Pune, July 08, 2020 (GLOBE NEWSWIRE) -- The global industrial automation market size is expected to reach USD 296.70 billion till 2026 while exhibiting a CAGR of 8.4% between 2019 and 2026. This is attributable to increasing adoption of advanced technologies such as IoT and growing demand for robots in manufacturing industries across the globe. Fortune Business Insights, publishes this information it its latest report, titled Industrial Automation Market Size, Share & Industry Analysis, By Component (Hardware and Software), By Industry (Discrete Industry and Process Industry), and Regional Forecast, 2019-2026. The report further mentions that the market was worth USD 157.04 billion in 2018.

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Industrial automation involves the control of technological systems such as robots and computers to handle various processes and machines within a company. The adoption of automation eliminates any type of human intervention, while increasing the safety of the working personnel in hazardous scenarios at the workplace. Automation leads to increased productivity and efficiency as the robots can accurately perform a slew of operation in limited time. Additionally, there is a significant reduction in errors and waste owing to the adoption of automation in manufacturing industries.

What does the Report Include?

The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.

DRIVING FACTORS

Increasing Adoption of IoT in Industrial Applications to Strengthen Demand

Fast-changing market dynamics and increasing need for enhancing productivity is enabling the companies to adopt modern technology such as IoT to efficiently optimize and monitor safety and productivity in their operations. IoT has paved way to accurately predict and monitor automation processes, maintenance problems, monitor human activity, and track inventory. In addition to this, the adoption of modern technology has propelled the companies to adopt sustainable manufacturing practices, while ensuring safety of the workers and products. For instance, according to the US Department of Labor, the injury rates have been drastically dropping over years owing to adoption of automation processes across several industries. Increasing adoption of IoT owing to technological advancement is expected to contribute to the growth of the global industrial automation market during the forecast period.

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REGIONAL INSIGHTS

North America to Lead Stoked by Increasing Demand for Advanced Robotics Technology

Among all regions, the market in North America is expected to gain momentum and hold highest global industrial automation market share during the forecast period. This is attributable to increasing demand for advanced robotics technology by the manufacturing companies. Owing to high level of production capability and lucrative business opportunities, the market in North America will witness significant growth. The market in Europe will witness steady growth during the projected horizon. This is ascribable to rising demand for IoT solutions to facilitate the automation process in major industries between 2019 and 2026.

COMPETITIVE LANDSCAPE

Mitsubishi Electrics New MELFA CR Robot Series to Augur Growth

In June 2020, Mitsubishi Electric announced the expansion of its MELFA CR series that consists of entry-level robots for low-to-medium complexity applications. According to the company, the new slim and long reaching articulated arm model with around 8 kg of load capacity is manufactured for small and medium-level enterprises that aids in significant cost advantage. According to Fortune Business Insights, the companies proliferating in the market are adopting strategies such as introduction of new products, merger and acquisition, and collaboration to cement their position and gain maximum of the global industrial automation market in terms of revenue during the forecast period.

List of the Leading Companies Operating in the Industrial Automation Market are:

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Detailed Table of Content

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Industrial Automation Market Size to Hit USD 296.70 Billion till 2026; Increasing Adoption of Advanced Technology to Bolster Growth: Fortune Business...