Industrial Automation Market to Reach $306.2 Billion by 2027 Exclusive Report Covering Pre and Post COVID-19 Market Analysis and Forecasts by…

London, March 02, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, Industrial Automation Market by Component (Plant-level Controls, Enterprise-level Controls, Plant Instrumentation), Mode of Automation (Semi-automatic, Fully-automatic), and End User (Oil & Gas, Automotive, Food & Beverage) - Global Forecast to 2027, the industrial automation market is expected to grow at a CAGR of 9.3% from 2020 to 2027 to reach $306.2 billion by 2027 from $164.2 billion in 2020.

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Rising investments in the transformation of conventional manufacturing facilities by installing digitized systems are a major driving factor for the growth of the industrial automation market. Transforming conventional production facilities involves implementing automated systems for asset & workforce management and production processes. The shift towards self-reliant IoT sensors is expected to drive the growth of the industrial automation market over the forecast period as they can easily manage a network of physical objects with high efficiency. Several companies from the end-use industries are investing heavily in automation technologies to lower costs and enhance productivity. According to the International Federation of Robotics, the automotive industry had 105,000 robot installations in 2019, followed by the electronics industry with 88,000 new robots. These trends, coupled with the increasing awareness regarding Industry 4.0, are expected to support the growth of the industrial automation market.

The Impact of COVID-19 on the Industrial Automation Market

The COVID-19 pandemic has had a moderate impact on the market due to the shutting down of industrial operations and manufacturing facilities worldwide. The manufacturing and processing industries faced huge losses in the first two quarters of 2020, limiting the demand for robotics and automated solutions from manufacturing sectors worldwide. However, with the reopening of production facilities and the resumption of industrial operations, the market has started recovering in 2021 due to the demand to automate these facilities. This high demand is attributed to the need for minimizing human contact to prevent the further spread of the coronavirus. Heavily impacted end-use industries such as oil & gas, automotive, machinery manufacturing, mining & metals, and electronics are expected to witness slow recovery due to the consumers limited spending and high focus on only the most essential commodities.

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Key Findings in the Industrial Automation Market Report

Based on component, the plant-level controls segment is expected to register the highest CAGR over the forecast period due to the growing utilization of SCADA and PLC in industrial operations for optimizing human and machine resources. The features offered by SCADA systems help enterprises enhance processing, packaging, quality standards, and reporting of the operating processes details. SCADA systems detect abnormal parameters or alarms and automatically respond with programmed control functions. PLCs govern motors, drives, conveyor belts, actuators, sensors, and other field-level components. The growing adoption of Industry 4.0 and the IIoT is expected to drive the demand for PLCs to control field devices.

Based on mode of automation, the semi-automatic segment held the larger market share in the past due to limited awareness regarding automation technologies. Semi-automatic systems involve both manual interventions as well as machine-aided assemblies. These systems are the broadest part of the assembly and require a human operator both at the start and the end of the process. Semi-automatic systems require help from a human operator in tasks such as manually loading and unloading the entire system. The growing demand for fully-automated facilities is attributed to the increasing adoption of robots and automation solutions in the manufacturing sector.

Based on end user, the automotive segment is expected to record the highest growth rate from 2020 to 2027 due to the high adoption of various industrial robots and car manufacturing control solutions by prominent automotive players. Industry players such as KUKA AG and FANUC Corporation have developed and offered automotive application-specific robotic solutions to be deployed in car manufacturing facilities. For instance, KUKA AG offers robots under its KR QUANTEC series to cater to various requirements of the automotive industry. Additionally, the automotive sector in the developed countries has installed automation technologies in the past decade and is experiencing improved operational efficiency and performance at the enterprise level. These trends, coupled with the growing availability of application-specific solutions, are influencing smaller automobile manufacturers to adopt industrial automation solutions.

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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, Netherlands, Sweden, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Singapore, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa). In 2020, Asia-Pacific region commanded the largest share of the global industrial automation market, followed by Europe and North America. The high share of the Asia-Pacific market is attributed to high technical awareness regarding the usage of robotics in China, Japan, and Singapore. The Asian manufacturing sector has robust production capabilities, which further fuels the demand for industrial automation solutions in Asia-Pacific. APAC countries are investing heavily in developing robotics and automation products, boosting the markets growth at a high pace. For instance, under the New Robot Strategy in Japan, the budget for robotics-related activities was increased to $351 million in 2019 to make the country an innovation hub for robotics.

Leading players in the industrial automation market are heavily investing in R&D to develop advanced and highly efficient automation solutions for catering to the future requirements of end-use industries. Companies are emphasizing product innovation and new product development to gain larger market shares. Moreover, several companies are partnering and collaborating with other industry players, governments, and automation associations to work on the development of innovative automation solutions. For instance, in October 2020, Rockwell Automation, Inc. extended its partnership with Microsoft Corporation to simplify industrial transformation. The companies combined their expertise in the industrial and IT markets to help industrial customers increase agility via cloud-based automation solutions.

The key players operating in the industrial automation market include ABB Group (Switzerland), Rockwell Automation (U.S.), Siemens AG (Germany), Yaskawa Electric Corporation (Japan), Schneider Electric (France), Yokogawa Electric Corporation (Japan), KUKA AG (Germany), Emerson Electric (U.S.), Fanuc (Japan), Honeywell International (U.S.), Mitsubishi Electric Corporation (Japan), OMRON Corporation (Japan), Advantech Co., Ltd. (Taiwan), and Fuji Electric Co., Ltd. (Japan) among others.

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Scope

Industrial Automation Market, by Component

Industrial Automation Market, by Mode of Automation

Industrial Automation Market, by End User

Industrial Automation Market, by Geography

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The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:Mr. Khushal BombeMeticulous ResearchDirect Lines: +1-646-781-8004 (North America)+44-203-868-8738 (Europe)+91 744-7780008 (Asia-Pacific)Email-sales@meticulousresearch.comVisit Our Website:https://www.meticulousresearch.com/Connect with us on LinkedIn-https://www.linkedin.com/company/meticulous-researchContent Source:https://www.meticulousresearch.com/pressrelease/389/industrial-automation-market-2027

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Industrial Automation Market to Reach $306.2 Billion by 2027 Exclusive Report Covering Pre and Post COVID-19 Market Analysis and Forecasts by...