Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Industrial Automation Market By Offering (Solutions (Enterprise-level Controls, Plant Instrumentation, Plant-level Controls), Services), Mode of Automation, End-use Industry (Oil & Gas, Automotive, Food & Beverage), and Geography - Global Forecasts to 2031" report has been added to ResearchAndMarkets.com's offering.
The industrial automation market is expected to reach 368.05 billion by 2031, growing at a CAGR of 9.1% during the forecast period of 2024-2031.
The market growth is driven by government initiatives promoting industrial development, increasing investments in industrial automation, rising demand for energy-efficient systems, and increasing need for supply chain optimization. However, high CAPEX requirements and concerns about workforce displacement restrain the market's growth.
Moreover, the increasing demand for sustainable solutions is expected to create market growth opportunities. However, cybersecurity risks associated with automated systems pose challenges to the market's growth.
In 2023, Asia-Pacific is expected to account for the largest share of the snacks processing equipment market, followed by North America and Europe. The APAC food industry has witnessed increasing demand for advanced industrial automation solutions to enhance productivity, efficiency, and competitiveness in manufacturing sectors such as automotive, electronics, machinery, and consumer goods.
In addition, the growing need to automate production processes to reduce reliance on manual labor and remain cost-competitive, expansion of the automotive industry, increasing technological advancements and adoption, with significant investments in robotics, artificial intelligence, IoT, and digitalization to achieve greater efficiency, precision, flexibility, and connectivity in industrial processes further drive the regional market.
Based on offering, the global industrial automation market is segmented into solutions and services.
In 2024, the solutions segment is expected to account for the larger share of the global industrial automation market. The solutions segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the high adoption of PLM, ERP, and MES solutions for streamlining the production & enterprise processes across the manufacturing & industrial sectors, increasing demand for data analytics and predictive maintenance capabilities to optimize operations, reduce downtime, and improve overall equipment effectiveness (OEE), growing need to reduce operational costs and optimize resource utilization, and the emergence of Industry 4.0 & enabling technologies.
Based on mode of automation, the global industrial automation market is segmented into semi-automatic systems and fully-automatic systems.
In 2024, the semi-automatic systems segment is expected to account for the larger share of the global industrial automation market. The large market share of this segment is attributed to the lower cost of implementation compared to fully-automatic systems, the increasing need for a higher degree of flexibility between manual and automated processes, and the growing need for monitoring industrial systems closely and intervene promptly in cases of anomalies that lead to costly downtime or quality issues. However, the fully-automatic systems segment is projected to register the highest CAGR during the forecast period.
Based on end-use industry, the global industrial automation market is segmented into oil & gas, automotive, food & beverage, semiconductors & electronics, chemicals & materials, consumer goods, mining & metals, power, pharmaceuticals & biotech, machines & tools, paper & pulp, aerospace & defense, and other end-use industries.
In 2024, the oil & gas segment is expected to account for the largest share of the global industrial automation market. The large market share of this segment is attributed to the growing need to streamline operations across the entire value chain of oil & gas production, increasing demand for automated monitoring systems to minimize environmental impact and enhance safety, and the growing need to prevent unplanned downtime, extend asset lifespan, and reduce maintenance costs. However, the automotive segment is projected to register the highest CAGR during the forecast period.
Key questions answered in the report:
- Which are the high growth market segments in terms of offering, mode of operation, and end-use industry?
- What is the historical market for industrial automation across the globe?
- What are the market forecasts and estimates from 2024-2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the industrial automation market?
- Who are the major players in the industrial automation market, and what shares of the market do they hold?
- Who are the major players in various countries, and what shares of the market do they hold?
- How is the competitive analysis?
- What are the recent developments in the industrial automation market?
- What are the different strategies adopted by the major players in the industrial automation market?
- What are the geographical trends and high growth countries?
- Who are the local emerging players in the industrial automation market and how do they compete with the other players?
Market Insights
- Government Initiatives Promoting Industrial Development Fueling Market Growth
- Increasing Investments in Industrial Automation Accelerating Market Expansion
- Rising Demand for Energy-Efficient Systems Boosting the Adoption of Industrial Automation Solutions
- Increasing Need for Supply Chain Optimization Boosting the Adoption of Industrial Automation Systems
- High Capex Requirements Restraining Market Growth
- Workforce Displacement Concerns Restraining Market Growth
- Increasing Demand for Sustainable Solutions Creating Market Growth Opportunities
- Cybersecurity Risks Associated With Automated Systems Expected to Remain a Major Challenge for Market Players
Case Studies
- Case Study 1: Inovance's Automation Solution Improved the Production Capacity of Client
- Case Study B: Daifuku Co., Ltd. Provided Its Automated Storage and Retrieval Systems to Toho Pharmaceutical for the Tbc Dynabase Facility
Company Profiles
- ABB Ltd (Switzerland)
- Rockwell Automation Inc. (U.S.)
- Siemens AG (Germany)
- Yaskawa Electric Corporation (Japan)
- Schneider Electric SE (France)
- Yokogawa Electric Corporation (Japan)
- KUKA AG (Germany)
- Emerson Electric Co. (U.S.)
- FANUC CORPORATION (Japan)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- OMRON Corporation (Japan)
- Advantech Co. Ltd. (Taiwan)
- Hitachi Ltd. (Japan)
- and General Electric Company (U.S.).
Competition Analysis
- Key Growth Strategies
- Competitive Benchmarking
- Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Vanguards
- Emerging Companies
- Market Share Analysis
Value Chain Analysis
- Raw Material Providers
- Hardware & Software Developers
- Plant Instrumentation
- Plant-level Controls
- Enterprise-Level Controls
- System Integrators
- End Users
Scope of the Report:
Industrial Automation Market Assessment - by Offerings
- Solution
- Enterprise-level Controls
- Product Lifecycle Management (PLM)
- Enterprise Resource Planning (ERP)
- Manufacturing Execution Systems (MES)
- Plant Instrumentation
- Motors & Drives
- Robots
- Articulated Robots
- Cartesian Robots
- SCARA
- Collaborative Robots
- Other Robots
- Sensors
- Machine Vision Systems
- Cameras
- Optics and LED Lighting
- Relays & Switches
- Other Plant Instrumentation Components
- Plant-level Controls
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control Systems (DCS)
- Programmable Logic Controllers (PLC)
- Other Plant-level Controls
- Services
- Integration & Installation Services
- Maintenance & Support Services
- Advisory, Training, & Consulting Services
- Safety & Security Services
Industrial Automation Market Assessment - by Mode of Automation
- Semi-automatic Systems
- Fully-automatic Systems
Industrial Automation Market Assessment - by End-use Industry
- Oil & Gas
- Upstream
- Midstream
- Downstream
- Chemicals & Materials
- Paper & Pulp
- Pharmaceuticals & Biotech
- Mining & Metals
- Food & Beverage
- Beverages & Distilleries
- Dairy Processing
- Bakery & Confectionary
- Meat, Poultry, and Seafood Products
- Fruits & Vegetables
- Oil & Fats
- Other F&B Applications
- Power
- Consumer Goods
- Automotive
- Machines & Tools
- Semiconductors & Electronics
- Aerospace & Defense
- Other End-use Industries
Industrial Automation Market Assessment - by Country/Region
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- Italy
- Netherlands
- Sweden
- France
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/o8k156
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