Industrial Automation Market Size [2022-2029] Exhibits 9.8% CAGR to Reach USD 395.09 Billion by 2029
Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights has published latest forecast for Industrial Automation Market in their report titled, "Industrial Automation Market Forecast, 2022-2029". As per the report, the global market size was USD 191.89 billion in 2021. The global Industrial Automation Market size is projected to grow from USD 205.86 billion in 2022 to USD 395.09 billion in 2029 at a CAGR of 9.8% in the forecast period, 2022-2029.
Various sectors adopt industrial automation to upgrade business processes and simplify the company's manufacturing operations. The rising digitalization and expansion of augmented reality will likely boost the market. Also, increasing implementation of artificial intelligence and industrial IoT is expected to drive the market during the projected period.
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Industry Developments:
June 2021: ABB Ltd. partnered with dtac Trinet, Thailand-based wireless telecommunications service provider, to develop robotics and machine automation solutions with dtac connectivity across Thailand. The partnership aims to advance Thailand's manufacturing capabilities and accelerate industry 4.0 in the country.
June 2021: Emerson collaborated with PureCycle Technologies, Inc. to offer digital technologies and automation for PureCycle facilities to transform plastic recycling. Emerson's Planet web digital ecosystem integrates digital automation technology across all PureCycle facilities and reduces the project completion time.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.8% |
| 2029 Value Projection | USD 395.09 Billion |
| Base Year | 2021 |
| Industrial Automation Market Size in 2021 | USD 191.89 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component ; Industry; |
| Industrial Automation Market Growth Drivers | Fourth Industrial Revolution to Embrace Partnerships and Collaborations in Global Market |
| High Initial Capital Investments to Impede Market Growth |
COVID-19 Impact:
Halted Manufacturing Operations Affected Market Growth
The outbreak of the COVID-19 virus affected various industries, including manufacturing and production operations globally. Stringent restrictions imposed by central and local governments affected supply chain and labor management in the segmented regions. This created a huge impact on the revenue generation and productivity of the key players. To manage the businesses during pandemic, various companies adopted technological solutions to improve their management operations and ease the business processes.
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Drivers & Restraints:
Rising Digitalization to Stimulate Growth
The market is expected to witness significant growth during the forecast period due to the fourth industrial revolution's adoption, which encourages the companies to acquire new brands and develop new products. Increasing implementation of industrial IoT is expected to drive the market in the coming years. Also, the rising implementation of digital twins and AR technology is anticipated to drive the market during the projected period. These factors are expected to ensure the industrial automation market growth during the forecast period.
However, high initial capital investments may hinder the market growth during the projected period.
Regional Insights:
Europe Dominates Global Market Due to Technological Advancements
Europe dominated the global industrial automation market share during the forecast period due to increasing technological advancements and developments. The region stood at USD 61.85 billion in 2021 due to rising investment into technical development.
Asia Pacific is expected to hold the second-largest global market share due to the presence of key players in emerging countries. Also, developing industrialization and commercialization is expected to drive the market.
Competitive Landscape:
Partnership and Collaboration Allow Key Players to Maintain Market Position
Key players in the market focus on implementing different business development strategies such as mergers, partnerships, alliances, and acquisitions. Also, key players implement innovative strategies to enhance their product portfolio. These strategies allow companies to expand their market reach and gain a competitive advantage in the emerging market.
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Report Coverage:
The report provides factual information and statistical data regarding market development and recent trends in the industry. Furthermore, the impact of COVID-19 pandemic on market growth and development is highlighted in this report. Also, drivers and restraints affecting the market growth are elaborated further in this report. Major key players and their business development strategies are highlighted also in this report.
Segments:
Automotive Segment to Dominate Market Due to Rising Demand
By component, the market is bifurcated into hardware and software. Further, hardware components are divided into sensors such as photoelectric, laser, inductive, and others; PLC; HMI; and servo such as AC motor, DC motor, and drive. Also, laser markers, safety light curtains, and robots are among the hardware components.
Based on industry, the market is segmented into discrete automation and process automation. Discrete automation is classified into automotive, electronics, heavy manufacturing, packaging, and others. Process automation is segregated into oil & gas, chemicals, pulp & paper, mining & metals, healthcare, and others.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
- ABB Ltd. (Switzerland)
- Emerson Electric Co. (U.S.)
- General Electric Company (U.S.)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Omron Corporation (Japan)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Yokogawa Electric Corporation (Japan)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Industrial Automation Key Players Market Share Insights and Analysis, 2021
- Global Industrial Automation Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Sensors
- Photoelectric
- Laser
- Inductive
- Others
- PLC
- HMI
- Servo
- Laser Markers
- Safety Light Curtain
- Robots
- Sensors
- Software
- Hardware
- By Industry (USD)
- Discrete Automation
- Automotive
- Electronics
- Heavy Manufacturing
- Packaging
- Others
- Process Automation
- Oil & Gas
- Chemicals
- Pulp & Paper
- Mining & Metals
- Healthcare
- Others
- Discrete Automation
- By Region (USD)
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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