Industrial Process Automation Market Poised for Unprecedented Growth, Projected to Exceed $814.7 million by 2030

According to Next Move Strategy Consulting, the global industrial process automation market size is anticipated to surpass $814.7 million by 2030 reflecting a CAGR of 2.9% during the forecast period till 2030. The industrial landscape is undergoing a significant transformation, and the IPA market is at the forefront of driving efficiency, productivity, and sustainability.

Market Overview:

Industrial Process Automation is experiencing a surge in demand as industries worldwide seek to streamline their operations, reduce costs, and enhance overall efficiency. The integration of advanced automation technologies is becoming imperative, fueled by the ongoing Industry 4.0 revolution. As businesses strive for increased operational excellence, the IPA market plays a pivotal role in providing innovative solutions that cater to diverse industrial needs.

The digitalization of industries is a key driver for the IPA market, with businesses prioritizing the adoption of automation technologies to optimize processes, ensure precision, and maintain a competitive edge in the global market.

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Key Market Drivers:

1. Industry 4.0 Adoption: The global shift towards Industry 4.0, characterized by the integration of smart technologies and data-driven processes, is a significant driver for the IPA market. Automation solutions are crucial for industries looking to enhance connectivity, improve real-time decision-making, and achieve a higher level of operational efficiency.

2. Operational Efficiency: Industries across sectors are increasingly focusing on improving operational efficiency and reducing downtime. IPA solutions enable real-time monitoring, predictive maintenance, and optimization of production processes, contributing to overall efficiency gains.

3. Cost Reduction: Automation in industrial processes leads to cost savings by minimizing manual intervention, reducing errors, and optimizing resource utilization. This cost-effectiveness is a compelling factor propelling the adoption of IPA solutions globally.

4. Energy Management: As sustainability becomes a key concern for industries, IPA contributes to effective energy management by optimizing usage, reducing waste, and promoting environmentally conscious practices.

Market Segmentation:

The industrial process automation market includes various segments, including:

Component: Based on component, the market is segmented into manufacturing execution system (MES), distributed control system (DCS), programmable logic control (PLC), and supervisory control & data acquisition (SCADA).

End User: Based on end user, the market is divided into oil & gas, chemicals & refining, energy & power, pulp & paper, metals & mining, pharmaceutical, cement & glass, and others.

Geographical Regions: Based on region, the market is analysed into North America, Europe, Asia-Pacific, and Rest of the World (RoW).

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Outlook and Future Prospects:

Advancements in Industry 4.0 technologies, such as the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), are creating significant opportunities for the industrial process automation market. These technologies enable companies to collect and analyze vast amounts of data in real-time, providing insights into operational processes and identifying areas for improvement. With the rapid technological evolution, market players collaborate with tech-savvy companies to develop new solutions based on proven technologies.

This collaboration creates more efficient and effective automation solutions that help companies optimize their production processes and profitability. For instance, in January 2023, Emirates Global Aluminum (EGA) and Microsoft UAE collaborated to accelerate Industry 4.0 adoption across industries in the UAE. This collaboration aims to set the global best practices for the aluminum industry while improving the sustainability of EGA's computing operations.

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Lack of standardization is a significant challenge that can restrain the industrial process automation market growth. Vendors may create proprietary systems that are difficult to replace or upgrade without standards. This may lead to vendor lock-in, as companies become reliant on the technology of a particular vendor, limiting their ability to work with different vendors.

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Regional Dominance:

Europe holds a major share of the industrial process automation market and is expected to continue its dominance during the forecast period. This is attributed to the adoption of industrial automation solutions by numerous industries in the region, including energy & utilities, oil & gas, and pharmaceutical.

Also, rapid advancements in automation technology drive the adoption of automation across a wide range of industries. Developments such as autonomous mobile robots (AMRs), 5G networks, and edge computing enable businesses to automate more complex tasks and achieve greater efficiency and productivity.

On the other hand, Asia-Pacific is expected to show a steady rise in the industrial process automation market share, owing to the growing adoption of automation in industries such as oil & gas, pharmaceuticals, food & beverages, power generation, and chemicals. In addition, the increasing adoption of Industry 4.0 in countries such as India, South Korea, and Indonesia fuels the demand for industrial process automation systems. These systems offer real-time monitoring and control of industrial processes, enabling superior optimization and efficiency. Moreover, various market leaders are taking initiatives to revolutionize automation processes with Industry 4.0 technologies.

Competitive Landscape:

The industrial process automation industry report includes various market players such as Hitachi Ltd., Siemens AG, Mitsubishi Electric, Schneider Electric, Honeywell International, ABB Ltd., Toshiba Corp., Emerson Electric Co., Rockwell Automation, Omron Corp., Fanuc Corp., Valmet OYJ, Yokogawa Electric, Endress Hauser, and Dwyer Instruments. These market players are adopting several strategies, such as product launches and partnerships, across various regions to maintain their dominance in the global market.

For instance, in February 2023, Yokogawa Electric Corporation launched a new sensor called FKDPP for measuring oxygen concentration in industrial processes. The sensor offers high accuracy and stability even in harsh environments and is expected to improve productivity and efficiency in various industries.

Moreover, in December 2022, Valmet announced a strategic partnership with Koja to create an Industrial Internet ecosystem that enables energy producers to optimize their operations and maintenance. The ecosystem combines Valmet's automation and data analytics expertise with Koja's process control solutions to provide real-time insights. The goal is to reduce maintenance costs and improve efficiency in the energy industry.

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.

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This release was published on openPR.