The global Industrial Automation market size is projected to reach US$ 212410 million by 2027, from US$ 130710 million in 2020, at a CAGR of 6.7% during 2021-2027. The Industrial Automation market is being propelled by the increasing usage of Industry 4.0 and the introduction of 5G wireless technologies. The need to remove human error and cut costs is projected to propel the Industrial Automation market size. By integrating adaptive control and monitoring in various phases of industrial processes, these systems are successful in eliminating human error and thereby enhancing the quality and homogeneity of the products provided.
Although industrial automation systems require a considerable initial investment, the technology's application will result in decreased data analytics expenses. Furthermore, thanks to this automatic data analysis, the risk of machine failure and service interruptions is reduced to a minimum. As a result, the Industrial Automation market size is likely to be driven by the cost-cutting feature.
Workers in a facility equipped with an industrial automation system work fewer hours and spend more time on high-value-added tasks. Automation technology frees employees from having to perform tedious and mundane jobs. By integrating adaptive control and monitoring in various phases of industrial processes, these systems are successful in eliminating human error and thereby enhancing the quality and homogeneity of the products provided. Furthermore, putting robots on production lines where humans are exposed to hazardous working circumstances is safer. Such benefits are projected to boost the expansion of the industrial automation market by increasing usage and theory.
The industrial automation market is likely to be driven by the growing requirement to maintain industrial assets, streamline activities, and boost plant asset capacities. Plant Asset Management uses a combination of software, smart instrumentation, and Fieldbus communications to continually monitor important plant assets, lowering the risk of equipment failure while enhancing availability.
The expansion of the industrial automation market is projected to be fueled by government initiatives and supportive policies. Governments in Europe and Asia-Pacific are encouraging the adoption of industrial automation technologies and systems in order to digitize their respective manufacturing sectors, which is projected to boost market expansion.
During the forecast period, the Plant Asset Management (PAM) segment is expected to be the most profitable. The rise of this market can be due to the increasing use of PAM systems in the process and discrete sectors to build a complete data repository related to various equipment deployed in these plants, from uptime performance to life cycle cost assessment.
| Report Metric |
Details |
| Report Name |
Industrial Automation Market |
| The market size in 2020 |
USD 130710 Million |
| The revenue forecast in 2027 |
USD 212410 Million |
| Growth Rate |
CAGR of 6.7% from 2021 to 2027 |
| Market size available for years |
2021-2027 |
| Forecast units |
Value (USD) |
| Segments covered |
Type, End-User, Offerings, and Region |
| Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
| Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. The global Industrial Automation market size is projected to reach US$ 212410 million by 2027, from US$ 130710 million in 2020, at a CAGR of 6.7% during 2021-2027.
Ans. The plant Asset Management (PAM) segment is expected to be the most lucrative segment during the forecast period.
Ans. The forecast period for the industrial automation market is 2021 to 2027.
Ans. The top companies operating in the industrial automation market include ABB, Adept, Bosch, Emerson Electric, FANUC, General Electric, Honeywell, Kuka, Mitsubishi Electric, Rockwell, Schneider Electric, Toshiba, Voith, Yaskawa Electric, Yokogawa Electric
Ans. The increasing adoption of Industry 4.0 and the advent of 5G wireless technology is propelling the Industrial Automation market.
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