Industrial Automation Market

The global Industrial Automation market is projected to grow from US$ 143940 million in 2024 to US$ 212410 million by 2030, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period.

Factors Driving the Growth of the Industrial Automation Market

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.

Analysis of Industrial Automation Market Share

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.

Industrial Automation Breakdown Data by Type

• Computer Numerical Control (CNC) Routers
• Machine Vision Systems
• Manufacturing Execution Systems (MES)
• Plant Asset Management
• Product Lifecycle Management (PLM)
• Programmable Logic Control Systems (PLC)
• Supervisory Control and Data Acquisition (SCADA)
• Others

Industrial Automation Breakdown Data by Application

• Automotive and Transportation
• Chemical
• Energy and Power System
• Food
• Environment and Building Technologies
• Oil and Gas
• Others

Major Players in the Global Industrial Automation Industry

• ABB
• Adept
• Bosch
• Emerson Electric
• FANUC
• General Electric
• Honeywell
• Kuka
• Mitsubishi Electric
• Rockwell
• Schneider Electric
• Toshiba
• Voith
• Yaskawa Electric
• Yokogawa Electric