- July 26, 2022
The global industrial automation market is expected to grow from $164.74 billion in 2021 to $178.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%.
The global industrial automation market is expected to grow from $164.74 billion in 2021 to $178.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The industrial automation market is expected to grow to $250.77 billion in 2026 at a CAGR of 8.8%.
The industrial automation market consists of sales of industrial automation products and services by entities (organizations, sole proprietors, partnerships) that are used to control and monitor a process, machine, or device in a computerized manner that will fulfill repetitive functions or tasks. They are designed to operate automatically to reduce and improve human work in the industry. They are operated using logical programming commands and powerful machinery.
The main components of industrial automation are industrial robots, human-machine interfaces (HMI), industrial sensors, control valves, and other components. Industrial automation uses HMIs to monitor machinery to make sure it's working properly and also, they are helpful in the maintenance of the machinery in the industries. They use various control systems such as supervisory control and data acquisition (SCADA), distributed control system (DCS), programmable logic controller (PLC), Manufacturing Execution System (MES), component lifecycle management (PLM), enterprise resource planning (ERP), and human-machine interface (HMI) that are used by aerospace and defense, automotive, healthcare, energy and utilities, manufacturing, oil and gas, mining, transportation, and other industries.
Asia Pacific was the largest region in the industrial automation market in 2021. The regions covered in the industrial automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The industrial automation market research report is one of a series of new reports that provides industrial automation market statistics, including industrial automation industry global market size, regional shares, competitors with a industrial automation market share, detailed industrial automation market segments, market trends and opportunities, and any further data you may need to thrive in the industrial automation industry. This industrial automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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, 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.
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 a leader in the market. For instance, in March 2022, Mitsubishi Electric Corp., 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.
In October 2020, Emerson Electric Co., a US-based manufacturing company acquired the Progea Group for an undisclosed amount. This acquisition will strengthen Emerson’s ability to provide customers with visualization and IoT, an integrated package of control to help customers accelerate their digital transformation journey and improve overall equipment efficiency. Also, it will expand its industrial automation control footprint. Progea Group is an Italy-based company that offers automation software.
The countries covered in the industrial automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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