Pune,India, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The global Industrial Automation Market Size was valued at USD 191.89 billion in 2021. The market is projected to grow from USD 205.86 billion in 2022 to USD 395.09 billion by 2039, exhibiting a CAGR of 9.8% during the forecast period. Fortune Business Insights has published latest forecast for Industrial Automation Market in their report titled, “Industrial Automation Market Forecast, 2023-2029”.
Industry Developments:
ABB Ltd. partnered with dtac Trinet, Thailand-based wireless telecommunications service provider, to develop robotics and machine automation solutions with dtac connectivity across Thailand. The partnership aims to advance Thailand's manufacturing capabilities and accelerate industry 4.0 in the country.
Emerson collaborated with PureCycle Technologies, Inc. to offer digital technologies and automation for PureCycle facilities to transform plastic recycling. Emerson's Planet web digital ecosystem integrates digital automation technology across all PureCycle facilities and reduces the project completion time.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.8% |
| 2029 Value Projection | USD 395.09 Billion |
| Base Year | 2021 |
| Industrial Automation Market Size in 2021 | USD 191.89 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Industry, Geography |
Key Takeaways:
- Industrial Automation Market is expected to flourish & reach USD 395.09 Billion in 2029
- Organizations incorporate paired digital technology in their commercial operations to reduce the risk of equipment failure.
- partnerships and collaborations should drive demand for automation solutions across industries over the next few years.
- The hardware segment is expected to show rapid growth over the forecast period, due to the increasing IoT demand for advanced automation processes in the industries.
- Industrial Automation Market Size in Europe was USD 61.85 Billion 2021
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Drivers & Restraints:
- The industrial automation market is expected to experience substantial growth in the upcoming years, driven by the adoption of the fourth industrial revolution, which is prompting companies to develop new products and acquire new brands.
- Furthermore, the growing implementation of industrial IoT is expected to further boost the market.
- The use of digital twins and AR technology is also anticipated to fuel the market growth during the projected period. However, the market's growth may be hindered by the high initial capital investments required.
Regional Insights:
Europe has emerged as the dominant player in the global industrial automation market during the forecast period, thanks to significant technological advancements and developments in the region. Europe accounted for USD 61.85 billion in 2021, reflecting growing investment in technical development.
Meanwhile, the Asia Pacific region is anticipated to hold the second-largest global market share, owing to the presence of key players in emerging countries. The increasing industrialization and commercialization in these regions are expected to further fuel the market's growth.
List of Key Players Mentioned in the Report:
- ABB Ltd. (Switzerland)
- 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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Major Table of Contents:
- Global Industrial Automation Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Sensors
- Photoelectric
- Laser
- Inductive
- Others
- PLC
- HMI
- Servo
- Motor
- AC
- DC
- Drive
- Motor
- Laser Markers
- Safety Light Curtain
- Robots
- Sensors
- Software
- Hardware
- By Industry (USD)
- Discrete Automation
- Automotive
- Electronics
- Heavy Manufacturing
- Packaging
- Others
- Process Automation
- Oil & Gas
- Chemicals
- Pulp & Paper
- Mining & Metals
- Healthcare
- Others
- Discrete Automation
- By Region (USD)
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
- North America Industrial Automation Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Sensors
- Photoelectric
- Laser
- Inductive
- Others
- PLC
- HMI
- Servo
- Motor
- AC
- DC
- Drive
- Motor
- Laser Markers
- Safety Light Curtain
- Robots
- Sensors
- Software
- Hardware
- By Industry (USD)
- Discrete Automation
- Automotive
- Electronics
- Heavy Manufacturing
- Packaging
- Others
- Process Automation
- Oil & Gas
- Chemicals
- Pulp & Paper
- Mining & Metals
- Healthcare
- Others
- Discrete Automation
- By Country (USD)
- United States
- By Industry
- Canada
- By Industry
- Mexico
- By Industry
- United States
- South America Industrial Automation Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Sensors
- Photoelectric
- Laser
- Inductive
- Others
- PLC
- HMI
- Servo
- Motor
- AC
- DC
- Drive
- Motor
- Laser Markers
- Safety Light Curtain
- Robots
- Sensors
- Software
- Hardware
- By Industry (USD)
- Discrete Automation
- Automotive
- Electronics
- Heavy Manufacturing
- Packaging
- Others
- Process Automation
- Oil & Gas
- Chemicals
- Pulp & Paper
- Mining & Metals
- Healthcare
- Others
- Discrete Automation
- By Country (USD)
- Brazil
- By Industry
- Argentina
- By Industry
- Rest of South America
- Brazil
TOC Continued…!
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FAQ:
How big is the Industrial Automation Market?
The market is projected to grow from USD 205.86 billion in 2022 to USD 395.09 billion by 2029, exhibiting a CAGR of 9.8% during the forecast period.
How big is Industrial Automation Market in Europe?
The market in Europe stood at USD 61.85 Billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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