The industrial automation market is gaining considerable traction as the manufacturing sector is in the state of transformation in the current year and will continue in the years to come. Upon this, Market Research Future conducted a study on the global Industrial Automation Market and stated that the market is anticipated to exhibit a CAGR of 9.35% during the forecast period (2018 to 2023). Also, the market would surpass USD 128.63 billion in revenues with the need for a shift from manual assistance to automation, which gave birth to industrial automation.
Market Drivers & Trends
In the current scenario, most of the modern large-scale manufacturing operations are automated with bare minimum human intervention. As the need for meeting the current requirements, industrial automation is going sky high. It has become imperative in the manufacturing industry across the verticals to maintain vulnerability and real-time applications. The companies are employing the system for smooth operations with the help of the introduction of favorable policies towards the manufacturing sector, which has motivated the market to flourish its growth during the assessment period.
Apart from this, an increased focus on economic diversification in emerging markets are chiefly considered to be the key factors driving industrial automation. Industrial automation has multifarious roles such as being cost-effective and optimized production that has sped up its adoption in the various developed region of the world. As an add on, the embracement of the fourth industrial revolution, industry 4.0, is yet another factor driving the propagation of the industrial automation market to the further years. The industry players from diverse sectors have implemented industry 4.0 standards, and the trend is on, which in turn, has anticipated the market to perpetuate over the next few years.
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Furthermore, the extended support in favor of automation by the governments in various country-level markets has trajected the growth of the industrial automation market, which would lead the valuation to surpass from the present to go extendedly during the assessment period.
The prominent players in the Industrial Automation Market are – Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), General Electric Company (U.S.), Schneider Electric SE (France), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan)
Global Industrial Automation Market: Segmental Analysis
The global industrial automation market has been segmented on the basis of type, technology, end-users, and region.
- By mode of type, the global industrial automation market has been segmented into programmable automation and fixed automation.
- By mode of technology, the global industrial automation market has been segmented into Supervisory control and data acquisition (SCADA), Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Human Machine Interface (HMI), Distributed Control System (DCS), and others.
- By mode of end-users, the global industrial automation market has been segmented into pharmaceuticals, automotive & transportation, food & beverages, machine manufacturing, electric power generation, aerospace & defense, electrical & electronics, chemical, oil & gas, mining & metals, and others.
Geographically, the industrial automation market spans across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
Among all the regions, Asia Pacific is anticipated to dominate the global market owing to the growing application areas on a yearly basis. Advancement in technologies along with integration with current manufacturing environment is predicted to stimulate the market growth. Moreover, the presence of manufacturing companies and developing economy of the Asian countries is likely to contribute to the growth of the market during the assessment period.
North America holds the second position owing to the high demand for semiconductor products and manufacturing. Technological advancements in this region is also another major factor stimulating the market growth during the assessment period.
Meanwhile, Europe is anticipated to showcase a positive growth rate during the forecast period due to the increasing automotive and power generation industries in this region.
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- Process Automation and Instrumentation Manufacturers
- Industrial Robot Manufacturers
- MES (Manufacturing Execution System) and MOM (Manufacturing Operations Management) Players
- System Integrators
- Government Organizations
- Research/Consultancy firms
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