Industrial Automation Global Market Report 2024

The industrial automation market size has grown strongly in recent years. It will grow from $185.5 billion in 2023 to $198.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed in the historical period can be attributed to the increasing adoption of robotics, robust economic growth in emerging markets, government support, and the rising production in the automotive sector.

The industrial automation market size is expected to see strong growth in the next few years. It will grow to $263.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to the increasing adoption of IoT, a rise in healthcare expenditure, growing demand from the agriculture industry, and an increase in passenger air traffic. Key trends expected in this period encompass leveraging artificial intelligence (AI) to enhance efficiency and mass production, a focus on edge and cloud computing for real-time data processing, the utilization of 5G technology, an emphasis on cybersecurity solutions, and a focus on cloud robots.

The industrial automation market is anticipated to experience growth propelled by the increasing importance of robotics. Robotics involves the creation, production, and operation of intelligent machines designed to assist humans. This technology is increasingly integrated into industrial automation processes to enhance efficiency, replace manual labor, and improve speed and overall performance across various industries. The International Federation of Robotics, a professional non-profit organization, predicts a 12% rise in global shipments of robotics units between 2020 and 2022, underscoring the growing significance of robotics in driving the industrial automation market.

The industrial automation market is poised for growth due to the surge in passenger air traffic. The escalating demand for commercial airplanes, driven by the growth in airline passenger traffic, is a key factor contributing to the need for automation in the aerospace industry. According to the International Air Transport Association, total air traffic in May 2022 witnessed an 83.1% increase compared to May 2021. Boeing, a US-based aerospace company, forecasts the need for around 42,730 new jets valued at $6.3 trillion over the next 20 years to accommodate rising passenger demand and retirements of existing aircraft. This increase in passenger air traffic is expected to be a driving force for the growth of the industrial automation market.

Technological advancements, particularly the incorporation of Artificial Intelligence (AI) in robots, are key trends gaining momentum in the industrial automation market. AI enables robots to autonomously learn processes and even communicate with other robots and humans in certain scenarios. Market leaders are focusing on integrating AI technology into industrial robots to maintain their leadership positions. Mitsubishi Electric Corp., a Japan-based electronics company, announced plans in March 2022 to introduce new industrial robotic systems incorporating Maisart AI technologies, including high-precision speech recognition for operators to fine-tune robot movements as needed.

Edge computing emerges as a significant technological advancement in industrial automation, driven by the need for real-time data processing and low-latency communication in industrial settings. This approach combines real-time monitoring and machinery control through edge computing with data analytics, storage, and access via cloud computing. Siemens, a Germany-based provider of automation technology, launched an open Industrial Edge Computing platform in November 2021, facilitating app developers' access to the industrial automation market.

In March 2022, Directech Group, an Africa-based company specializing in industrial automation, acquired Autonumis, a UK-based company engaged in designing and manufacturing innovative refrigeration equipment. This acquisition supports Autonumis' operations and growth ambitions in the field of industrial automation, showcasing the ongoing developments in this dynamic market.

Major companies operating in the industrial automation market report are Siemens AG, ABB Ltd., Mitsubishi Electric Corporation, Schneider Electric, Fanuc Corporation, Omron Corporation, Emerson Electric Co., Rockwell Automation, Inc., Yaskawa Electric Corporation, General Electric, EFACEC Electric International Engineering Co. Ltd., Precision Product Handling International Ltd., HK AA Industrial Co., International Coalition of Intelligent Manufacturing, Switek Technology Automation Co., Ltd., Youibot Robotics, InterTech Development Company, United magnetics co., Ltd., Immetech Industrial Co., Ltd., Zinsser Analytic GmbH, Wiesemann & Theis GmbH, Lammers Automation GmbH, syskomp gehmeyr GmbH, vision-tec gmbh, Otc Daihen Europe Gmbh, Koch Textilpflege GmbH, Alukeep GmbH, WSCAD Nederland, Engmatec, Hexagon, Indusoft, Ltd., Sinkross, TEKKNOW, Roxor Industry, VERYSELL Industrial Systems Automation, FST Rus LLC, ProSoft, Rusatom Automated Control Systems, SMS-Automation, RONDO RUS, BFG Group, ProMach Innovation Center, Omnirobotic, Proment Inc., Denson Automation Inc., Rebel Automated Systems, Honeywell International Inc., Cognex Corporation, Teradyne Inc., National Instruments Corporation, Plexus Corp., Nauticus Robotics Inc., Novanta Inc., Yokogawa Electric, CI24 Controles Inteligentes, Rewo Uruguay, Danlesco Gulf LLC, ASCORP Industrial Complex LLC, Spex Insulation Contracting, Kimans Inc., Team Switchgear And Control L.L.C, Telinstra FZCO, Autochim Systems, Control Systems Integration (Pty) Ltd., Festo South Africa, DIRECTECH GROUP, SMC Corporation, JMP Group, Protea automation solutions.

Asia-Pacific was the largest region in the industrial automation market in 2023. The regions covered in the industrial automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The key components of industrial automation include industrial robots, human-machine interfaces (HMI), industrial sensors, control valves, and other essential elements. HMIs are employed to monitor machinery, ensuring proper functionality, and they play a crucial role in machinery maintenance within industries. Various control systems, such as supervisory control and data acquisition (SCADA), distributed control system (DCS), programmable logic controller (PLC), Manufacturing Execution System (MES), component lifecycle management (PLM), enterprise resource planning (ERP), and human-machine interface (HMI), find applications in aerospace and defense, automotive, healthcare, energy and utilities, manufacturing, food and beverages, oil and gas, mining, transportation, and other diverse industries.

The industrial automation market research report is one of a series of new reports that provides industrial automation market statistics, including industrial automation industry global market size, regional shares, competitors with an industrial automation market share, detailed industrial automation market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial automation industry. This industrial automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The industrial automation market includes revenues earned by entities by manufacturing automation, automated quality inspection systems, process automation services, remote monitoring and control. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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