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Industrial Automation Market to Garner $233.94 Billion, Globally, by 2028 at 7.6% CAGR: The Insight Partners
Additionally, logistics-related apps experienced a rise due to a surge in online purchase volumes. Imaging systems in retail distribution centers and automated warehouse storage and retrieval systems, and manufacturers of PPE-related items, such as face masks, face shields, protective garments, and respirators were among them. Other factors influencing the uptake of machine vision systems for industrial automation include predictive maintenance, packaging inspection, automated barcode reading, product and component assembly, defect reduction, and 3D vision inspection.
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Industrial automation uses control systems such as robots, computers, and information technologies to handle various machinery in an industry to replace human intervention. The industrial automation systems are classified into process plant automation and manufacturing automation depending on the operations involved. Industrial automation offers high product quality, reliability, and production rate while reducing production and design costs by deploying new, innovative, and integrated technologies and services. They possess various features, such as high productivity, quality, flexibility, and information accuracy, which is likely to increase the uptake of automation in the industrial sector during the forecast period. Also, the surge in the uptake of automation solutions in the oil & gas, manufacturing, chemicals & materials, pharmaceuticals, and other industries, is driving the industrial automation market.
Moreover, the rise in investment by companies to develop new products through machine vision technology for industrial automation is further propelling the industrial automation market. For instance, in January 2022, the Khronos Group launched a new initiative with the European Machine Vision Alliance (EMVA) to produce an open, royalty-free API standard to regulate camera system runtimes in embedded, mobile, industrial, XR, automotive, and scientific industries. Thus, the rise in investments by global companies is boosting the uptake of machine vision systems for industrial automation.
Germany, France, Russia, the UK, and the Netherlands were the worst-hit countries in the region. The region homes several manufacturing industries that include several industrial automation solution manufacturers. The emergence of the COVID-19 virus has impacted the revenue stream and operations of businesses of European automated solution manufacturers. For instance, the outbreak of COVID-19 significantly impacted the operations of ABB Ltd, which led to an increase in backlog orders in 2020. Meanwhile, the demand from automotive end users was at the lower side in 2020. This negatively impacted the industrial automation market size in 2020. However, owing to the ongoing skilled labor shortage, nonautomotive end users-such as electronics and metal & machinery-have showcased a positive trend in the adoption of automation solutions such as robots and sensors from Q1 of 2021, which positively influenced the growth of the industrial automation market size from 2021.
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Integration of Robotics in the Construction Industry Propel Industrial Automation Market
Construction is one of the most manual-intensive industries, with physical labor being the primary source of productivity. Robots do not yet play a substantial role in any stage of a building's lifecycle, whether it be new commercial construction, refurbishment, or deconstruction. However, with the rising automation across all industries, the global construction sector is also experiencing a surge in investment in automated solutions, such as robots. For instance, Shimizu Corporation made investments worth US$ 180.7 million since 2015 for the development of construction robots, such as Robo-Welder and Robo-Buddy. These factors further fuel the adoption of robots across the construction industry, which is expected to contribute to the industrial automation market growth over the forecast period.
Industrial Automation Market Component-Based Insights
Based on component, the industrial automation market is segmented into hardware and software. The hardware segment held a larger market share in 2021. The hardware segment is anticipated to dominate the market due to the significant hardware adoption in every industry.
Industrial Automation Market: Competitive Landscape and Key Developments
ABB LTD., B&R Industrial Automation GmbH, HITACHI LTD, Industrial Automation (M) SDN BHD, Koyo Electronics Industries Co., LTD, Mitsubishi Electric Corporation, Omron Corporation, Rockwell Automation, Siemens and Yokogawa Electric Corporation are among the key players in the global Industrial Automation market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In Feb. 2022, Scania, a prominent worldwide transport solutions provider, signed a deal with ABB to supply a broad range of robotic solutions for Scania's new highly automated battery assembly factory in Sweden.
In Jan. 2022, Hitachi, Ltd. and Hitachi Industrial Equipment Systems Co., Ltd. announced that they have been accelerating the global development of the line building business leveraging industrial robots. Hitachi Automation, Ltd. will be established on April 1, 2022, by reorganizing and combining group firms' activities and resources to reinforce the robotic SI business in Japan and ASEAN countries.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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