Westford, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- As the world becomes increasingly automated, businesses are turning to industrial automation solutions to help increase efficiency and productivity. By automating routine tasks and processes, businesses can free up workforce time to focus on more important duties. This growth of the industrial automation market is mainly due to the increasing demand for safe, reliable, and efficient manufacturing systems. These systems help manufacturers achieve increased output and reduce costs. As per SkyQuest’s findings, businesses save from 15 to 60% on worker costs, making it one of the most cost-effective investments a business can make.
In addition to reducing labor costs, industrial automation can also reduce environmental impact. For example, if a factory is using manual tasks to produce products, the production process often involves a lot of waste created from the work processes. With industrial automation, these tasks can be automated, leading to a decrease in waste and a reduction in environmental impact.
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There are a number of different industrial automation technologies available, so businesses can find the right solution for their specific needs. Some of the most common types of industrial automation include: robots, machine learning algorithms, computer-aided manufacturing (CAM), and wireless technology.
As per SkyQuest analysis, some of the leading companies in the industrial automation market are ABB Ltd., Siemens AG, Fanuc Corporation, Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and Rexnord Corp. These companies offer a range of products and services that include controllers, drives, processing units, sensors, and software. They prefer to partner with larger manufacturers who can leverage their resources to develop and deploy advanced technology solutions across their entire manufacturing operations.
Increasing adoption of advanced manufacturing technologies, such as 3D printing, and recent shift in production to Asia are driving the growth of this industry. Additionally, surging demand for smart machines that can automatically optimize processes and reduce variability is boosting the growth of industrial automation market.
SkyQuest has published a report on global industrial automation market. The provides a detailed understanding about market trends, consumer analysis, demand and supply gap, pricing analysis, top players in the market and their market share, competitive landscape, value chain analysis, and market dynamics. It will help the market participants in identifying lucrative growth opportunity, targeting potential consumers, devising growth strategies, finding what competition are doing and where the opportunity lies to incentives on the weaknesses of others. For more details.
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Industrial Automation to Account for a Whopping 37% of the Global Workforce Says Analyst at SkyQuest
As industrial automation technologies continue to develop, so too is the industry’s adoption of them. A recent study found that automation is growing even more rapidly than anticipated, and by 2025, it is predicted that industrial automation will account for a whopping 37% of the workforce.
According to a recent survey conducted by SkyQuest on industrial automation market, the chief executive of companies that have invested in industrial automation say that the technology has been key to their success. In fact, almost 2/3 of respondents reported that industrial automation has helped them boost production and improve efficiency. Furthermore, nearly 50% of these businesses say that the technology has increased their competitiveness and allowed them to attract new customers.
AI and Blockchain Technology are Trending in Industrial Automation Market
One of the most pressing issues facing industrial automation today is reliability. With a growing number of devices and systems interacting with one another, it's critical that these systems work as intended and without issue. Here are some of the top trends happening in industrial automation today:
- Increased use of AI and machine learning: Machine learning is playing a larger role in industrial automation, allowing systems to learn over time and identify patterns. This can help eliminate inaccurate or problematic operations, making your plant more reliable overall.
- Increased use of blockchain technology: Blockchain is becoming more popular in industrial automation market due to its secure capabilities and ability to track transactions accurately. This can simplify management of data and ensure accuracy in record-keeping, making your plant more efficient overall.
- Adoption of cloud-based systems for managing factory operations: As manufacturing continues to move towards leaner, more automated production lines, many companies are turning to cloud-based systems to help manage their operations. Cloud-based systems allow factories to outsource certain factory tasks, such as data entry and machine maintenance, making it easier for companies to focus on their core product.
Smart Manufacturing is Gaining Grounds in Industrial Automation Market
Manufacturing is not just a physical process. It's also a digital process. The rise of smart manufacturing technologies means that factories can now control and monitor their processes in real time, which enables more efficient production and improved safety. Today, automotive, electronics and FMCG sectors is contributing around 65% of the revenue to the global industrial automation market. Automotive sector is witnessing steady growth owing to soaring demand for safety features, enhanced functionality, efficient fuel economy and elevated adoption of intelligent mobility solutions. In addition, automotive industry is also witnessing rise in popularity of hybrid and electric vehicles which is adding to the growth momentum of this sector.
The most common types of smart manufacturing technologies are robotics, sensors, and machine learning algorithms. Robotics help factories automate tasks and functions so that they can be performed faster and with greater accuracy. Sensors enable factories to monitor conditions inside and outside the factory, and they can transmit this information to processors for analysis.
As per SkyQuest analysis, machine learning is being used to improve a variety of processes and operations. For example, it can be used to optimize production lines, predict the needs of customers and even determine when products need to be replaced. Additionally, it can be used to improve predictive maintenance and forecasting. Furthermore, it can also be used to develop autonomous systems.
Today, manufacturers across the global industrial automation market are opting for smart manufacturing due to following key factors:
- Lower Production Costs
- Improved Safety and Quality
- Increased Flexibility in Production Scheduling
- Reduced Wastage of Raw Materials
- Reduced chances of production errors
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Top Players in Global Industrial Automation Market
- Emerson Electric Co. (U.S.)
- General Electric Company (U.S.)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Omron Corporation (Japan)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Yokogawa Electric Corporation (Japan)
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