The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 153 billion
- Forecast CAGR (2021-2026): 8%
- Forecast Market Size (2026): USD 253 billion
The Asia Pacific region made a significant contribution to the global industrial automation market. This is due to the low-cost production plants of key industry players in these areas, as well as the rise of new players, particularly in China and Japan. Also, the Asia Pacific market is expected to expand at the fastest rate during the forecast period. In Asia Pacific countries like India, China, and South Korea, there is a growing demand for smarter solutions to manage industrial plants, which is driving this growth. North America, which is followed by the Asia Pacific, accounts for a large portion of market revenue and is expected to continue to expand at a healthy rate over the forecast period. More manufacturers are adopting factory automation systems, and IoT research and development is on the rise, propelling the market forward and assisting regional growth.
Industry Definition and Major Segments
The use of control systems, such as computers or robots, and information technologies for handling procedures that were previously performed on a larger scale by humans is known as industrial automation. This allows for more direct integration of the physical world into computer-based systems, resulting in numerous benefits such as improved efficiency, control, accuracy, and cost-effectiveness.
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By devices, the market is bifurcated into:
- Machine Vision
- Motion and Drives
- Relays and Switches
On the basis of the control system, the market is segmented into:
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control System (DCS)
- Programmable Logic Controller (PLC)
- Manufacturing Execution System (MES)
- Product Lifecycle Management (PLM)
- Enterprise Resource Planning (ERP)
- Human Machine Interface (HMI)
In terms of application, the market is segregated into:
- Discrete Industry, which is further subdivided into:
- Food Processing
Process Industry, which is further subdivided into:
- Oil and Gas
- Healthcare and Pharma
The regional markets for the product include:
- North America
- the Asia Pacific
- Latin America
- the Middle East
Manufacturing industries are undergoing rapid transformations as smart robots and automation-driven systems increasingly replace manual labour. Automation is seen as a necessity to meet the current demand for production. Furthermore, the market for industrial automation is driven by the demand for precise production and high quality without sacrificing quantity. Government policies that favour manufacturing and the sector’s growth in emerging markets propel this industry forward. The market for industrial automation is growing as the need for digital transformation grows across almost all major industries, such as healthcare, transportation, and retail. The industry is expected to develop rapidly in the forecast period as the potential of IoT and interconnectivity is realised.
Key Market Players
The major players in the market are Siemens AG, Emerson Electric Co., ABB Ltd., Rockwell Automation, Inc., Mitsubishi Electric Corporation, Schneider Electric and Texas Instruments Incorporated. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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