The integration of AI, VR/AR, and collaborative robots is expected to drive market adoption further in the coming years."