The size of the global industrial automation market, which was USD 191.89 billion in 2021, is expected to increase by USD 395.09 billion by 2029, at a CAGR of 9.8%, from USD 205.86 billion in 2022. Using our analysis as a guide, we found that the global market experienced a 6.5% decline in 2020 compared to 2019. The COVID-19 pandemic has had an unprecedented and staggering impact on the world, and demand for industrial automation has been lower than expected in all regions compared to pre-pandemic levels.
Demand for automation solutions is soaring across industries as a result of the introduction of 5G wireless technology and the growing uptake of Industry 4.0. Indicators of the growth of the global industrial automation market are anticipated to include the development of augmented reality (AR), digital twins, digitalization, and industrial IoT. For instance, in July 2021, Kezzler AS, a cloud-based platform for product digitalization and traceability, and Rockwell Automation Inc. collaborated. Through the use of cloud-based chain solutions, the partnership aims to empower manufacturers to record the full journey of their product from the point of origin to the point of sale or beyond.
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Which company dominates the Global Industrial Automation Market?
- ABB Ltd. (Switzerland)
- Emerson Electric Co. (U.S.)
- General Electric Company (U.S.)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Omron Corporation (Japan)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Yokogawa Electric Corporation (Japan)
What are the factors driving the growth of the Industrial Automation Market?
The digital supply chain has changed across industries as a result of Industry 4.0. Organizations must embrace Industry 4.0 due to changing customer demands, such as instantaneous and personalized services. In order to create new solutions based on tried-and-true technologies, market players collaborate with tech-savvy businesses. For instance, in February 2020, Tech Mahindra Limited and Honeywell International Inc. partnered to create digitally-enabled "Factories of the Future" by utilizing digital technologies. Through manufacturer empowerment, the partnership seeks to hasten the process of digital transformation. In a similar vein, Siemens and SAP SE worked together to provide businesses with industry 4.0-enabled business processes. These procedures will make it possible to create a digital thread that spans the entire product lifecycle.
What are the geographical insights of the Industrial Automation Market?
The market is examined geographically across five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Country-level divisions are made for these regions.
During the forecast period, Europe is likely to hold a disproportionately large share of the global industrial automation market. According to the International Federation of Robotics (IFR), in January 2021, Western Europe and the Nordic European Countries had the highest robot densities worldwide (225 units per 10,000 employees and 204 units per 10,000 employees, respectively). With 346 units for every 10,000 workers, Germany comes in fourth place among the most automated nations worldwide. These are a few of the important elements that make up the majority of the region's contribution.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "Industrial Automation Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Industrial Automation Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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