Westford, USA, July 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Industrial Automation Market will attain a value of USD 350.9 Billion 8.3% during the forecast period (2024-2031). The industrial automation market is primarily driven by the growing need for real-time data analysis across geographies and the increasing adoption of cutting-edge technologies across end-use industries to improve performance. Furthermore, the growing demand for preventative repairs and real-time data analysis, which would provide organizations with better insight into their manufacturing facilities and hence boost productivity, is driving growth in the industrial automation market.
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Browse in-depth TOC on the "Global Industrial Automation Market"
- Pages - 157
- Tables - 67
- Figures – 75
Industrial Automation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 185.42 Billion |
| Estimated Value by 2031 | USD 350.9 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Hardware, Software Type and Industry Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Increasing the use of digital twins and augmented reality in manufacturing is support the market expansion of industrial automation |
| Key Opportunities | Increasing adoption of Industrial IoT is creating market opportunities for industrial automation |
| Key Market Drivers | Technologies like HMI, predictive maintenance, and real-time data analysis |
Increasing Adoption of Automation in Food & Beverage Sector is Driving the Industrial Automation Market
Automation in food and beverage production involves strategic technology integrations in inspection, packaging, and storage. In the last few years, food and beverage organizations have streamlined production processes using delta robots, automated guided vehicles, and robotic arms to meet regulatory food safety and quality standards while lowering labor costs across production locations. The repetitious and precise packing of consumer-packed food and beverages is difficult for humans. This is increasing the use of robotic systems for primary and secondary packaging and palletizing. Industry demand for vision-guided robots is rising due to their effectiveness in repetitive operations including bottle handling, bin picking, and tray loading. Automation in the food and beverage business has been driven by benefits such as greater transparency, productivity, and flexibility. These factors have prompted food and beverage businesses to substantially invest in integration of automated technology across their manufacturing facilities.
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Increasing Adoption of Industry 4.0 is Helping in the Market Growth of Industrial Automation
Industry 4.0 adoption is propelling the global industrial automation industry. Industry 4.0, the fourth industrial revolution, integrates digital technologies with production processes to improve efficiency, productivity, and flexibility. Industry 4.0 involves implementing advanced automation solutions including robotics, sensors, and cloud computing throughout industries. These innovations allow machines, systems, and humans to communicate and collaborate, streamlining operations and improving decision-making.
Industrial Automation Market is Witnessing Maximum Growth in Europe Due to Highest Robot Density
Europe is projected to dominate industrial automation worldwide because in January 2021, Western Europe (225 units per 10,000 employees) and the Nordic European Countries (204 units per 10,000 employees) had the highest robot density worldwide, according to the IFR. Germany is the fourth most automated nation with 346 units per 10,000 employees. Asia Pacific is projected to grow rapidly from 2022 to 2028. Japan manufactures the majority of robots and industry automation equipment.
Industrial Automation Market Insights
Drivers:
- Increasing adoption of Industrial IoT is driving the market as it connects industrial assets
- More companies are embracing Industry 4.0 to streamline operations
- Rising demand of automation technologies to reduce expense and improve productivity
Restraints:
- High expense related to implementation and maintenance related to industrial automation
- The wide range of systems, machinery, and processes in industrial automation makes integration difficult and flexibility restricted.
- Integrating automation into existing process can be expensive, time consuming, and difficult
Prominent Market Players in the Global Industrial Automation Market
The following are the Top Industrial Automation Companies
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc
- Siemens AG
- ABB Ltd.
- Schneider Electric SE
- Rockwell Automation Inc.
- Mitsubishi Electric Corporation
- Yokogawa Electric Corporation
- Omron Corporation
Key Questions Answered in the Global Industrial Automation Market
- Why is the industrial automation market witnessing maximum growth in Europe?
- What are the key challenges faced by companies in the industrial automation market?
- Which country is holding the major market share in the industrial automation market?
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This report provides the following insights:
- Analysis of key drivers (Increasing adoption of Industry 4.0, growing demand for automation for manufacturing, increasing adoption of Industrial IoT, and rising demand for automation to improve productivity), restraints (High expense of implementation and maintenance and integrating automation to present system is difficult), opportunities (Government initiatives to promote industrial automation and technological advancement in industrial automation), and challenges (High initial capital needed and implementation can be challenging as wide range of systems is necessary) influencing the growth of industrial automation market
- Market Penetration: Comprehensive information on the product offered by the top players in the industrial automation market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the industrial automation market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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