Press release
Industrial Automation Market to be Worth $368.05 Billion by 2031
The market growth is driven by government initiatives promoting industrial development, increasing investments in industrial automation, the rising demand for energy-efficient systems, and the increasing need for supply chain optimization. However, high CAPEX requirements and concerns about workforce displacement restrain the market's growth. Moreover, the increasing demand for sustainable solutions is expected to create market growth opportunities. However, cybersecurity risks associated with automated systems pose challenges to the market's growth.
The global industrial automation market is segmented by offering, mode of operation, and end-use industry. The study also evaluates end-user industry competitors and analyzes the market at the region/country level.
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By offering, the global industrial automation market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global industrial automation market. The solutions segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the high adoption of PLM, ERP, and MES solutions for streamlining the production & enterprise processes across the manufacturing & industrial sectors, increasing demand for data analytics and predictive maintenance capabilities to optimize operations, reduce downtime, and improve overall equipment effectiveness (OEE), growing need to reduce operational costs and optimize resource utilization, and the emergence of Industry 4.0 & enabling technologies.
By mode of automation, the global industrial automation market is segmented into semi-automatic systems and fully automatic systems. In 2024, the semi-automatic systems segment is expected to account for the larger share of the global industrial automation market. The large market share of this segment is attributed to the lower cost of implementation compared to fully automatic systems, the increasing need for a higher degree of flexibility between manual and automated processes, and the growing need for monitoring industrial systems closely and intervening promptly in cases of anomalies that leads to costly downtime or quality issues.
However, the fully automatic systems segment is projected to register the highest CAGR during the forecast period due to the growing need to increase industrial production capabilities, the growing need to reduce the risk of workplace accidents and injuries by replacing humans in hazardous or physically demanding tasks, and increasing need to optimize supply chains, improve logistics, and achieve greater efficiency in sourcing, production, and distribution.
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By end-use industry, the global industrial automation market is segmented into oil & gas, automotive, food & beverage, semiconductors & electronics, chemicals & materials, consumer goods, mining & metals, power, pharmaceuticals & biotech, machines & tools, paper & pulp, aerospace & defense, and other end-use industries. In 2024, the oil & gas segment is expected to account for the largest share of the global industrial automation market. The large market share of this segment is attributed to the growing need to streamline operations across the entire value chain of oil and gas production, increasing demand for automated monitoring systems to minimize environmental impact and enhance safety, growing need to prevent unplanned downtime, extend asset lifespan, and reduce maintenance costs, increasing demand for automated drilling systems to enable precise monitoring and control of parameters such as drill bit pressure, speed, and direction.
However, the automotive segment is projected to register the highest CAGR during the forecast period due to the rapid technological advancements, including autonomous driving and connected vehicles, increasing implementation of machine vision systems and sensor technologies by automotive manufacturers, growing demand to ensure consistent quality and precision in manufacturing processes, growing need to streamline processes and increasing productivity, and increasing adoption of Automated guided vehicles (AGVs) and collaborative robots (COBOTS) to enhance ergonomic conditions in manufacturing facilities.
By geography, the global industrial automation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global industrial automation market, followed by Europe, North America, Latin America, and the Middle East & Africa. The region is also projected to register the highest CAGR during the forecast period. The large market share of Asia-Pacific is mainly attributed to the increasing demand for advanced industrial automation solutions to enhance productivity, efficiency, and competitiveness in manufacturing sectors such as automotive, electronics, machinery, and consumer goods, growing need to automate production processes to reduce reliance on manual labor and remain cost-competitive, expansion of automotive industry, increasing technological advancements and adoption, with significant investments in robotics, artificial intelligence, IoT, and digitalization to achieve greater efficiency, precision, flexibility, and connectivity in industrial processes.
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Key questions answered in the report-
• Which are the high-growth market segments based on offering, mode of operation, end-use industry, and geography?
• What was the historical market for the industrial automation market?
• What are the market forecasts and estimates for the period 2024-2031?
• What are the major drivers, restraints, opportunities, and challenges in the industrial automation market?
• Who are the major players, and what shares do they hold in the industrial automation market?
• How is the competitive landscape in the industrial automation market?
• What are the recent developments in the industrial automation market?
• What are the different strategies adopted by the major players in the industrial automation market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global industrial automation market, and how do they compete with the other players?
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Europe Industrial Automation Market: https://www.meticulousresearch.com/product/europe-industrial-automation-market-5639
Industrial Metaverse Market : https://www.meticulousresearch.com/product/industrial-metaverse-market-6001
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