New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Industrial Automation Services Market” information by Solution, by Service, by End Use and Region – Forecast to 2027” market size to reach USD 264.69 billion, growing at a compound annual growth rate of 8.9% by 2026.
Market Scope:
The global industrial automation services market is witnessing significant revenue growth. Rising adoption of automation and smart manufacturing in manufacturing sectors across the globe is a major driving force behind the market growth. Besides, the growing need to develop new business strategies and improve manufacturing’s core competencies impacts the market development positively.
Additionally, rapid technological changes, adoption of new systems & networking architectures, and integration of interoperability of devices and systems create significant market opportunities. Also, advances in industrial robotics with the integration of artificial intelligence and other technologies, such as machine vision and sensors, propel market revenues, significantly improving pricing and performance scenarios.
Dominant Key Players on Industrial Automation Services Market Covered are:
- Siemens AG
- ABB Ltd.
- Johnson Controls Inc.
- General Electric Company
- Schneider Electric SE
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Yokogawa Electric
- Rockwell Automation Inc.
- Ametek Inc.
- Omron
- Samsung Electronics Co. Ltd.
- Hitachi
- Danaher Corporation
- Fanuc Corporation
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Market USP Exclusively Encompassed:
Market Drivers
Manufacturing sectors worldwide were severely hit by the recent COVID 19 pandemic. Businesses across the globe started facing supply chain disruptions, lower productivity, and rising manufacturing costs. However, as the world recovers from the pandemic, businesses need to address these key issues by improving their manufacturing capabilities and supply chain processes, alongside building resilience to withstand unexpected disruptions.
Also, the rapid adoption of digital technologies, smart manufacturing, human-machine interaction, and advanced analytics among manufacturers to optimize processes and strengthen their position has boosted the industrial automation services market. Smart manufacturing refers to incorporating smart technologies to transform the business, create new business strategies, streamline & eliminate business and manufacturing processes & empower teams to drive the business forward.
Moreover, end-to-end Industry 4.0 solutions encompassing additive manufacturing, augmented reality (AR), industrial internet of things (IIoT), and engineering simulation fostered the market demand. Manufacturing companies are increasingly enhancing their expertise through production facilities to deliver numerous multi-factory digital transformation projects in various verticals.
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Industry 4.0 (Fourth Industrial Revolution) is well underway, transforming manufacturing back into an economic powerhouse. There are many technologies incorporated in smart manufacturing, including artificial intelligence, the Industrial Internet of Things (IIoT), digital threads & twins, and cloud & edge computing, fueling the adoption of industrial automation services.
Segmentation of Market Covered in the Research:
The market is segmented into solutions, services, end uses, and regions. The solution segment comprises distributed control system, programmable logic controller, supervisory control & data acquisition (SCADA), manufacturing execution system (MES), product lifecycle management (PLM), and functional safety & plant asset management (PAM).
The service segment comprises professional services, consulting services, technical training, system integration, and others. The end-use segment comprises automotive, transportation & logistics, mining & metals, aerospace & defense, energy & power systems, and others. The region segment comprises the Asia Pacific, Americas, Middle East & Africa, Europe, and the Rest-of-the-World.
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Regional Analysis
Europe dominates the global industrial automation services market. The growing awareness among industries about the benefits of industrial automation services and their application scope fosters the adoption of these services. Moreover, the increasing implementation of industrial automation services among manufacturing facilities to achieve better production management and improved power efficiency drive the market growth.
APAC is another lucrative market for industrial automation services. Due to the increased focus on enhancing process efficiencies and reducing production costs across various industry verticals, the region is expected to create scope for the market. Besides, increasing government initiatives for digitalization, the growing demand for workplace safety, and enhanced efficiency in industrial processes boost the region’s market shares.
The growing demand for automation in the automotive and transportation sector and the adoption of digital technologies drive the demand for industrial automation services in this region. China is a major revenues generating country in the region. The APAC industrial automation services market is estimated to grow at a rapid 11.4% CAGR during the forecast period (2020–2026).
Competitive Landscape
The industrial automation services market appears highly competitive, with the presence of many prominent companies having an international and regional presence. These companies aggressively target increased participation through partnerships and collaborations to expand their operations and offerings to potential clientele.
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For instance, on April 21, 2022, Rockwell Automation announced its partnership with CAD-IT (Singapore), a leading provider of Industry 4.0 technologies, to strengthen its partner network in Southeast Asia (SEA). The partnership with Rockwell allows CAD-IT to expand and build its product and services suite of Industry 4.0 solutions. Southeast Asia is one of the fastest-growing sub-regions for Rockwell.
By combining its technologies and expertise with CAD IT’s strong regional network and execution competency, Rockwell can increase the accessibility of smart manufacturing and digital transformation solutions to businesses across Southeast Asian countries. The partnership will see CAD-IT offer Rockwell’s smart manufacturing and automation solutions.
In addition, to enhancing manufacturing and digital transformation, the partnership will benefit businesses in the SEA region with CAD-IT’s local market presence with implementation, support, and maintenance from its on-ground team of experts across the region. Besides, cloud-native smart manufacturing platforms and cloud-based, artificial intelligence (AI)-powered computerized maintenance management systems would cater to the food & beverage, household & personal care, and automotive industries across the APAC region.
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