The industrial automation market size is projected to reach US$ 322.67 billion by 2030 from US$ 171.23 billion in 2022. The market is expected to register a CAGR of 8.2% during 2022–2030. The adoption of the Industry 4.0 concept is likely to remain a key trend in the market.
The use of artificial intelligence technology, emerging connected enterprises, and focus on operational efficiency are driving the market. The market is anticipated to grow during the forecast period due to the favorable initiatives taken by the government to promote industrial automation. Moreover, the demand for immersive technologies for real-time information-sharing and integration of machine vision systems with deep learning technologies are creating lucrative opportunities for the market.
Industrial automation replaces human intervention by using control systems such as robots, computers, and information technology to operate various machinery in an industry. Depending on the operations involved, industrial automation control systems are divided into two categories: process plant automation and manufacturing automation. Industrial automation improves product quality, reliability, and production rate while lowering manufacturing and design costs through the use of new, innovative, and integrated technologies and services. They have a variety of characteristics, including high productivity, quality, flexibility, and information correctness, which are projected to promote the use of automation in the industrial sector during the forecast period. Furthermore, the spike in the adoption of automation solutions in oil and gas, manufacturing, chemicals and materials, pharmaceuticals, and other industries is pushing industrial automation.
Artificial intelligence (AI) is transforming manufacturing in incredible ways. AI enables machines to learn, adapt, and make decisions autonomously. Manufacturers utilize the technology to uncover asset patterns and anomalies to optimize production and save downtime. For example, incorporating AI into industrial robots and drones enhances precision and aids in activities such as inspection, maintenance, and material handling. This decreases the need for human involvement, lowers the danger of accidents, increases maintenance efficiency, and extends equipment life. Moreover, operations technology (OT) engineers who are familiar with operations and equipment are increasingly using sophisticated AI technologies with visual, point-and-click user interfaces (UI). The availability of prebuilt machine learning (ML) apps and industrial demand for automation is fueling the market.
Virtual reality (VR) and augmented reality (AR) are immersive technologies that enable real-time information sharing to aid worker training, eliminate human errors, and boost performance. That implies VR and AR may add significant commercial value by improving worker safety, increasing productivity, and reducing downtime. AR can aid industrial enterprises by facilitating return-to-work measures such as remote collaboration, remote assistance, augmented work instructions, and 3D training. AR is also assisting with longer-term, future-of-work strategies aimed at closing the skills gap and driving significant gains. Augmented reality is becoming increasingly important in the workplace.
Operators and service technicians use highly demanding augmented reality to streamline operational processes.
Key segments that contributed to the derivation of the industrial automation market analysis are component, system, and end user.
The geographic scope of the industrial automation market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The market in Asia Pacific is projected to expand during the forecast period due to the presence of key players. Omron Corporation, Mitsubishi Electric Corporation, Hitachi Ltd., and others are offering their customers technologically advanced factory automation products that improve their operational efficiencies. Expanding industries and increasing adoption of industrial automation technologies are boosting the market.
The regional trends and factors influencing the Industrial Automation Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Automation Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 171.23 Billion |
| Market Size by 2030 | US$ 322.67 Billion |
| Global CAGR (2022 - 2030) | 8.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Industrial Automation Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Industrial Automation Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The industrial automation market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial automation market are listed below:
The “Industrial Automation Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The global industrial automation market is estimated to register a CAGR of 8.2% during the forecast period 2022–2030.
The key players holding majority shares in the global industrial automation market are 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.
The global industrial automation market is expected to reach US$ 322.67 billion by 2030.
The integration of new technologies such as IoT, AI, cloud, and others to play a significant role in the global industrial automation market in the coming years.
Asia Pacific dominated the industrial automation market in 2022.
The rising adoption of industrial automation solutions among industries is the major factors that propel the global industrial automation market.