Industrial Automation Market to Garner 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. 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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Germany, France, Russia, the UK, and the Netherlands were the worst-hit countries in the region. The region is home to 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.

The global industrial automation market is segmented based on component, system, and end user. The segmentation in this research study has been finalized after post-in-depth secondary research and extensive primary research. In addition, the industrial automation market is also segmented based on the technology offered by the leading participants in the industry to understand widely used market-specific terminologies. Thus, we have incorporated the research segments and have finalized the industrial automation market segmentation.

The List of Companies - Industrial Automation Market

ABB Ltd, Emerson Electric, OMRON, Rockwell, and FANUC are prominent players operating in the industrial automation market. In addition to these players, there are several other important players operating in the industrial automation market, such as B&R Industrial Automation GmbH; HITACHI LTD.; Industrial, Automation (M) SDN BHD.; Koyo Electronics Industries Co., LTD.; and Mitsubishi Electric Corporation, which were analyzed during this industrial automation market research study.

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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 Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

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