Industrial Automation Market Worth $306.2 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by…

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, Chemicals & Materials)Global Forecast to 2027

Redding, California, Sept. 22, 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 and Geography Global Forecast to 2027, published by Meticulous Research, the industrial automation market is expected to register a CAGR of 9.3% from 2020 to 2027 to reach $306.2 billion by 2027.

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Industrial automation can be defined as using automation technologies and control devices that automate the operation & control of industrial processes. Industrial automation uses control systems and equipment, such as computer software and robots. It uses control systems, management solutions, and IT solutions & technologies to handle various processes in industries to achieve efficiency and productivity.

The industrial automation market is growing rapidly due to the high adoption of automation solutions in the manufacturing, oil & gas, chemicals & materials, and pharmaceutical sectors. Manufacturing companies are increasingly investing in industrial automation technologies to improve system reliability & efficiency and eliminate production errors caused by human labor. With the implementation of automation components such as sensors, robots, machine vision systems, and enterprise control solutions, companies can significantly reduce operating and labor costs.

However, the limited availability of skilled labor required to operate these systems is a major challenge for the markets growth in emerging economies.

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The Impact of COVID-19 on the Industrial Automation Market

The outbreak of the COVID-19 pandemic led to a widespread economic downturn as several countries imposed strict lockdowns to contain the infection. These lockdowns affected diverse industries, primarily due to the impact on manufacturing operations. There has been a significant impact on supply chains globally. Manufacturing & processing companies faced huge losses during the first and second quarters of 2020 due to disrupted supply chains and delayed production schedules. The rapid spread of the coronavirus in the U.S., Europe, and Asian countries resulted in nationwide lockdowns and a temporary halting of production facilities to prevent further spread.

The automation providers witnessed a decline in revenues in 2020 due to the huge spread of COVID-19 and limited operations of industries in the first two quarters. The application sectors in the industrial automation market have experienced low to high impacts of the pandemic and are expected to recover in the coming years. The severely hit industries include oil & gas, construction machinery, rubber & plastic machinery, and power generation. These industries are expected to recover slowly and face adverse impacts due to changing consumer patterns, low productions, and dependency on end markets.

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Some industries that experienced medium impact include mining, robotics, building technology, electronics, paper & pulp, and process industry equipment. These industries are expected to gain a speedy recovery due to their broad range of application markets. The least hit industries included agriculture machinery, food & beverage processing & packaging, and medical & scientific manufacturers as they offer essential goods globally. Additionally, local manufacturing facilities that were temporarily shut down in the first six months of 2020 resumed operations in the third quarter due to the removal of lockdowns and the need for economic growth.

Government initiatives to promote industrial development is one of the major drivers for the growth of this market

According to the International Federation of Robotics, the Chinese government invested USD 577 million to develop intelligent systems. These systems aim to support the development of intelligent robots. In 2019, Japan invested USD 351 million to support the new robot strategy, aiming to become a leading global robotics innovation hub. This strategy includes manufacturing and important service sectors, such as healthcare, agriculture, and infrastructure.

In 2020, South Korea allocated a budget of USD 126 million for its robot-related business (Source: International Federation of Robotics). Under the Intelligent Robot Development and Supply Promotion Act, South Korea published the robot industry in South Korea as its core industry. In June 2020, Germany funded the PAiCE program with USD 55 million to develop digital industry platforms. This robotics-oriented program provides a platform for service robotics solutions in various fields to develop a digital industry platform and collaborate with companies using a digital industry platform.

In August 2011, the National Robotics Initiative (NRI) was launched in the U.S. for robotics R&D. In 2019, the budget for NRI was USD 35 million to focus on fundamental science, technologies, and integrated systems for collaborative robots. In August 2020, the U.S. announced to provide more than USD 1 billion to establish 12 new research and development hubs nationwide. Also, AI institutes, along with the University of Oklahoma, University of Texas, University of Colorado, University of Illinois, University of California, and the Massachusetts Institute of Technology, researched how technologies can be used in precision agriculture and weather forecasting, among others.

Poland is a growing manufacturing power in Europe, as there is demand for new and innovative manufacturing technologies. The Polish government provides incentives for advanced manufacturing and industrial transformation. To help the industries in Poland, the government launched its Industry 4.0 Platform in 2019 to spread knowledge related to Industry 4.0 processes and develop competence in the areas such as robotics and automation. The Polish Government also provides grants to support industry research.

To provide efficient analysis, Meticulous Research has segmented this market based on component (plant-level controls, enterprise-level controls, and plant instrumentation), mode of automation (semi-automatic and fully-automatic), and end user (oil & gas, automotive, food & beverage, and chemicals & materials), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on component, the industrial automation market is segmented into plant instrumentation, plant-level controls, and enterprise-level controls. The enterprise-level controls segment accounted for the largest market share in 2020. This segments large share is attributed to the benefits of implementing PLM, ERP, and MES solutions at the enterprise level. PLM solutions promote cross-team collaboration across departments such as innovation, R&D, regulatory compliance, quality, and packaging. They enable cross-functional management of product development introduction, leveraging portfolio management capabilities to deliver visibility and optimize results across the product development phase. These systems aid companies to maintain and manage records of the organizations lifecycle, further resulting in huge cost savings. However, the plant-level controls segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing need to improve visibility into operations, make data-driven decisions, improve efficiency, & minimize downtime, and increasing the adoption of plant-level controls in the manufacturing industries.

Based on mode of automation, the industrial automation market is segmented into semi-automatic and fully-automatic modes. The fully-automatic systems segment is expected to grow at the highest CAGR during the forecast period. The segment's growth is attributed to its various advantages, such as increased production capabilities, enhanced throughput volumes, and minimized human intervention.

Based on end user, the industrial automation market is segmented into oil & gas, chemicals & materials, paper & pulp, pharmaceuticals & biotech, mining & metals, food & beverage, power, consumer goods, automotive, machines & tools, semiconductors & electronics, aerospace & defense, and other end users. The oil & gas segment accounted for the largest share of the industrial automation market in 2020. However, the automotive segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to various factors such as advancement in automation, increasing use of collaborative robots, and embracing 3D printers, among others.

Geographically, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the advent of Industry 4.0, robust manufacturing sector in the region, and high deployment of robots in major verticals, such as banking, F&B, financial services and insurance (BFSI), manufacturing, healthcare, and logistics.

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In Asia-Pacific, China is expected to account for the largest share. The market growth is due to major benefits of industrial automation in the country, such as reduced production times, increased accuracy & repeatability, less human error, and increased safety. China is one of the largest manufacturers of various products, including automobiles and electronics. According to the World Bank, in 2020, manufacturing added 26.2% of China's GDP. Also, its manufacturing sector added USD 3.9 trillion in 2019. The easy availability of labor in China is a major factor in its top position in the global manufacturing sector. However, the Chinese industries are now transforming towards automation & robotics.

In recent years, China has been automating across industries at a staggering rate. In 2018, Chinese companies installed 154,000 industrial robots (Source: International Federation of Robotics). The push for automation is part of Chinas goal to become a hub of innovation. Due to favorable government policies in robotic manufacturing, China is on track to be a leader in industrial automation. Compared to Japan, South Korea, and Germany, with robot density in the manufacturing industry that varies between 270 and 400 robots per 10,000 employees, China's robot density is very low, with ~20 robots. This indicates the potential for domestic penetration, which is expected to increase the production of robots.

Due to the lack of labor in the country, China is focusing on the automation of several industries. In 2019, the national birthrate hit a nearly 60-year low of only 14.6 million births (Source: National Bureau of Statistics). According to the Ministry of Human Resources and Social Security, Chinas labor force will fall to roughly 700 million by 2050, down from 911 million in 2016. Automation could be the key to maintaining productivity as Chinas traditional labor force shrinks. Younger workers, meanwhile, are more educated than previous generations and are looking for higher-earning jobs beyond the factory floor. Automation could eventually be the answer to both problems by replacing labor and providing more lucrative jobs.

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

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/industrial-automation-market-5172

Report Scope

Industrial Automation Market, by Component

Industrial Automation Market, by Mode of Automation

Semi-automatic

Fully-automatic

Industrial Automation Market, by End User

Industrial Automation Market, by Geography

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About Meticulous Research

Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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 details. With the 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 Market Research Inc.1267 Willis St, Ste 200 Redding, California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- sales@meticulousresearch.com Visit 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 Worth $306.2 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by...