Industrial Automation Market to Reach USD 326.14 Billion by 2027 – GlobeNewswire

Pune, India, May 10, 2021 (GLOBE NEWSWIRE) -- The global industrial automation market share is projected to reach USD 326.14 billion by 2027, exhibiting a CAGR of 8.9% during the forecast period owing rise in demand for robotic technologies observes Fortune Business Insights in a published report titled, Industrial Automation Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Industry (Discrete Industry, and Process Industry), and Regional Forecast, 2020-2027.Advancements in science and technology have increased the demand for automated technologies such as robotics. These technologies make peoples life easier and their work more effective and accurate, thus fueling their demand. For example, in May Mitsubishi Electric Corporation introduced MELFA ASSISTA, a new series of robots which will work with humans to increase the work output along with accuracy.

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COVID-19 Impact:

The outbreak of the COVID-19 pandemic hit the industrial automation industry as factories and manufacturing units were shut due to mandatory lockdown globally. However, key market players such as Siemens and Rockwell Automation continued working to mitigate the impact of COVID-19 by helping the healthcare industry by supplying them with critical medical equipment.

Segmentation

Discrete Automation to Holds Major Share owing to its use in Automotive & Electronics

Based on components, the market is divided into hardware and software. On the basis of industry it is segmented into discrete and process industry. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.

By industry analysis discrete automation holds the major share as it includes automotive and electronics which are high in demand. On the other hand, the automation industry is also expected to rise owing to its demand in the chemicals and healthcare industry.

Highlights of the Report

The report gives a thorough analysis of the latest industrial automation trends, top market segments, and majorly driving factors. The different market segments and their regional analysis are also comprehensively discussed in the report. Additionally, the report talks about the dominant strategies adopted by key market players and the impact of COVID-19 on the market.

To get to know more about the short-term and long-term impact of COVID-19 on this market,

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Drivers & Restraints

Techno-savvy Solutions to Drive the Market Growth

As technology is evolving, the key players are coming up with techno-savvy solutions. For example, Tech Mahindra and Honeywell International collaborated in 2020 to make Factories of Future. This will help clients be aware of the latest technologies such as automation and robotics and AI to stop using old traditional methods to increase the output. Besides, the launch of 5G technology will further create multiple opportunities in the market. For instance, ABB Ltd, Ericsson, and Swisscom AG implemented real-time communication competence of 5G. This will help wireless technologies to connect robots to the cloud automation system, enabling faster and better decision-making ability, which will fuel the industrial automation market growth. On the other hand, high capital investments in initial stages to obstruct the market growth.

Regional Insights

Europe to Command the Market owing to Maximum use of Robots in the Region

Europe is expected to hold a major share in the market. As per a report by the International Federation of Robotics (IFR) published in March 2020, states that Europe has the maximum density of robots with an average of 114 units per 10,000 employees. On the other hand, Asia Pacific is also expected to rise significantly as China is the major hub for producing sensors, chips and other industrial automation systems. As per Axa S.A, a multinational French Firm report, China alone manufactures 95% of total industrial automation products out of 200 billion global IoT components. Singapore is other significant manufacturer of automation equipment in Asia Pacific region. According to the 2019 report published by Singapore Government, the United States nearly holds 205 of Singapores automation industry.

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Competitive Landscape

Key Players to form Strategic Partnership to Intensify Market Growth

The global Industrial automation industries are persistently striving to expand their presence and enhance their product portfolios. To do so, they are implementing strategies, such as new partnerships with other significant companies. For example, major market key players Rockwell Automation and PTC partnership and invested USD1 billion. This investment will help PTC s Thingworx IoT, Kepware industrial connectivity, and Vuforia augmented reality with Rockwells automation platform such as FactoryTalk MES and FactoryTalk Analytics platform to provide manufacturing units with complete spectrum of prescriptive to descriptive analysis to achieve their business outputs with reduced downtime and overall equipment effectiveness.

Industry Development

March 2020: Yokogawa Electric Corporation, Hitachi, and Amnimo Inc collaborated to provide their users upgraded services using industrial IoT in their companys technology.

List of Key Players Covered in the Industrial Automation Market Report:

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Industrial Automation Market to Reach USD 326.14 Billion by 2027 - GlobeNewswire