$200+Bn, Industrial Automation Market 2022 COVID-19 Impact and Global Analysis by Top Industry Players till 2028

Industrial automation uses control systems, such as robots, computers, and information technologies, to handle various machinery in an industry to replace human intervention. Depending on the operations involved, the industrial automation systems are majorly classified into two types, namely process plant automation and manufacturing automation. 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.

Most of the market initiatives were observed in Europe and APAC region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:

2022 - Scania, a prominent worldwide transport solutions provider, has signed a deal with ABB to supply a broad range of robotic solutions for Scania's new highly automated battery assembly factory in Sweden.

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2021- Mitsubishi Electric Corporation has announced the development of seven new X-Series products, including two HVIGBTs and five HVDIODEs, bringing the total number of X-Series power semiconductor modules to 24. These new products are designed for increasingly large-capacity, small-sized inverters used in traction motors, DC-power transmitters, large industrial machinery, and other high-voltage, large-current equipment

ABB Ltd, Emerson Electric, OMRON, Rockwell, and FANUC are the prominent players in the industrial automation market. The listing of five key players based on a common criterion such as revenue is not feasible. Hence, we have derived this listing of "Key Five Players" in the Global Industrial Automation Market" by giving weightage to following key parameters: overall revenue, segmental revenue, brand image & industry experience, current product portfolio, innovative and advanced technology integration/material enhancements, customer base, geographical reach, new product launches, partnerships, mergers & acquisitions, and other market related activities. In addition to these players, there are several other important players operating in the Industrial Automation ecosystems which were studies analyzed during the course of this market research study, such as B&R Industrial Automation GmbH; HITACHI LTD., Industrial, Automation (M) SDN BHD., Koyo Electronics Industries Co., LTD., and Mitsubishi Electric Corporation.

The increasing penetration of advanced technology, such as Machine Learning (ML), the Internet of Things (IoT), and Artificial Intelligence (AI), has helped accelerate the growth of the industrial automation market. Furthermore, the rising product development and strategic initiatives from key market players for industrial automation applications lead to market growth. For instance, in 2020, Honeywell International Inc. and Tech Mahindra Limited partnered with "Factories of the Future" to accelerate the digital transformation journey by empowering manufacturers. Similarly, Siemens collaborated with SAP SE to offer industry 4.0-enabled business processes to enterprises. Further, the growing update of the industrial internet of things (IIoT) and the upcoming engineering 5G technology are a few factors, contributing to market growth during the forecast period.

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