The Industrial Automation by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Automation, The industrial automation market size has grown strongly in recent years. It will grow from $185.5 billion in 2023 to $198.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing adoption of robotics, strong economic growth in emerging markets, government support and increasing automotive production.
The industrial automation market size is expected to see strong growth in the next few years. It will grow to $263.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increasing adoption of iot, rising healthcare expenditure, rising demand from agriculture industry and increase in passenger air traffic. Major trends in the forecast period include leveraging artificial intelligence (ai) for improving efficiency and mass production, focusing on edge and cloud computing for real-time data processing, leveraging 5g technology, focusing on cybersecurity solutions and focusing on cloud robots.
The increasing significance of robotics is expected to propel the growth of the industrial automation market. Robotics involves the design, manufacture, and operation of intelligent machines to assist humans. Robotics is being increasingly applied in industrial automation processes to handle various processes and machinery in an industry to increase efficiency, replace manual labor, and increase speed, and overall performance. For instance, according to the International Federation of Robotics, a professional non-profit organization, there will be a 12% increase in shipments of robotics units globally between 2020 and 2022. Therefore, the increasing significance of robotics is driving the industrial automation market.
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The industrial automation market covered in this report is segmented –
1) By Component: Industrial Robots, Human Machine Interface (HMI), Industrial Sensors, Control Valves , Other Components
2) By Control System: Supervisory Control And Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control System (DCS), Manufacturing Execution System (MES), Product Lifecycle Management (PLM), Enterprise Resource Planning (ERP), Other Control Systems.
3) By Industry: Aerospace And Defense, Automotive, Healthcare, Energy And Utilities, Food And Beverages, Oil And Gas, Mining, Transportation, Other Industries.
Top Major Players:
Siemens AG
ABB Ltd.
Mitsubishi Electric Corporation
Schneider Electric
Fanuc Corporation
Asia-Pacific was the largest region in the industrial automation market in 2023.
Technological advancements are the key trends gaining popularity in the industrial automation market. Advancements such as the incorporation of AI in robots help them to learn the processes with complete autonomy so that they can even communicate with other robots and humans in some cases. Major players in the market are focusing on incorporating AI technology in industrial robots to be leaders in the market. For instance, in March 2022, Mitsubishi Electric Corp., a Japan-based electronics company disclosed that they will introduce new industrial robotic systems incorporated with its Maisart AI technologies including high-precision speech recognition that would allow operators to fine-tune robot movements as required.
The industrial automation market report table of contents includes:
1. Executive Summary
2. Industrial Automation Market Characteristics
3. Industrial Automation Market Trends And Strategies
4. Industrial Automation Market – Macro Economic Scenario
5. Global Industrial Automation Market Size and Growth
….
32. Global Industrial Automation Market Competitive Benchmarking
33. Global Industrial Automation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Automation Market
35. Industrial Automation Market Future Outlook and Potential Analysis
36. Appendix
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