Pune, India, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The increasing number of online shoppers across globally is constantly driving the automation growth in the e-commerce sector. Major automation applications across the industry are workflow process automation, automated storage, and inventory retrieval. Inventory sold by e-commerce vendors is stored in warehouses, and to reduce the time for sorting and stocking a variety of products. Automated Storage and Retrieval Systems (ASRS) is considered one of the best tools for automation.
Industrial Automation Market in terms of revenue was estimated to be worth $171.23 billion in 2022 and is poised to reach $322.67 billion by 2030, growing at a CAGR of 8.2% from 2022 to 2030 according to a new report published by The Insight Partners.
An autonomous robot, named Proteus, and a robotic system titled “Cardinal,” was announced by Amazon. As per the company, Proteus allows for full autonomy of the warehouse floor and can work in a way that augments simple and safe interaction between technology and people. These factors are expected to fuel the industrial automation market growth.
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Global Industrial Automation Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 171.23 Billion in 2022 |
| Market Size Value by | USD 322.67 Billion by 2030 |
| Growth rate | CAGR of 8.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, System, and End Users |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The purchasing pattern of consumers is inclined toward online shopping; over 60% of the population in the US is engaged in online shopping. Further, customers expect faster delivery time, owing to which e-commerce players are adopting automation in their processes. However, the fluctuations in demand for stock-keeping units (SKUs) create complexities in picking operations, which slows down the fulfillment process. The demand for automation in the e-commerce sector is varying; as a result, the forward pick areas need to be continuously adjusted to aid the fluctuation in demand. Along with managing SKU demand fluctuations, an ASRS also advances the fulfillment process, thereby allowing e-commerce and omnichannel retailers to adhere to service-level agreements by fulfilling order deliveries. Several e-commerce leaders have also increased their investment in automating their warehouse facilities over the years. In August 2022, Kroger Co., announced the expansion of its customer fulfillment center (CFC) network, supported by Ocado Group’s technology. Two new CFCs are automated by utilizing technology from Ocado Group. The first such automated CFC was opened in April 2021. Additionally, new products and technologies are being launched regularly to support the growing automation of warehouses. For instance, in June 2022, Amazon announced the launch of a new fleet of robots and automated systems.
China Dominates Industrial Automation Market in Asia Pacific:
Industry and Digitization 4.0 initiatives in China have considerably boosted industry automation by mandating innovative and automated solutions, including robotics and control systems, to optimize production processes. China's economy grew rapidly because of its manufacturing proficiency and government investments in industries, infrastructure, and machinery. Moreover, the adoption of intelligent manufacturing is likely to boost automation trend in manufacturing in the country in the coming years. According to the Ministry of Industry and Information Technology, over 100 innovative manufacturing pilot projects have been launched in the country in recent years. Also, in March 2021, the National People's Congress (NPC) approved the outline of the People's Republic of China's 14th Five-Year Plan for National Economic and Social Development and Long-Term Objectives for 2035. The design demonstrates the government’s aim to enhance the country’s fundamental manufacturing capabilities, such as the availability of high-end novel materials, smart manufacturing, and the development of energy vehicles. Thus, all the above factors are fueling the factory automation market growth in China.
Industrial Automation Market: Segmental Overview
Based on component, the industrial automation market is bifurcated into:
- Hardware
- Software
The hardware segment held a larger industrial automation market share in 2022 and is anticipated to register a higher CAGR in the market during the forecast period.
Based on system, the industrial automation market is segmented into:
- Supervisory Control and Data Acquisition
- Distributed Control System
- Programmable Logic Control
- Other
The distributed control system segment held the largest share of the market in 2022 and is likely to register the highest CAGR in the market during the forecast period.
Based on end user, the industrial automation market is segmented into:
- Oil & Gas
- Automotive
- Food & Beverages
- Chemical & Materials
- Aerospace & Defense
- Others
The automotive segment held the largest industrial automation market share in 2022 and is expected to register the highest CAGR in the market during the forecast period.
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Industrial Automation Market Analysis: Competitive Landscape and Key Developments
ABB Ltd.; Bosch Rexroth AG; Emerson Electric Co.; Hitachi Ltd.; Honeywell International, Inc.; Mitsubishi Electric Corporation; Omron Corporation; Rockwell Automation, Inc.; Schneider Electric SE; and Siemens AG are among the key industrial automation market players that are profiled in the report, which help in global traffic management. Several other essential industrial automation market players were analyzed for a holistic view of the market and its ecosystem. The global industrial automation market report provides detailed market insights, which can help major players strategize their growth.
Global Industrial Automation Market - Key Industry Dynamics:
Drivers
- Rising Uptake of Automation across Food & Beverage Industry
- Increase in Machine Vision Systems Adoption for Industrial Automation
Restraints
- Requirement of High Initial Investment
Opportunities
- Integration of Robotics in the Construction Industry
Future Trends
- Surging Demand for Automation in the E-commerce Industry
Recent Developments:
In 2023, OMRON announced the launch of its M1 Integrated Global AC Drives Solution, which marked a significant stride in industrial automation. With advanced motor control capabilities, versatile communication protocols, and user-friendly software, the solution offered increased efficiency and flexibility. OMRON's commitment to quality and compliance added to the solution's appeal, signaling a noteworthy advancement in the industrial automation market.
In 2023, Schneider Electric introduced EcoStruxure Automation Expert V23.0, a groundbreaking software-centric industrial automation system. The solution's separation of automation software from hardware marked a leap forward, enabling seamless interoperability and efficiency across industries.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Industrial Automation and Control Systems Market - Global Analysis and Forecast to 2030.
Industrial Automation Control Market - Global Analysis and Forecast to 2027.
Industrial & Factory Automation Market - Global Analysis and Forecast to 2030.
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