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Machinery And Industrial Automation Market Size, Key Drivers, Growth, Demand, Analysis 2024-2033
Machinery And Industrial Automation Market Size
According to The Business Research Company's, The machinery and industrial automation market size has grown strongly in recent years. It will grow from $188.03 billion in 2023 to $206.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to globalization impact, industry 4.0 Integration, environmental sustainability, improved safety standards.
The machinery and industrial automation market size is expected to see strong growth in the next few years. It will grow to $283 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to increasing adoption of IoT and AI, focus on energy efficiency, digital transformation, smart manufacturing trends, resilient supply chains, demand for remote monitoring solutions. Major trends in the forecast period include advanced AR technology adoption, safety automation product demand, industrial PC market Growth, focus on energy-efficient solutions.
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Market Drivers and Trends:
The growing adoption of the Internet of Things (IoT) is expected to propel the growth of the machinery and industrial automation market going forward. The Internet of Things (IoT) refers to a network of interconnected devices and objects embedded with sensors, software, and other technologies. The growing adoption of IoT is driven by its ability to enhance connectivity, enable data-driven insights, and optimize efficiency across various industries. The IoT enhances machinery and industrial automation, providing seamless connectivity and data exchange, optimizing efficiency, and facilitating real-time monitoring and control. For instance, according to the State of IoT-Spring 2023 report by IoT Analytics, a Germany-based service provider, global IoT connections increased by 18% in 2022, reaching 14.3 billion active endpoints. In 2023, the number of connected IoT devices is projected to rise by another 16%, reaching 16.7 billion active endpoints globally. Therefore, the growing adoption of the Internet of Things (IoT) is driving the growth of the machinery and industrial automation market.
Major companies operating in the machinery and industrial automation market are increasing their focus on developing products such as industrial automation products, to increase their profitability. Industrial automation products include a wide range of technologies and devices that are designed to automate and optimize industrial processes. For instance, in May 2023, Renishaw Inc., a UK-based machine industry company, launched a new line of products for industrial automation. This line contains three products, RCS L-90, RCS T-90, and RCS P-series, all supported by a dedicated software suite. The new RCS product line intends to address fundamental issues within the global industrial automation industry, focusing on manual set-up, calibration, and maintenance of robots. The RCS L-90 is a ball-bar device that improves the accuracy of the robot system, reduces deployment time, and monitors robot health. RCS T-90 is a tri-ball bar system that allows users to identify the root causes of poor performance and capture critical robot information.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Ltd., Larsen & Toubro Limited, Eaton Corporation plc, PARKER HANNIFIN CORP, Danfoss A/S, Emerson Electric Co., Rockwell Automation Inc., FANUC Corporation, Omron Corporation, YASKAWA ELECTRIC CORPORATION., Kuka AG, Yokogawa Electric Corporation, Azbil Corporation, Stratasys, Sensirion AG, Dwyer Instruments Ltd., Endress+Hauser Group Services AG, WIKA Instruments India Pvt. Ltd
Machinery And Industrial Automation Market 2024 Key Insights:
• The Machinery And Industrial Automation Market is expected to grow to $283 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• IoT Adoption Fuels Accelerated Growth In Machinery And Industrial Automation Market
• Innovative Product Launches Driving Growth In Machinery And Industrial Automation Market
• Europe was the largest region in the machinery and industrial automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machinery and industrial automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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