Industrial Automation Market Future Prospects and Forecast To 2028

The global industrial automation market size is valued at USD 191.2 billion in 2021 and is expected to growing at a CAGR of 9.5% during the forecast period 2022 to 2028. Industrial automation is the application of intelligent technology to industrial processes to substitute automated workflows for laborious, repetitive, and manual jobs. Moreover, automation lowers manufacturing costs and improves quality, productivity, and workplace safety. In addition, it enhances process control and drastically cuts lead times when compared to outsourcing or moving operations abroad. The expansion of the industrial automation market is being driven by the emergence of linked organizations, the need for mass production of goods, and the rising adoption of digital manufacturing processes and augmented reality (AR) technology. Moreover, rising Industrial IoT demand is expanding the industrial automation industry. However, high initial and subsequent capital expenditures, a lack of technical know-how, and a lack of maintenance awareness are impeding the growth of the industrial automation industry.

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Industrial Automation Market Growth Factors:
The adoption of industrial automation systems and technologies for the digitalization of their respective manufacturing industries is supported by the governments of Asia-Pacific and Europe. For instance, the Chinese government invested $577 million in new industrial robots as part of its Made in China strategy in 2019. With this plan, the Chinese government hopes to increase the country's manufacturing capacity. China plans to establish the top robot manufacturers as part of its five-year plan to promote the robot industry, which will result in the creation of 8-10 industrial clusters. Meanwhile, the U.K. government announced plans to invest roughly $180 million in its "Manufacturing Made Smarter" initiative, which aims to encourage innovation and interconnection in the nation's manufacturing sector, in September 2020.
A significant obstacle to the expansion of the industrial automation business will be a lack of individuals with the necessary training or skills. High initial capital expenditures will also serve as a significant market limitation on the market's expansion. The technical applications' difficulties will also further obscure the industrial automation market's growth rate.

The global industrial automation market segmentation:
1) By Product: Industrial Robots, Industrial Sensors, Position & Monitoring, Process & Environment, Controllers, Microwave modules, Optoelectronics, Conveyors, Wireless Telecommunication Components, and Others.
2) By Mode of Automation: Semi-Automatic, Fully Automatic.
3) By Technology: SCADA, PLC, PAC, DCS, HMI.
4) By End-User: Oil & Gas, Aerospace & Defense, Electronics, Automotive, Pharmaceuticals.

Industrial Automation Market Regional Analysis:
Due to the existence of large-scale companies in these regions, Asia-Pacific held the greatest share of the industrial automation market, followed by Europe and North America. China and Japan are among the top producers and consumers of industrial robots, sensors, and machine vision systems in Asia. In addition, the manufacturing sectors for automobiles, consumer products, electronics, and pharmaceuticals are strong in India, China, and South Korea. Government programs and laws that support the digitization of manufacturing facilities and investments in the IIoT are also significant drivers of the adoption of industrial automation systems in these nations.

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Key players in the industrial automation market ABB Ltd, Siemens AG, General Electric Company, Emerson Electric Company, Yokagawa Electric, Rockwell Automation, Mitsubishi Electric, Corporation, Honeywell International, Inc., Schneider Electric SE

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