Industrial Automation Market to hit US$ 233.94 billion, Globally, by 2028 at 7.6% CAGR: The Insight Partners

According to our latest market study on "Industrial Automation Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, System Type, and End Users," the market is expected to reach US$ 233.94 billion by 2028, registering a CAGR of 7.6% from 2021 to 2028.

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.

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In 2021, due to the COVID-19 pandemic, manufacturers accelerated the deployment of machine vision technology for industrial automation to keep operations running as effectively as possible and keep up with the increasing demand as businesses scrambled to bolster digital infrastructure, supporting remote workers.

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.

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.

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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.

The key players operating in the industrial automation market include 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.

Players operating in the industrial automation market are mainly focused on the development of advanced and efficient products.

1. 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.

2. 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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