Industrial automation is the control of machinery and processes used in various industries by autonomous systems. In addition, technologies such as robotics and computer software AI and ML majorly used in industries to increase productivity and reduce costs related to employees, their benefits, and other associated expenses, while increasing precision and flexibility. Moreover, the mechanical processes in industries were faster and produced greater quantities of goods. However, advancements in automation in industrial production are focused on flexibility and quality. Manufacturing flexibility not only allows for more product types, but also helps in production of customized products automatically.
Emergence of connected enterprises and requirement of mass manufacturing of products and increasing adoption of digital techniques and AR technologies in manufacturing is driving the growth of industrial automation market. Moreover, growing demand for Industrial IoT are boosting the industrial automation market size. However, significant initial capital investments and re-investments and lack of technical proficiency and lack of awareness for maintenance. are hampering the industrial automation market growth. On the contrary, increased demand for safety compliance automation solutions expected to offer remunerative opportunities for expansion of industrial automation market during the forecast period.
The industrial automation market is segmented on the basis of component, hardware, software type, industrial vertical and region. On the basis of component, the market is categorized into hardware, software and service. On the basis of hardware, the market is bifurcated into industrial sensors, machine vision systems, field instruments, industrial robots, human machine interface, industrial pcs, and others. On the basis of software type, the market is classified into supervisory control and data acquisition, programmable logic controller, distributed control system, manufacturing execution system, industrial safety, and plant asset management. On the basis of industrial vertical, it is classified into oil & gas, manufacturing, automotive, healthcare, food & beverages, chemicals, energy & power, metal & mining, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the industrial automation industry are Adisra, ABB Ltd, Dwyer Instruments LLC., Endress + Hauser, Emerson Electric Co, Fizyr, Fanuc Corporation, Generic Electric Co, Honeywell, Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc, Siemens AG, Stratasys, Schneider Electric SE, WIKA USA, and Yocogawa Electric Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Emergence of connected enterprises and requirement of mass manufacturing of products and increasing adoption of digital techniques and AR technologies in manufacturing is driving the growth of industrial automation market. Moreover, growing demand for Industrial IoT are boosting the industrial automation market size. However, significant initial capital investments and re-investments and lack of technical proficiency and lack of awareness for maintenance. are hampering the industrial automation market growth. On the contrary, increased demand for safety compliance automation solutions expected to offer remunerative opportunities for expansion of industrial automation market during the forecast period.
The industrial automation market is segmented on the basis of component, hardware, software type, industrial vertical and region. On the basis of component, the market is categorized into hardware, software and service. On the basis of hardware, the market is bifurcated into industrial sensors, machine vision systems, field instruments, industrial robots, human machine interface, industrial pcs, and others. On the basis of software type, the market is classified into supervisory control and data acquisition, programmable logic controller, distributed control system, manufacturing execution system, industrial safety, and plant asset management. On the basis of industrial vertical, it is classified into oil & gas, manufacturing, automotive, healthcare, food & beverages, chemicals, energy & power, metal & mining, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the industrial automation industry are Adisra, ABB Ltd, Dwyer Instruments LLC., Endress + Hauser, Emerson Electric Co, Fizyr, Fanuc Corporation, Generic Electric Co, Honeywell, Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation Inc, Siemens AG, Stratasys, Schneider Electric SE, WIKA USA, and Yocogawa Electric Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial automation market analysis from 2021 to 2031 to identify the prevailing industrial automation market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the industrial automation market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global industrial automation market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Hardware
- Software
- Service
By Hardware
- Industrial Sensors
- Machine Vision Systems
- Field Instruments
- Industrial Robots
- Robot Type
- Traditional Industrial Robots
- Collaborative Robots
- Human machine Interface
- Industrial PCs
- Others
By Software Type
- Manufacturing Execution System
- Industrial Safety
- Plant Asset Management
- Supervisory Control And Data Acquisition
- Programmable Logic Controller
- Distributed Control System
By Industry Vertical
- Oil and Gas
- Manufacturing
- Automotive
- Healthcare
- Food and bevarages
- Chemicals
- Energy and Power
- Metal and Mining
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Mexico
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Emerson Electric Co
- Rockwell Automation Inc.
- Yocogawa Electric Corporation
- Omron Corpporation
- Endress+Hauser group services AG
- Fanuc Corporation
- WIKA USA
- Dwyer Instruments, LLC
- Stratasys
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- General Electric
- Adisra
- Fizyr
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDUSTRIAL AUTOMATION MARKET, BY COMPONENT
CHAPTER 5: INDUSTRIAL AUTOMATION MARKET, BY HARDWARE
CHAPTER 6: INDUSTRIAL AUTOMATION MARKET, BY SOFTWARE TYPE
CHAPTER 7: INDUSTRIAL AUTOMATION MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: INDUSTRIAL AUTOMATION MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Industrial Automation Market," the industrial automation market was valued at $196.36 billion in 2021, and is estimated to reach $443.5 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.Industrial automation is the use of control systems, such as computers or robots, and information technologies for handling different processes. For instance, automation include higher production rates and increased productivity, more efficient use of materials, better product quality, improved safety, shorter workweeks for labor, and reduced factory lead times. Furthermore, the major factor driving th industrial automation market trends emergence of connected enterprises and requirement of mass manufacturing of products and increasing adoption of digital techniques and AR technologies in manufacturing is driving the growth of industrial automation market. Moreover, growing demand for Industrial IoT are boosting the industrial automation market size. However, significant initial capital investments and re-investments and lack of technical proficiency and lack of awareness for maintenance. are hampering the industrial automation market growth. On the contrary, increased demand for safety compliance automation solutions expected to offer remunerative opportunities for expansion during the sensor data analytics market forecast.
Depending on hardware, the industrial sensors hold the largest industrial automation market share as it allows to detect, analyze, measure and process various changes in the production sites. However, industrial robots are expected to witness growth at the highest rate during the forecast period as it helps to handle industrial processes and machinery, replacing manual labor and improving efficiency, speed, quality, and performance.
Region wise, the industrial automation market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to expanding investments to provide income to the disabled people. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its large population countries such as India and China and elderly dominated countries such as Japan.
With the rapid spread of COVID-19, majority of people faced sudden surges in demand for financial resources, owing to sudden increase in panic among public, which, in turn, increased the number of transactions performed at a time. In addition, many companies are taking active initiatives to mitigate the impact of COVID-19 on business. For instance, in May 2020, Honeywell accelerated the development and production of vaccines and medical therapies through fast-track automation. For instance, in April 2020, ABB offered free access to software-as-a-service and digital application to help manufacturing plants and processing industries. Thus, such developments are expected to drive the growth of the industrial automation industry.
Key Findings of the Study
- By component, the software segment accounted for the largest industrial automation market share in 2021.
- By region, North America generated highest revenue in 2021.
- By industry vertical, the manufacturing segment generated the highest revenue of the industrial automation market forecast in 2021.
- The key players that operate in the industrial automation analysis are Accenture, Acorns Grow Incorporated, Active Intelligence Pte Ltd, Advicent Solutions, Deloitte, eMoney Advisor, LLC, Finastra Limited, Fiserv, Inc, Moneytree Software, Miles Software, Money Guide Inc, Orion Advisor Technology, Personal Capital Corporation, Quicken Inc, Right Capital Inc., SAP, Wolters Kluwer. These players have adopted various strategies to increase their market penetration and strengthen their position in the industrial automation industry.
Companies Mentioned
- Emerson Electric Co
- Rockwell Automation Inc.
- Yocogawa Electric Corporation
- Omron Corpporation
- Endress+Hauser Group Services AG
- Fanuc Corporation
- Wika Usa
- Dwyer Instruments, LLC
- Stratasys
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- Abb Ltd
- Schneider Electric Se
- Siemens AG
- General Electric,
- Adisra
- Fizyr
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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