Pune, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Industrial Automation Market Size & Growth Analysis:
“As per the SNS Insider Research, The Industrial Automation Market was valued at USD 182.1 billion in 2023 and is projected to reach USD 377.9 billion by 2032, growing at a CAGR of 8.45% during the forecast period 2024-2032.”
Revolutionizing Manufacturing Industrial Automation and Emerging Technologies are Enhancing Precision, Efficiency, and Real-Time Decision-Making
Automation enables manufacturers to streamline production processes by reducing human labor, increasing precision, and offering reliable manufacturing. The integration of sensors and devices that monitor equipment allows for real-time data collection, reducing downtime and improving decision-making. Emerging technologies like digital twins, AR, AI, and IoT are revolutionizing industrial automation, making processes more efficient, predictive, and responsive.
Industrial automation refers to the use of equipment and systems to control manufacturing processes, increasing operational efficiency, reducing human labor, and improving production accuracy. With the rise of the Industrial Internet of Things (IIoT) and the incorporation of smart sensors, automation has enhanced information flow within industrial systems, enabling predictive maintenance and better decision-making. Automation is not just limited to improving output but also ensures consistency and quality in manufacturing processes.
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Major Players Analysis Listed in this Report are:
- Siemens
- Rockwell Automation
- Honeywell
- Schneider Electric
- ABB
- Mitsubishi Electric
- Emerson Electric
- Fanuc
- Bosch Rexroth
- Omron
- Yokogawa Electric
- General Electric
- Delta Electronics
- Other Players
In addition to IIoT, advanced technologies like augmented reality (AR), edge computing, and artificial intelligence (AI) are facilitating the analysis of machine data, leading to optimized asset productivity. Cloud systems are also being widely used to manage automation systems, making industrial operations more agile and responsive.
Industrial Automation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 182.1 Bn |
| Market Size by 2032 | US$ 377.9 Bn |
| CAGR | CAGR of 8.45% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Operational efficiency in automation increases production effectiveness, lowers manual errors, and boosts the speed and consistency of all processes. • Cost By reducing labor costs, increasing resource efficiency, and reducing downtime, a reduction in automation can result in cost savings. |
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Industrial Automation Market Surge: Sensors Dominate with 25.2% Share; Discrete Automation Drives 35% Revenue in 2023
In 2023, the sensor segment accounted for over 25.2% of the market share. Sensors play a critical role in automation systems by collecting real-time data, monitoring equipment conditions, and ensuring optimal functioning of industrial machinery. Their widespread use in linking production lines and enabling predictive maintenance has cemented sensors as a dominant segment in the automation industry.
Discrete automation accounted for over 35% of market revenue in 2023, with key segments like automotive, electronics, and heavy manufacturing leading the way. Industries such as automotive and electronics rely heavily on discrete automation for assembling and manufacturing, enabling precise and consistent production outcomes.
Industrial Automation Market Key Segmentation:
By Components
- Hardware
- Photoelectric
- Laser
- Inductive
- Others
- Motor
- Drive
- Sensors
- PLC
- HMI
- Servo
- Laser Markers
- Safety Light Curtain
- Robots
- Software
By Industry
- Discrete Automation
- Automotive
- Electronics
- Heavy Manufacturing
- Packaging
- Others
- Process Automation
- Oil & Gas
- Chemicals
- Pulp & Paper
- Mining and Metals
- Healthcare
- Others
North America Dominates Industrial Automation Market with 34.6% Revenue Share in 2023 & Asia-Pacific Emerges as the Fastest-Growing Region
North America leads the global Industrial Automation Market with a 34.6% revenue share in 2023, driven by its advanced industrial base and early adoption of automation technologies. Countries like the U.S. and Canada are at the forefront of automation in sectors like automotive, aerospace, and electronics. With substantial investments in automation and technological innovation, the region continues to maintain its dominance.
Asia-Pacific is the fastest-growing region in the Industrial Automation Market, driven by rapid industrialization in countries like China, India, and Japan. The region’s expanding manufacturing sector, particularly in electronics and automotive, is leading to a surge in automation demand. The rising middle class and increased adoption of advanced technologies are also key contributors to the market's growth.
Recent Developments
In May 2023: Mitsubishi Electric invested in Otto Motors, a leading producer of autonomous mobile robots, to advance global industrial automation.
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Key Takeaways
- The Industrial Automation Market is poised for significant growth, driven by the integration of IoT, AI, and AR technologies that enhance efficiency and operational agility.
- Sensors remain the dominant technology in automation systems, while robots are anticipated to lead future growth due to technological advancements.
- North America continues to dominate the market, thanks to its well-established industrial base and investment in automation technologies. However, Asia-Pacific is emerging as the fastest-growing region, fueled by rapid industrialization and technological adoption in manufacturing sectors.
- Recent investments and product launches by major companies underscore the ongoing evolution of industrial automation and the increasing demand for advanced automation solutions
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Industrial Automation Market Segmentation, by Components
8. Industrial Automation Market Segmentation, by Industry
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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