Publication Month: Mar 2022 | Report Code: TIPRE00025985 | No. of Pages: 186 | Category: Electronics and Semiconductor | Status: Published
The increasing penetration of advanced technologies, such as machine learning (ML), the internet of things (IoT), and artificial intelligence (AI), has helped accelerate the growth of the industrial automation market. Vision-guided robots are experiencing a rise in demand across the sector due to their efficiency in completing repetitive tasks, such as bottle handling, bin picking, and tray loading. Numerous benefits, including enhanced traceability, improved efficiency, and high flexibility, have been driving the need for automation in the food & beverages industry over the years. These factors have encouraged food & beverages producers to invest heavily in automated technology integration across their production facilities. For instance, a US-based snack brand, Utz Brands Inc., announced its plans to integrate automated capabilities across its production plants to reduce its operational cost in 2021.
Similarly, Hormel Foods is also planning to incorporate automation across its production facilities in 2022. Other food & beverage brands rapidly adopting automated technology include Tyson Foods and ITC. Thus, the rise in investment in automation across the food & beverages industry is fueling the growth of the industrial automation market. Furthermore, the rising product development and strategic initiatives from key market players for industrial automation applications lead to market growth. For instance, in January 2022, the Khronos Group launched a new initiative with the European Machine Vision Alliance (EMVA) to produce an open, royalty-free API standard to regulate camera system runtimes in embedded, mobile, industrial, XR, automotive, and scientific industries. Thus, the rise in investments by global companies is boosting the uptake of machine vision systems and driving the industrial automation market.
|Market Size Value in||US$ 140.39 Billion in 2021|
|Market Size Value by||US$ 233.94 Billion by 2028|
|Growth rate||CAGR of 7.6% from 2021 to 2028|
|No. of Pages||186|
|No. of Tables||98|
|No. of Charts & Figures||86|
|Historical data available||Yes|
|Segments covered||Component, System Type, and End Users|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Russia, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
During the COVID-19 pandemic, the industrial automation market players experienced supply chain disruptions in 2020 due to various containment measures enforced by the governments. The crisis also affected their production performances that year. The emergence of the COVID-19 virus has impacted the revenue stream and operations of automated solution manufacturers across the globe. For instance, the outbreak of COVID-19 significantly impacted the operations of ABB Ltd, which led to an increase in the backlog of orders in 2020. Meanwhile, the demand from automotive end users was at the lower side in 2020. This negatively impacted the industrial automation market size in 2020. However, due to the ongoing skilled labor shortage, nonautomotive end users—such as electronics and metal & machinery—have showcased a positive trend in adopting automation solutions such as robots and sensors from Q1 of 2021. Moreover, the pandemic could not affect the market much as the introduction of Industry 4.0 is propelling businesses across various sectors to a higher level of IoT technology and workflow. From mid-2021, the supply chains of industrial automation players stabilized, and the industrial automation market size began experiencing growth from 2022.
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Construction is one of the most manual-intensive industries, with physical labor being the primary source of productivity. Robots do not yet play a substantial role in any stage of a building's lifecycle, whether it be new commercial construction, refurbishment, or deconstruction. However, with the rising automation across all industries, the global construction sector is also experiencing a surge in investment in automated solutions, such as robots. For instance, Shimizu Corporation made investments worth US$ 180.7 million since 2015 for the development of construction robots, such as Robo-Welder and Robo-Buddy. These factors further fuel the adoption of robots across the construction industry, which is expected to contribute to the industrial automation market growth over the forecast period.
Based on component, the industrial automation market is segmented into hardware and software. The hardware segment held a larger market share in 2021. The hardware segment is anticipated to dominate the market due to the significant hardware adoption in every industry.
Players operating in the industrial automation market are mainly focused on the development of advanced and efficient products.
The industrial automation market is segmented based on component, system, and end user. Based on component, the market is segmented into hardware and software. In 2021, the hardware segment led the industrial automation market and accounted for a larger market share. Based on system, the market is segmented into supervisory control and data acquisition, distributed control system, programmable logic control, and others. In 2021, the others segment led the industrial automation market and accounted for the largest market share. Based on end user, the market is segmented into oil & gas, automotive, food & beverage, chemical & materials, aerospace & defense, and others. In 2021, the automotive segment led the industrial automation market and accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share in the global market.
The key players operating in the industrial automation market include ABB LTD.; B&R Industrial Automation GmbH; HITACHI LTD.; Industrial Automation (M) SDN BHD.; Koyo Electronics Industries Co., LTD.; Mitsubishi Electric Corporation; Omron Corporation; Rockwell Automation; Siemens; and Yokogawa Electric Corporation.