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Industrial Automation Global Market Reach $263.88 Billion at a CAGR of 7.4% By 2028 | Siemens AG, ABB Ltd., Fanuc Corporation, Omron Corporation, General Electric
Industrial Automation Market
As per the report, the industrial automation market size has grown strongly in recent years. It will grow from $185.5 billion in 2023 to $198.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The industrial automation market size is expected to see strong growth in the next few years. It will grow to $263.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
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Rising Significance Of Robotics Drives Growth In The Industrial Automation Market
The increasing significance of robotics is expected to propel the growth of the industrial automation market. Robotics involves the design, manufacture, and operation of intelligent machines to assist humans. Robotics is being increasingly applied in industrial automation processes to handle various processes and machinery in an industry to increase efficiency, replace manual labor, and increase speed, and overall performance. For instance, according to the International Federation of Robotics, a professional non-profit organization, there will be a 12% increase in shipments of robotics units globally between 2020 and 2022. Therefore, the increasing significance of robotics is driving the industrial automation market.
Technological Advancements Drive Innovation In The Industrial Automation Market
Technological advancements are the key trends gaining popularity in the industrial automation market. Advancements such as the incorporation of AI in robots help them to learn the processes with complete autonomy so that they can even communicate with other robots and humans in some cases. Major players in the market are focusing on incorporating AI technology in industrial robots to be leaders in the market. For instance, in March 2022, Mitsubishi Electric Corp., a Japan-based electronics company disclosed that they will introduce new industrial robotic systems incorporated with its Maisart AI technologies including high-precision speech recognition that would allow operators to fine-tune robot movements as required.
The industrial automation market covered in this report is segmented -
1) By Component: Industrial Robots, Human Machine Interface (HMI), Industrial Sensors, Control Valves , Other Components
2) By Control System: Supervisory Control And Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control System (DCS), Manufacturing Execution System (MES), Product Lifecycle Management (PLM), Enterprise Resource Planning (ERP), Other Control Systems.
3) By Industry: Aerospace And Defense, Automotive, Healthcare, Energy And Utilities, Food And Beverages, Oil And Gas, Mining, Transportation, Other Industries.
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Major companies operating in the industrial automation market report are Siemens AG, ABB Ltd, Mitsubishi Electric Corporation, Schneider Electric, Fanuc Corporation, Omron Corporation, Emerson Electric Co., Rockwell Automation, Inc., Yaskawa Electric Corporation, General Electric, EFACEC Electric International Engineering Co. Ltd, Precision Product Handling International Ltd, HK AA Industrial Co., International Coalition of Intelligent Manufacturing, Switek Technology Automation Co., Ltd, Youibot Robotics, InterTech Development Company, United magnetics co., ltd, Immetech Industrial Co., Ltd, Zinsser Analytic GmbH, Wiesemann & Theis GmbH, Lammers Automation GmbH, syskomp gehmeyr GmbH, vision-tec gmbh, Otc Daihen Europe Gmbh, Koch Textilpflege GmbH, Alukeep GmbH, WSCAD Nederland, Engmatec, Hexagon, Indusoft, Ltd, Sinkross, TEKKNOW, Roxor Industry, VERYSELL Industrial Systems Automation, FST Rus LLC, ProSoft, Rusatom Automated Control Systems, SMS-Automation, RONDO RUS, BFG Group, ProMach Innovation Center, Omnirobotic, Proment Inc., Denson Automation Inc, Rebel Automated Systems, Honeywell International Inc, Cognex Corporation, Teradyne Inc., National Instruments Corporation, Plexus Corp., Nauticus Robotics Inc., Novanta Inc., Yokogawa Electric, CI24 Controles Inteligentes, Rewo Uruguay, Danlesco Gulf LLC, ASCORP Industrial Complex LLC, Spex Insulation Contracting, Kimans Inc, Team Switchgear And Control L.L.C, Telinstra FZCO, Autochim Systems, Control Systems Integration (Pty) Ltd, Festo South Africa, DIRECTECH GROUP, SMC Corporation, JMP Group, Protea automation solutions.
Contents of the report:
1. Executive Summary
2. Industrial Automation Market Report Structure
3. Industrial Automation Market Trends And Strategies
4. Industrial Automation Market - Macro Economic Scenario
5. Industrial Automation Market Size And Growth
…..
27. Industrial Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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