Industrial Automation Market Size Worth $233.94 Bn, Globally, by 2028 at 7.6% CAGR – Exclusive Report by The Insight Partners – PR Newswire

The Industrial Automation Market Size, Growth driven by the surge in the uptake of automation solutions in the oil & gas, manufacturing, chemicals & materials, pharmaceuticals industries. APAC is anticipated to be the fastest-growing regional market with an impressive CAGR of 8.8% from 2021 to 2028.

New York, March 24, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Industrial Automation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), System Type (Supervisory Control and Data Acquisition, Distributed Control System, Programmable Logic Control, and Others), and End Users (Oil & Gas, Automotive, Food & Beverage, Chemical & Materials, Aerospace & Defense, and Others)", the global industrial automation market was valued at $140.39 billion in 2021 to reach $233.94 billion by 2028; it is estimated to grow at a CAGR of 7.6% from 2021 to 2028.

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Report Coverage

Details

Market Size Value in

US$ 140.39 Billion in 2021

Market Size Value by

US$ 233.94 Billion by 2028

Growth rate

CAGR of 7.6% from 2021 to 2028

Forecast Period

2021-2028

Base Year

2021

No. of Pages

187

No. Tables

98

No. of Charts & Figures

86

Historical data available

Yes

Segments covered

Component, System Type, and End Users

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Industrial Automation Market: Competitive Landscape and Key Developments

ABB Ltd, Emerson Electric, OMRON, Rockwell, and FANUC are prominent players in the industrial automation market. In addition to these players, there are several other important players operating in the Industrial Automation market which were studies analyzed during the course of this market research study, such as B&R Industrial Automation GmbH; HITACHI LTD., Industrial, Automation (M) SDN BHD., Koyo Electronics Industries Co., LTD., and Mitsubishi Electric Corporation.

In 2021, ABB launched a cobots portfolio in GoFa and SWIFT cobot families, which offer higher payload capacity and speed in the movement of robots that complement YuMi and Single Arm YuMi in ABB's cobot lineup.

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In 2021, Omron launched the i4 series SCARA robot, which automates high-speed, high-precision assembly and transportation with easy installation.

The increasing penetration of advanced technologies such as machine learning (ML), the internet of things (IoT), and artificial intelligence (AI) has helped accelerate the growth of the industrial automation market.Furthermore, the rising product development and strategic initiatives from key market players for industrial automation applications lead to industrial automation market growth. For instance, in 2020, Honeywell International Inc. and Tech Mahindra Limited partnered with "Factories of the Future" to accelerate the digital transformation journey by empowering manufacturers. Similarly, Siemens collaborated with SAP SE to offer industry 4.0-enabled business processes to enterprises. Further, the development of the industrial internet of things (IIoT) and the upcoming engineering 5G technology are a few factors contributing to the industrial automation market growth during the forecast period.

The demand for automation in e-commerce is highly varying, owing to which the forward pick areas must be continuously adjusted to aid the fluctuation in demand. Along with managing SKU demand fluctuations, an ASRS also advances the fulfillment process, thus allowing e-commerce and omnichannel retailers to adhere better to service level agreements by fulfilling order delivery commitments.

Several e-commerce giants have also increased their investment in automating their warehouse facilities over the years. For instance, in July 2021, Amazon India announced the launch of its 11 automated fulfillment centers. The centers will be integrated with automated technologies to automate pick pack and shipping processes and ensure safe and timely order processing. These factors are expected to boost the growth of the industrial automation market globally over the forecast period.

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Over the years, the industrial automation market has experienced a rise in adoption across all industries, owing to rapid investments made by several governments to promote the adoption of automation. However, due to the sudden onset of the COVID-19 pandemic, the manufacturing facilities of industrial automated solutions across the globe were adversely impacted, leading to low production volumes. Further, the demand for such solutions declined rapidly, owing to the temporary closure of end-use manufacturing and other retail outlets. However, with the normalization of economic and manufacturing activities from Q3 of 2020, the adoption of automated solutions experienced a rise to reduce the number of human interactions across facilities, thereby enabling the industrial automation market to revive from both the supply and demand sides in 2021.

Integration of Robotics in the Construction Industry:

Construction is one of the most manual-intensive industries, with physical labor being the primary source of productivity. Robots do not yet play a substantial role in any stage of a building's lifecycle, whether it be new commercial construction, refurbishment, or deconstruction. However, with the rising automation across all industries, the global construction sector is also experiencing a surge in investment in automated solutions, such as robots.

Several types of robots are being extensively adopted across the construction industry such as 3D printing, demolition, and remote-controlled or autonomous vehicles which is driving the industrial automation market growth. Currently, automation across the construction industry is at a very nascent stage. It is expected to propel over the coming years, supporting the market growth.

Due to these opportunities across the sector, several companies have invested heavily in developing advanced construction robots. For instance, Shimizu Corporation made investments worth US$ 180.7 million since 2015 for the development of construction robots, such as Robo-Welder and Robo-Buddy. These factors further fuel the adoption of robots across the construction industry, which is expected to contribute to the industrial automation market's growth over the forecast period.

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Industrial Automation Market: Component Overview

Based on component, the industrial automation market is segmented into hardware and software. The hardware segment is anticipated to continue dominating the industrial automation market, owing to the significant hardware adoption in every industry. The software segment is the second-largest segment expected to gain prominence in industrial automation market during the forecast period.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Industrial Automation Market Size Worth $233.94 Bn, Globally, by 2028 at 7.6% CAGR - Exclusive Report by The Insight Partners - PR Newswire