Industrial Automation Market Size Will Reach USD 412.8 Billion By


Ottawa, Sept. 22, 2022 (GLOBE NEWSWIRE) — A recently released report on “industrial automation market (By Deployment Type; By Component; By End-Use Industry) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2022-2030”.

  • The size of the industrial automation market in Europe was USD 63.7 billion in 2021.
  • The North America region reached a revenue share of over 45% in 2021.

Technologies advanced rapidly with the development of asset management and the Internet of Things. With the development of automation in industrial sectors with reduced human intervention during the manufacturing process. Which has led to zero contamination, increased manufacturing process quality, improved productivity, and real-time data analysis with increased development efficiency.

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The major factor driving the growth of the market is real-time data analysis and increased maintenance of the developed technology. Improve plant visibility. Asset management solutions with enhanced connectivity and easy workflow of work and data transmission. Increased research and development with increased developed technology and improved solutions and predictable machine maintenance with reduced labor cost, less hard work involved in the manufacturing process and improved automation technology with reduced steps in the process.

The impact of the negative effect of Covid-19 on the market will spread due to the lockdown and shutdown of industries. a decrease in consumer demands with a decrease in the market to grow. Post-pandemic with increased market demand and increased market growth.

Regional overviews

Highly developed industrial automation in different regions. In the Middle East & Africa, Saudi Arabia with the greatest development with the increase in Industrial Automation market value from 2022 to 2030 during the forecast period of Industrial Automation. Broad expansion of the Internet of Things with the asset system with the developed software technology which helps to increase the economics of industrial automation during the forecast period.

Wide applications of industrial automation in food and beverage, automotive and other industries with increased software development and automation technology and increasing predictable maintenance of manufacturing machinery. Other regions such as Europe, Latin America, North America, and Asia-Pacific also underway with developed technologies and increased demands with steady productivity are increasing the automation market size industrial.

Report Highlights

  • Based on deployment, the industrial sensor with the largest market share with better utilization of sensors in manufacturing industries with improved network connectivity in industries with improved automation technology and reduction in the cost of labor and labor improved performance that increases productivity. Rapid adoption of sensors with increased technology and constant development of new developments.
  • Based on components, the factory asset management software with new software developed with increased work efficiency, easy workflow without any human intervention which results in increased quality and quantity of results with high performance. Plant asset management includes enhanced features such as condition monitoring of equipment used in process manufacturing with early detection and increasing solutions with reduced loss of material used in manufacturing .
  • Based on end usersmetals and mining increase market growth which helps to increase the value with increased requirements owing to high reliability, reduced rates and increased safety while mining metals and minerals.
  • Industrial automation has been increasing in various geographies involving Middle East & Africa, Saudi Arabia with largest market share in industrial automation with increased developments driving the growth of automation market industrial.
  • Asia-Pacific regions ongoing to contribute to the industrial automation market revenue with increased research and development and increased benefits expands the growth of the market to a greater extent.

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Report scope

Report attributes Details
Market size in 2021 $196.6 billion
Revenue forecasts by 2030 $412.8 billion
Asia-Pacific market share 21% in 2021
North America market share 45% in 2021
CAGR 8.59% from 2022 to 2030
base year 2021
forecast year 2022 to 2030
Key players ABB, Emerson Electric Co., Fanuc, General Electric, Honeywell International, Mitsubihi Electric, Rockwell Automation, Schneider Electricm, Siemens, Yokogawa Electric, Omron Corporation

Market dynamics

Drivers

Improve the development of automation technology in various industries with increased production and less human intervention with increased process productivity and quality and increased performance. With constant productivity of the manufacturing process, increased reliability, precision and predictable maintenance of technologies developed in industrial automation. Adaptation of new technologies by various industries with increased performance of assets through improved connectivity that enables smooth working on the software system with easy management of workflows with less human intervention and improve solutions on the software system. Monitor machine status with enhanced technology to detect problems early and avoid risks during the manufacturing process.

Constraints

Lack of awareness among people in underdeveloped regions about industrial automation being developed with new technologies and improved solutions might hamper the growth of the industrial automation market over the forecast period. The lack of skills among people regarding the industrial automation technology needed to perform the manufacturing process with increased lack of knowledge of the software system on the internet can affect the performance of industrial automation. Lack of connectivity can also challenge the growth of the market, affect the industrial automation workflow and reduce the growth of industrial automation.

Opportunities

During the manufacturing process, harmful incidents may occur if errors occur during manufacturing or any machine failure with increased adoption of safety measures taking into account the health of the individual and reducing wastage of material from the product. Early detection of the problem and avoid future problems during manufacturing with the help of an integrated software system with an improved solution which helps to expand the industrial automation market over the forecast period.

Increased revenue market share, increased machine safety during product manufacturing. Increase in the number of key players in the market with the introduction of new developments and technologies and increase in investments to improve industrial automation with new developments.

Challenges

New developments in industrial automation with technology and new techniques incorporated into the software system of assets. Which has led to an increase in the cost of automation technology in various industries such as food and beverage, automotive industry and many more. The rising rate may stop the market with a decrease in the adaptation of new technologies developed in industrial automation may challenge the growth.

Availability of number of different automated technologies with increased competition in the market with constant new developments and increase in options for consumers may shrink the industrial automation market. Lack of connectivity to perform the various tasks on the software system and data transmission and execution of the manufacturing process may halt the process and decrease the market rate during the forecast period.

Related Reports

Recent Ddevelopments

  • Introduction of asset management software with an updated version in November 2020, the developed system is Factory Talk Asset Center software. Increased work management with improved workflow through new technology and software.
  • Yokogawa Electric Corporation launched Plant Resource Manager with new updated software development in October 2020. Increased detection of manufacturing plant and management of machinery and instrumentation information.

Market segmentation

By type of deployment

  • Industrial robots
  • Process Analyzer
  • machine vision system
  • Human Machine Interface
  • Field instruments
  • Industrial sensors
  • Industrial 3D printing
  • Industrial PC
  • Vibration monitoring

By component

  • Plant Asset Management
  • Manufacturing Execution System
  • Industrial Security
  • Programmable Logic Controller
  • Distributed control system
  • Control and data acquisition

By end-use industry

  • Automotive
  • Metals and Mining
  • Water and wastewater treatment
  • Electronics and Semiconductors
  • Energy and Power
  • machinery manufacturing
  • Food and drinks
  • Pharmaceuticals and medical devices
  • Chemical products
  • petroleum gas
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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