Emphasis on Component (Hardware, Services, Software), Type (Programmable Logic Controllers (PLC), Distributed Control Systems (DCS), Supervisory Control and Data Acquisition (SCADA), Human-Machine Interface (HMI), Industrial Robotics, Others); Industry (Automotive, Food & Beverages, Chemicals & Petrochemicals, Oil & Gas, Pharmaceuticals, Electronics & Semiconductor, Others); Application (Process Automation, Discrete Automation, Warehouse Automation); and Region/Country
The Industrial Automation market was valued at approximately USD 224 billion in 2023 and is expected to grow at a substantial CAGR of around 9% during the forecast period (2024-2032) owing to the widespread adoption of Industry 4.0 pushing companies to digitize and automate manufacturing processes.
Industrial automation aims at the application of computer-based control systems for operating industrial facilities and processes through reduced human involvement. It improves the quality, speed, and safety of production as well as lessening the costs of production. With the help of the automated systems industries can manage processes, quality of their products, and even control the manufacturing process which will make it all faster and more accurate.
There, to achieve the targeted growth in industrial automation, several technologies including Artificial Intelligence Robotics, Internet of Things-based devices, and Cloud-based Automation Platforms are being deployed. These technologies lead to better decision-making, predicting equipment failures, and better flexibility on the production line. Also, companies launch collaborative robots (cobots) and edge computing to advance automation systems to enhance efficacy and integration across business processes.
In February 2024, OMRON Automation introduced TM S Series Collaborative Robots in its robotics portfolio in India. This latest addition to OMRON’s innovative lineup combines faster joints and expanded safety features, making it an ideal solution to improve the efficiency of factories in workspaces shared with people.
On October 18, 2023 – Schneider Electric, the leader in the digital transformation of energy management and automation, launched the Lexium Cobot, a collaborative machine featuring next-generation automation and advanced industrial robotics technology. The Lexium Cobot is designed to work closely alongside humans, performing uniquely gentle and diligent movements using dynamic torque and speed monitoring.
This section discusses the key market trends influencing the various segments of the industrial automation market as identified by our research experts.
Programmable Logic Controllers (PLC) Transform Industrial Automation Industry
Programmable Logic Controllers (PLC) held a significant share of the market in 2023. PLCs are essential in automation because they regulate complicated processes in industries by periodically assessing and controlling them. They mainly contain flexibility, durability, and the capability to function in unfavorable conditions of manufacturing and oil industries. The increasing requirements for smart factories and high-level control systems have promoted the development of PLCs. Siemens, Rockwell Automation, and Mitsubishi Electric are the leaders in this market segment. In May 2023, Mitsubishi Electric Automation, Inc. expanded its line of MELSEC iQ-F series compact controllers to now offer a basic model providing OEMs with an all-in-one controller for small machines up to 60 I/O with integrated Ethernet connectivity. The FX5S PLC is a solution for simple automation applications at a more affordable price than the original FX5U high-performance model and FX5UJ mid-range model.
APAC has a significant share of the market in 2023.
The Asia-Pacific is currently a major contributor to growth in the industrial automation market and this is fueled by industrialization and urbanization taking place in countries like China, India, and Japan. Smart production systems characterized by advanced digitized solutions promoted by governmental policies and infrastructure investments boost efficiency and market sustainability. Moreover, a large industrial base in the region also requires the use of automation to improve efficiency and decrease expenses. Moreover, the growing middle class requires large quantities of consumer goods, for their production, so an efficient flow of operations is required.
On 25 July 2024, Cisco, a worldwide leader in networking and security, and Rockwell Automation, the world’s largest company dedicated to industrial automation and digital transformation, announced a collaboration to propel the digital transformation of the industrial market in the Asia Pacific, Japan and Greater China region. The announcement was made as the two companies signed a Memorandum of Understanding (MOU) on the same.
The Industrial Automation market is competitive, with several global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Siemens, Rockwell Automation, ABB, Schneider Electric, GE Vernova company (General Electric Company), Emerson Electric Co., Honeywell International Inc, Bosch Rexroth Corporation (Bosch), Mitsubishi Electric Corporation.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Industrial Automation Market Revenue (USD BN), 2022-2032F
7. Market Insights By Component
8. Market Insights By Type
9. Market Insights By Industry
10. Market Insights By Application
11. Market Insights By Region
12. Value Chain Analysis
13. Competitive Landscape
14. Company Profiles
15. Acronyms & Assumption
16. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Industrial Automation market were the three major steps undertaken to create and analyze the adoption of Industrial Automation in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Industrial Automation market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Industrial Automation market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Industrial Automation market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, type, industry, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the industrial automation market. Further, we conducted factor analysis using dependent and independent variables such as component, type, industry, application, and regions of the industrial automation market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the industrial automation market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Industrial Automation market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global industrial Automation market. Data was split into several segments and sub-segments after studying various parameters and trends in the component, type, industry, application, and regions of the global industrial Automation market.
The current & future market trends of the global industrial Automation market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the industrial Automation market's current size and growth potential?
Q2: What are the driving factors for the growth of the industrial Automation market?
Q3: Which segment has the largest share of the industrial Automation market by type?
Q4: What are the major trends in the industrial Automation market?
Q5: Which region will dominate the industrial Automation market?
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