Market Scope: Industrial automation draws risk moderation, responsiveness, agility, versatility, and faster time to showcase. It raises limited usage, propelling capital interest in most current robotization developments. The new frameworks raise seriousness and energize the employment of a more intelligent, empowering mechanization and tech-situated labor force. Organizations are gradually moving towards automation of assembling and associated processes. Automated procedures are sent in ventures such as synthetic compounds, auto, and gadgets. Suitable government strategies help to manufacture advantage of the development of organizations, innovation suppliers, and the global market for industrial automation. New automation developments empowering higher wages are believed to be the prime industrial robotization market patterns.
Industrial Automation Market Overview: According to the research reports by MRFR, Industrial Automation Market, By Type, End-User, Technology, and Region- Forecast to 2030, the market is anticipated to flourish at a robust CAGR of approximately 8.4% during the assessment timeframe from 2020 to 2030. The reports further predict the market is anticipated to acquire a valuation of over USD 298.71 Billion by the end of 2030.
Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 298.71 Billion |
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Growth rate |
CAGR of 8.4% from 2022 to 2030 |
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Forecast Period |
2020-2030 |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Market USP Covered
Market Drivers
The global market for industrial automation has recorded massive growth in the last few years, given the factors such as robust growth in manufacturing sectors and constant technological advancements.
Market Restraints
On the other hand, high installation costs and compatibility issues may impede the market’s growth.
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COVID-19 Impact
The global health crisis in the form of COVID-19 has impacted the majority of the industry areas across the globe. The pandemic had reached almost 225c countries across the globe. The global health crisis has impacted public health and global financial and industrial operations. The travel restrictions imposed and social distancing norms have led to causing massive disruptions in the supply chain networks for most industrial areas. Organizations have issues varying from getting raw materials and offering end products to getting workers back from quarantines. This situation has, is then fostering automation as the only choice. Pandemic-associated logistics issues made the organizations consider localizing more manufacturing for their customers and them. Latest automation technologies offsetting higher wages are bolstering deglobalization by boosting efficiency. Resultantly, businesses across the world are increasing their funds in automation. Developed nations such as Germany and the US are implementing automation to enhance trade.
Because of the workforce shortages and higher wages, the US is investing much more in industrial automation than any nation. The nation is also reducing the dollar value compared to other global currencies so that US manufacturing capacity use surpasses 80%. On the other hand, the growing investments by firms across the globe are anticipated to boost the growth of the industrial automation market over the assessment timeframe.
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Segment Analysis
Among all the types, the programmable automation segment is anticipated to dominate the global market for industrial automation over the assessment timeframe. The growth of the segment is credited mainly to the advantages offered by it.
Based on the technology, the SCADA and HMI technologies segment is projected to lead the global market for industrial automation over the coming years. the segment is known to have a wide range of application areas across various end-use sectors such as electric power generation, food & beverages, automotive & transportation, electrical & electronics, aerospace & defense, mining & metals, oil & gas, pharmaceuticals, chemical, and several others.
Among all the end-use sectors, the automotive segment is predicted to dominate the global market for industrial automation over the last few years. Automation devices are widely used across the automotive industry as they offer greater direct integration of the physical world into computer-based systems, causing boosted financial benefits, accuracy, and efficiency. The growing demand for autonomous vehicles and efficient production systems is the primary aspect causing an increased demand for the segment.
Regional Analysis
The global market for industrial automation is analyzed across five major regions: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
According to the research reports by MRFR, the Asia-Pacific region is likely to dominate the global market for industrial automation over the assessment timeframe. The regional market’s growth is credited to factors such as technological advancement, the strong presence of manufacturing companies, integration with the current manufacturing environment, and the growing application areas yearly.
The industrial automation market for the North American region is anticipated to grow substantially over the coming years. The regional market’s growth is attributed to the factors such as flourishing manufacturing sectors and high demand for semiconductor products across the region.
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Competitive Analysis
The list of leading players across the global market for industrial automation includes companies such as:
- Yokogawa Electric (Japan)
- ABB Ltd. (Switzerland)
- Rockwell Automation Inc. (US)
- Honeywell International Inc. (US)
- Siemens AG (Germany)
- Fanuc (Japan)
- Emerson Electric Company (US)
- Ametek Inc. (US)
- Schneider Electric SE (France)
- Mitsubishi Electric Corporation (Japan)
- General Electric Company (US)
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