Global Industrial Automation Market is projected to reach the value of $362.65 billion by 2030

According to the report published by Virtue Market Research in 2022, the Global Industrial Automation Market was valued at $182 billion, and is projected to reach a market size of $362.65 billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 9%.

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The Global Industrial Automation Market has undergone tremendous changes over the years shaped by various factors.
One enduring driver steering the industrial automation market towards growth is the relentless pursuit of efficiency. Industries, spanning from manufacturing to energy, are unceasingly striving to optimize their operations. Automation solutions, with their ability to enhance productivity and cut operational costs, become the torchbearers of this endeavor.

The COVID-19 pandemic, a profound global event, has imparted both challenges and opportunities to the industrial automation sector. On one hand, the pandemic disrupted supply chains and hindered project implementations. On the other, it underlined the significance of automation in ensuring business continuity and workforce safety. The pandemic acted as a catalyst, intensifying the demand for contactless technologies and remote monitoring solutions.

Amid the ever-changing market dynamics, one notable short-term driver is the pressing need for cybersecurity. As the world becomes increasingly interconnected, the vulnerability to cyber threats escalates. The industrial automation market responds by rapidly innovating and deploying robust cybersecurity solutions to safeguard critical infrastructure and data. The race to fortify defenses and secure the digital landscape creates a thriving market for cybersecurity solutions.

The industrial automation market is rife with opportunities, and among them, the burgeoning field of robotics holds promise. Robots have evolved beyond their traditional roles in manufacturing, becoming versatile assets in sectors like healthcare, logistics, and agriculture. As labor shortages and the need for precision intensify, automation through robotics presents an opportunity to augment productivity, ensuring quality and consistency in diverse applications.

One prominent trend observed in the industrial automation market is the rise of "Edge Computing." In an age where real-time data processing is paramount, edge computing moves computation and data storage closer to data sources. It empowers industrial processes with faster decision-making, lower latency, and bandwidth optimization. With the advent of IoT devices and the demand for instantaneous data analysis, edge computing is rapidly gaining traction.

Segmentation Analysis:
The Global Industrial Automation Market segmentation includes:

By Component: Software, Hardware, and Services
The software segment, particularly Plant Asset Management (PAM), stands as the largest growing component in the industrial automation market due to its pivotal role in optimizing operational efficiency and reducing downtime. PAM software empowers industries to monitor and manage their assets, predict maintenance needs, and enhance asset performance, thus increasing overall productivity. With the rising importance of predictive maintenance and asset optimization in Industry 4.0, the demand for PAM software has surged, driving its substantial growth.

Programmable Logic Controllers (PLCs) and industrial sensors comprise the fastest-growing hardware segment within the industrial automation market. PLCs, known for their adaptability, versatility, and real-time control capabilities, have found applications across diverse industries, fueling their rapid expansion. Simultaneously, industrial sensors, serving as the eyes and ears of automation systems, have witnessed a surge in demand due to their critical role in data acquisition, process monitoring, and ensuring precision in automation processes. Their indispensable nature across various sectors, coupled with advances in sensor technology, has catapulted these hardware components into the fastest-growing category within the market.

By End User: Automotive, Metals and mining, Water and Wastewater treatment, Electronic and Semiconductors, Energy and Power, Manufacturing, Food and beverages, Pharmaceuticals, Chemicals, Oil and gas, and Others
The automotive sector emerges as the largest growing industry segment within the industrial automation market owing to its relentless pursuit of automation solutions for enhanced efficiency, precision, and cost control. In the automotive manufacturing process, automation is vital for achieving high levels of precision and quality assurance, from assembly line robotics to robotic welding and paint applications. The industry's high level of automation adoption stems from the need to meet exacting standards and compete in a fast-paced market, propelling it to the forefront of the industrial automation market's largest growth segments.

Among the myriad industries, the pharmaceutical sector stands out as the fastest-growing segment in the industrial automation market. Automation has become indispensable in pharmaceutical manufacturing, where precision, quality control, and regulatory compliance are paramount. The industry's rapid expansion is driven by the need to ensure consistent drug quality, reduce human error, and meet stringent regulatory requirements. Automation technologies are increasingly adopted in pharmaceutical production, from drug formulation and packaging to quality assurance, positioning the pharmaceutical sector as the swiftest-growing segment in the industrial automation market.

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By Region:
Asia-Pacific has emerged as the largest growing region in the industrial automation market due to its rapid industrialization, robust economic growth, and an ever-expanding manufacturing sector. The region, led by economic powerhouses such as China, Japan, and South Korea, has experienced a surge in automation adoption to meet the demands of diverse industries, from electronics to automotive. Additionally, infrastructure development and a burgeoning middle class have spurred the adoption of automation technologies, making Asia-Pacific a dominant force in the global industrial automation landscape.

North America is positioned as the fastest-growing region in the industrial automation market, driven by its technological prowess, strong emphasis on innovation, and a well-established manufacturing sector. The region, spearheaded by the United States, is at the forefront of automation adoption, with companies leveraging advanced technologies to enhance efficiency and maintain competitiveness. Furthermore, North America's commitment to cybersecurity, coupled with investments in technology and infrastructure, accelerates its growth in the industrial automation market, marking it as the fastest-growing region.

Europe is a key hub in the industrial automation market, known for its emphasis on precision manufacturing, quality control, and environmental sustainability. The region boasts a mature industrial landscape where automation solutions are integral, particularly in automotive, electronics, and pharmaceuticals. Collaborative efforts with technology partners to drive innovation and address industry challenges are common, making Europe a thriving market for automation solutions. Europe, with countries such as Germany, France, and the United Kingdom, is characterized by its precision manufacturing, quality control, and eco-friendly automation practices.

Latin America is witnessing steady growth in the industrial automation market, driven by its expanding manufacturing and agriculture sectors. The adoption of automation technologies is fueled by the need for increased productivity, cost-efficiency, and competitiveness. As industries in the region modernize and diversify, Latin America's automation market exhibits notable potential. In Latin America, countries like Brazil and Mexico are witnessing growing automation adoption, particularly in manufacturing and agriculture, to enhance productivity and competitiveness.

The Middle East and Africa are emerging as significant players in the industrial automation market, with investments in automation technologies focused on energy and infrastructure projects. These regions prioritize automation for optimizing operations, enhancing energy efficiency, and expanding their manufacturing capabilities. The Middle East, in particular, is a leader in oil and gas automation, while Africa's industrial landscape is evolving with increased automation adoption in various sectors, offering promising opportunities for market growth. In the Middle East and Africa, nations such as the United Arab Emirates and Saudi Arabia are prominent players, focusing on automation for energy and infrastructure projects, marking their presence in this dynamic market.

Latest Industry Developments:
• In a concerted effort to strengthen their market presence and harness the benefits of complementary expertise, companies in the industrial automation market are increasingly engaging in strategic collaborations and partnerships. By joining forces with other key players, organizations aim to access new technologies, expand their product offerings, and penetrate diverse markets. Recent developments have witnessed industry giants forming alliances to tap into emerging sectors and offer comprehensive solutions that encompass automation, cybersecurity, and IoT integration.

• The industry is witnessing a trend where companies are shifting their focus towards the creation of digital ecosystems. By integrating their solutions into broader digital frameworks, businesses aim to provide end-to-end automation, control, and data analytics services. These ecosystems cater to the demand for comprehensive, streamlined solutions that cater to evolving Industry 4.0 and IIoT requirements. Collaborative efforts with technology partners enable seamless data flow and interoperability across various systems, enhancing market share through holistic offerings.

• With the increasing threat landscape posed by cyberattacks, companies in the industrial automation market are placing significant emphasis on cybersecurity. The adoption of advanced cybersecurity solutions is a notable trend, reflecting the growing awareness of the critical importance of securing industrial processes and data. Collaborations with cybersecurity specialists are becoming more prevalent to bolster the resilience of automation systems and protect against evolving threats, thus ensuring a competitive edge and market share growth in an era where data security is paramount.

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This release was published on openPR.