Pune, India, May 11, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global industrial automation market size was valued at USD 191.89 billion in 2021 and is projected to grow from USD 205.86 billion in 2022 to USD 395.09 billion by 2029, exhibiting a CAGR of 9.8% during the forecast period. Market growth is attributable to the increasing adoption of IoT and digitalization in the manufacturing and production sectors. Fortune Business Insights presents this information in its report titled "Industrial Automation Market Forecast, 2023-2030”.
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Key Industry Developments:
ABB Ltd. partnered with dtac Trinet, Thailand-based wireless telecommunications service provider, to develop robotics and machine automation solutions with dtac connectivity across Thailand. The partnership aims to advance Thailand's manufacturing capabilities and accelerate industry 4.0 in the country.
Emerson collaborated with PureCycle Technologies, Inc. to offer digital technologies and automation for PureCycle facilities to transform plastic recycling. Emerson's Planet web digital ecosystem integrates digital automation technology across all PureCycle facilities and reduces the project completion time.
Key Takeaways:
- Industrial automation market size in Europe was USD 61.85 Billion in 2021
- Rising adoption of digital twin technology will create a favorable outlook for the market
- The global demand is driven by disruptive technologies such as augmented reality (AR) and virtual reality (VR)
- The discrete automation industry is expected to hold a major market share during the projected period
Discover the Leading Players Featured in the Report:
“Companies leading the global industrial automation market are 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)”
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.8% |
| 2029 Value Projection | USD 395.09 Billion |
| Base Year | 2021 |
| Industrial Automation Market Size in 2021 | USD 191.89 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Industry and Geography |
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Drivers & Restraints:
Rising Digitalization to Stimulate Growth
The market is expected to witness significant growth during the forecast period due to the fourth industrial revolution's adoption, which encourages the companies to acquire new brands and develop new products. Increasing implementation of industrial IoT is expected to drive the market in the coming years. Also, the rising implementation of digital twins and AR technology is anticipated to drive the market during the projected period. These factors are expected to ensure the industrial automation market growth during the forecast period.
However, high initial capital investments may hinder the market growth during the projected period.
Segmentation:
By Component
- Hardware
- Software
By Industry
- Discrete Automation
- Process Automation
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Europe Dominates Global Market Due to Technological Advancements
Europe dominated the global industrial automation market share during the forecast period due to increasing technological advancements and developments. The region stood at USD 61.85 billion in 2021 due to rising investment into technical development.
Asia Pacific is expected to hold the second-largest global market share due to the presence of key players in emerging countries. Also, developing industrialization and commercialization is expected to drive the market.
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Competitive Landscape:
Partnership and Collaboration Allow Key Players to Maintain Market Position
Key players in the market focus on implementing different business development strategies such as mergers, partnerships, alliances, and acquisitions. Also, key players implement innovative strategies to enhance their product portfolio. These strategies allow companies to expand their market reach and gain a competitive advantage in the emerging market.
FAQs
How big is the industrial automation market?
Industrial automation market size was USD 191.89 billion in 2021. It is expected to reach USD 395.09 billion by 2029.
How fast is the industrial automation market growing?
The industrial automation market will exhibit a CAGR of 9.8% during the forecast period, 2022-2029.
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