New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Industrial Automation Market” information by Type, by Technology, by End User and Region – forecast to 2030” market size to reach USD 298.71 billion, growing at a compound annual growth rate of 8.4% by 2030.
Market Scope:
The high adoption of automation in various industries such as pharmaceutical, chemicals and materials, oil and gas, and manufacturing will offer robust opportunities for the market over the forecast period. Through the implementation of automation components like enterprise control solutions, machine vision systems, robots, and sensors, organizations are capable of drastically reducing labor and operating costs. The manufacturing companies are making huge investments in industrial automation technologies for improving system reliability and efficiency and eliminating production errors that are caused via human labor.
Dominant Key Players on Industrial Automation Market Covered are:
- 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)
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Market USP Exclusively Encompassed:
Market Drivers
The rising implementation of digital twins will boost market growth over the forecast period. Digital twins help organizations in understanding the feasibility, reducing risk at the time of implementation, and estimating potential improvements. Following the advent of the IIoT like smart sensors and cloud systems, the implementation and maintenance of digital twin have turned more manageable. Enterprises incorporate digital twin technology into business operations for reducing the risk of the failure of the equipment.
Compatibility Issues to act as Market Restraint
Compatibility issues, high installation costs, and the lack of awareness for the benefits of automated processes & technical expertise may act as market restraints over the forecast period.
Constant Innovation in Manufacturing Processes to act as Market Challenge
The constant innovation in manufacturing processes, limited availability of skilled labor needed to operate these systems, absence of standardization in industrial communication protocols and interfaces, and significant initial capital investments & re-investments for maintenance may act as market challenges over the forecast period.
Browse In-depth Market Research Report (122 Pages) on Industrial Automation Market:
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Segmentation of Market Covered in the Research:
The global industrial automation market has been bifurcated based on end user, technology, and type.
By type, the industrial automation market is segmented into programmable automation and fixed automation.
By technology, SCADA and HMI will lead the market over the forecast period.
By end user, automotive will dominate the market over the forecast period.
Regional Analysis
APAC to Precede Industrial Automation Market
The APAC region will precede the industrial automation market over the forecast period. Technological advances, integration with the current manufacturing environment, increasing application areas yearly, strong presence of manufacturing companies and also developing economy of Asian countries, booming construction industry which is the chief end user of industrial control and factory automation, growing population in developing countries, environmental awareness, increasing adoption of factory automation and industrial automation solutions and components like DCS and SCADA, increasing adoption of green buildings, government initiatives for regulating energy-efficient practices across the commercial sector, Japan being the largest producer of factory automation, the presence of robotics and factory automation products & manufacturing companies across Japan, China being a major producer of sensors, microchips, and batteries, government initiatives like Make in India, and MSME supporting SMEs to adopt advanced manufacturing solutions are adding to the global industrial automation market growth in the region.
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North America to Have Admirable Growth in Industrial Automation Market
North America will have admirable growth in the industrial automation market over the forecast period. Technological advances, high demand for semiconductor products, booming manufacturing sectors, efficient trading practices, and manufacturers advanced production capabilities are adding to the global industrial automation market growth in the region.
COVID-19 Impact on the Global Industrial Automation Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the industrial automation market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
Competitive Landscape
The global industrial automation market is both competitive as well as fragmented for the presence of multiple international and domestic key players. These industry players have incorporated a series of innovative strategies for staying at the forefront along with catering to the surging need of the clients including joint ventures, geographic expansions, collaborations, contracts, partnerships, new product launches, and others. Besides, the players are also devoting in numerous research & development activities.
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Industry News
Optimal Industrial Automation and Technologies, based in the United Kingdom, has been acquired by Bruker Corporation (Nasdaq: BRKR), a leader in pharma and biopharma process analytical technology (PAT), pharma factory automation, and Quality Assurance (QA) software and systems integration. Bruker's position as a prominent software and solutions provider for biologics, small molecule, and new drug modalities pharma businesses is strengthened with the acquisition of optimal biopharma tools.
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