New York, United States , March 15, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Automation Market Size is to grow from USD 177.57 billion in 2021 to USD 441.7 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.84% during the forecast period. The market for industrial automation has expanded more rapidly as a result of the growing use of cutting-edge technologies such as digital twins, machine learning, the internet of things, and artificial intelligence. Industries are introducing industrial automation and control systems to increase quality and industrial safety, as well as productivity and labour costs. Furthermore, when compared to outsourcing or going offshore, it improves process control and dramatically reduces lead times.
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Industrial automation is the process of controlling machinery and processes in a variety of industries utilizing a wide range of technologies such as computers and robots, which replace humans in performing certain duties. Labor reduction, waste minimization, cost savings on materials and electricity, as well as advances in productivity, flexibility, quality, accuracy, and safety are all advantages of industrial automation. The advent of integrated organizations, the necessity of large-scale product manufacturing, and the growing acceptance of digital approaches and AR technologies in manufacturing are driving the growth of the industrial automation market. Additionally, enterprises are implementing industrial automation and control systems to improve quality, safety, productivity, and labor costs. Industries including automotive, aerospace, and heavy engineering are quickly embracing digital and automating their production processes. Industrial automation does, however, have some serious disadvantages, including high capital costs, a decline in employment, and the lack of some ethically necessary human control.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on the "Global Industrial Automation Market Size, Share, and COVID-19 Impact Analysis, By Type (Hardware, Software, Services), By Solution (Distributed Control System (DCS), Supervisory Control & Data Acquisition (SCADA), Human Machine Interface (HMI), Robotic Process Automation (RPA), Artificial Neural Network (ANN), Others), By Industry Verticals (Chemicals, Aerospace & Defense, Automotive, Healthcare& Medical Devices, Energy & Utilities, Manufacturing, Oil & Gas, Mining, Electronics & Semiconductors, Transportation, Other Industries) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The software segment is witnessing significant CAGR growth over the forecast period.
On the basis of type, the Global Industrial Automation Market is segmented into hardware, software, and services. Of these, the software is expected to grow at a significant CAGR over the projection period, owing to the high total cost of ownership savings, increased delivery speed and quality, and expansion in regulated and configurable fixed operator services. The increased demand to streamline business processes will almost certainly promote the global use of industrial automation software.
The supervisory control & data acquisition (SCADA) segment is dominating the market over the forecast period.
On the basis of solution, the Global Industrial Automation Market and segmented into Distributed Control System (DCS), Supervisory Control & Data Acquisition (SCADA), Human Machine Interface (HMI), Robotic Process Automation (RPA), Artificial Neural Network (ANN) and others. Due to the rising use of industry 4.0, the supervisory control and data acquisition (SCADA) market is likely to grow at a significant CAGR over the projected period. Manufacturers' rising desire for sophisticated and automated manufacturing processes to boost production efficiency is also expected to propel global market growth.
The manufacturing segment is dominating the market with the largest market share of 38% over the forecast period.
Based on the industry verticals, the Global Industrial Automation Market is segmented into chemicals, aerospace & defence, automotive, healthcare & medical devices, energy & utilities, manufacturing, oil & gas, mining, electronics & semiconductors, transportation, and other industries. Manufacturing has the greatest market share of 38% throughout the projection period, owing to the increased use of automated systems in manufacturing and other industries employing automation systems and procedures.
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North America is dominating the market with the largest market share of 34%.
North America, with a 34% market share, is expected to remain the industry's leading region during the projection period. A diverse range of regional firms, including those in the automotive, healthcare, manufacturing, and other industries, use industrial automation. Large corporations are also bringing industrial automation products to market. Asia Pacific is predicted to grow the fastest throughout the projection period owing to prominent manufacturers and solution systems in developing nations such as China, Japan, India, and South Korea.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in theGlobal Industrial Automation Market include Nissan Motor Corporation, Rockwell Automation, Hitachi Ltd., Sensirion AG, Dassault Systems SE, Fanuc, Schneider Electric, KUKA AG, Siemens AG, WIKA USA,, Sure Controls Inc., ABB Group, Endress+Hauser AG, Danaher Corporation, Kawasaki Heavy Industries, Ltd., OMRON Corporation, Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Dwyer Instruments Ltd., PARKER HANNIFIN CORP, Honeywell International, Koyo Electronics Industries Co., Ltd., Emerson Electric, Advantech Co., Ltd., and among others.
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Recent Development
In February 2022, ABB and Scania have agreed to supply a full spectrum of robotic technologies for Scania's new highly automated battery assembly plant in Sweden. This new factory will be a big step forward towards Scania's journey toward electrification of heavy trucks. In the assembly process, several ABB robots, including the IRB 390, IRB 4600, and IRB 6700 types, as well as supplemental equipment to aid in the production process, will be utilized. This will be the first time ABB's IRB 390 robot has been utilized in a battery manufacturing facility.
In July 2021, Rockwell Automation Inc. partnered with Kezzler AS, a cloud-based product digitalization and traceability platform. Using cloud-based chain technologies, the alliance hopes to enable manufacturers to capture their product's end-to-end journey from raw material suppliers to the point of sale or beyond. The integrated offering is excellent for customers in industries such as health sciences, food and beverage, and consumer packaged products who are concerned with achieving regulatory requirements as well as consumer expectations in areas such as product quality, safety, and sustainability.
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