Industrial automation market will grow at a CAGR of 9.8%

Pune, India, March 10, 2022 (GLOBE NEWSWIRE) — The global industrial automation market is expected to rise during the forecast period due to the increasing adoption of IoT and digitization in the manufacturing and production sectors. Fortune Business Insights™ publishes this information in a report entitled, Industrial Automation Market2022-2029″. According to the report, the size of the industrial automation market was $191.89 billion in 2021. The market size is expected to rise from $205.86 billion in 2022 to $395.09 billion by 2029 in a CAGR of 9.8% during the forecast period.

Various industries are adopting industrial automation to improve business processes and simplify company manufacturing operations. Increasing digitization and the spread of augmented reality will likely drive the market. Furthermore, the increasing implementation of artificial intelligence and industrial IoT is expected to drive the market during the forecast period.

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Companies Profiled in the Market-

  • ABB Ltd. (Switzerland)
  • Emerson Electric Co. (USA)
  • General Electric Company (USA)
  • Honeywell International Inc. (USA)
  • Mitsubishi Electric Corporation (Japan)
  • Omron Corporation (Japan)
  • Rockwell Automation Inc. (USA)
  • Schneider Electric SE (France)
  • Siemens AG (Germany)
  • Yokogawa Electric Corporation (Japan)

Impact of COVID-19:

Halted manufacturing operations affected market growth

The COVID-19 virus outbreak affected various industries, including manufacturing and production operations globally. The strict restrictions imposed by the central and local governments affected the supply chain and labor management in the segmented regions. This created a huge impact on revenue generation and productivity for key players. To manage business during the pandemic, several companies have adopted technology solutions to improve their management operations and facilitate business processes.

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Segments:

The automotive segment will dominate the market due to growing demand

By component, the market is bifurcated into hardware and software. Also, hardware components are divided into sensors such as photoelectric, laser, inductive, and others; ANONYMOUS SOCIETY; HMI; and servo such as AC motor, DC motor and drive. Also, laser markers, safety light curtains and robots are among the hardware components.

Based on industry, the market is segmented into discrete automation and process automation. Discrete automation is categorized into automotive, electronics, heavy manufacturing, packaging, and others. Process automation is divided into oil and gas, chemicals, pulp and paper, mining and metals, healthcare, and others.

Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Coverage Report:

The report provides objective information and statistical data on the development of the market and recent trends in the industry. Furthermore, this report highlights the impact of the COVID-19 pandemic on the growth and development of the market. Also, the drivers and restraints affecting the growth of the market are elaborated in more detail in this report. Major key players and their business development strategies are also highlighted in this report.

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Drivers and Restrictions:

Increasing digitization to stimulate growth

The market is expected to see significant growth during the forecast period due to the adoption of the fourth industrial revolution, which encourages companies to acquire new brands and develop new products. The increasing implementation of Industrial IoT is expected to drive the market in the coming years. Furthermore, the increasing implementation of digital twins and AR technology is anticipated to drive the market during the forecast period. These factors are expected to ensure the growth of the industrial automation market during the forecast period.

However, high initial capital investments may hamper market growth over the forecast period.

Regional perspectives:

Europe dominates the global market due to technological advances

Europe dominated the global industrial automation market share during the forecast period owing to increasing technological advancements and developments. The region stood at USD 61.85 billion in 2021 due to increased investment in technical development.

Asia Pacific is expected to hold the second largest global market share due to the presence of key players in emerging countries. In addition, the development of industrialization and marketing is expected to boost the market.

Competitive landscape:

Partnership and collaboration enable key players to maintain their position in the market

Key players in the market are focused on implementing different business development strategies such as mergers, partnerships, alliances, and acquisitions. Also, key players implement innovative strategies to enhance their product portfolio. These strategies allow companies to expand their market reach and gain a competitive advantage in the emerging market.

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Industry developments:

  • June 2021: ABB Ltd. partnered with Thailand-based wireless telecommunications service provider dtac Trinet to develop robotics and machine automation solutions with dtac connectivity in Thailand. The association aims to promote Thailand’s manufacturing capabilities and accelerate Industry 4.0 in the country.
  • June 2021: Emerson has collaborated with PureCycle Technologies, Inc. to deliver digital technologies and automation for PureCycle facilities to transform plastic recycling. Emerson’s Planet’s digital web ecosystem integrates digital automation technology throughout PureCycle facilities and reduces project completion time.

Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research methodology/approach
    • data sources
  • Executive Summary
  • market dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Constraints, Opportunities and Trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Trading Strategies Adopted by Key Players
    • Consolidated SWOT analysis of key players
    • Global Industrial Automation Key Players Market Share Information and Analysis, 2021
  • Global Industrial Automation Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key results
    • By component (USD)
      • Hardware
        • sensors
          • Photoelectric
          • To be
          • Inductive
          • Others
        • ANONYMOUS SOCIETY
        • HMI
        • servo
        • laser markers
        • safety light curtain
        • robots
      • Software
    • By Industry (USD)
      • Discreet automation
        • Automotive
        • electronics
        • heavy manufacturing
        • packaging
        • Others
      • Process automation
        • petroleum gas
        • chemicals
        • pulp paper
        • Mining and Metals
        • Health care
        • Others
    • By Region (USD)
      • North America
      • South America
      • Europe
      • Pacific Asia
      • Middle East and Africa
  • North America Industrial Automation Market Size Estimates and Forecasts, by Segments, 2018-2029
    • Key results
    • By component (USD)
      • Hardware
        • sensors
          • Photoelectric
          • To be
          • Inductive
          • Others
        • ANONYMOUS SOCIETY
        • HMI
        • servo
        • laser markers
        • safety light curtain
        • robots
      • Software
    • By Industry (USD)
      • Discreet automation
        • Automotive
        • electronics
        • heavy manufacturing
        • packaging
        • Others
      • Process automation
        • petroleum gas
        • chemicals
        • pulp paper
        • Mining and Metals
        • Health care
        • Others
    • By country (USD)
      • USA
      • Canada
      • Mexico

OCD Continued.

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