New York, May 19, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the global Industrial Process Automation Market generated USD 58.36 billion in 2022, and is projected to reach USD 96.06 billion by 2030, at a CAGR of 5.4% from 2023 to 2030.
The research offers a detailed analysis of the drivers, restraints, and opportunities of the market to understand the changing market dynamics. Moreover, the research provides an extensive analysis of major segments and their sub-segments to identify the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 424 pages, accompanied by 315 tables and 260 figures, the report aims to become a source of guidance for market players, investors, and startups to determine strategies for next few years to achieve a sustainable growth.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 58.36 Billion |
| Market Size in 2030 | USD 96.06 Billion |
| CAGR | 5.4% |
| No. of Pages | 426 |
| Tables | 315 |
| Figures | 260 |
| Segments Covered | Component, Industry Vertical, and Region |
| Drivers | Growing adoption of Industrial IoT |
| Government initiatives promoting industrial automation | |
| Adoption of AR technology and digital twins in manufacturing | |
| Opportunities | Industry 4.0 revolution leading to collaborations and partnerships |
The report identifies driving factors, restraining factors, and opportunities in the industry. The global industrial process automation market is growing due to the rise in government initiatives promoting the industrial automation. However, lack of standardization of security standards and guidelines for industrial process systems can increase cybersecurity risks, which, in turn, hinders the market growth.
Identifying the opportunities that leading players can take leverage to increase their market share, Next Move Strategy Consulting’s Lead Analyst for Semiconductors and Electronics commented, “To leverage the potential of Industry 4.0, market players partner with other players, technology providers, and research institutions to develop new technologies, products, and services that cater to the market's changing demands.”
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Europe accounted for the highest share in 2022, and is expected to remain dominant throughout the forecast period. This is attributed to the advancements such as collaborative robots, 5G networks, edge computing, and blockchain technology that enable businesses to automate processes across their entire supply chain. Moreover, developments including energy-efficient sensors and smart building systems help businesses reduce their environmental footprint while enhancing their profitability. Industrial process automation can play a significant role in helping companies in this region achieve their sustainability goals while also improving their financial performance.
On the other hand, Asia-Pacific is estimated to witness substantial growth during the forecast period due to the growing adoption of automation in industries such as oil & gas, pharmaceuticals, food & beverages, power generation, and chemicals. In addition, the increasing adoption of Industry 4.0 in countries such as India, South Korea, and Indonesia fuels the demand for industrial process automation systems.
The study analyzes each region and its countries by segments and their sub-segments to outline the steps to be taken to consolidate their presence in the industrial process automation market. Furthermore, this analysis helps determine the fastest-growing segments and the highest-revenue-generating segments to take the next step accordingly.
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The report offers an extensive analysis of the competitive landscape of the global industrial process automation market. Some of the major market players in the industrial process automation market are Hitachi Ltd., Siemens AG, Mitsubishi Electric, Schneider Electric, Honeywell International, ABB Ltd., Toshiba Corp., Emerson Electric Co., Rockwell Automation, Omron Corp., Fanuc Corp., Valmet OYJ, Yokogawa Electric, Endress Hauser, and Dwyer Instruments.
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About Us:
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports that help multinational companies triumph over their competition and increase their industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining, and data analytics.
We have been servicing over 1000 customers globally, including 90% of Fortune 500 companies over a decade. Our analysts constantly track various high-growth markets and identify hidden opportunities in each sector or industry. We provide one of the industry’s best-quality syndicate as well as custom research reports across ten different industry verticals. We are committed to delivering high-quality research solutions per your business needs. Our industry-standard delivery solutions range from pre-consultation to after-sales services, provide an excellent client experience and ensure the right strategic decision-making for businesses.
