Approaching the year 2023, the industrial automation market is poised to achieve a substantial valuation of US$ 40.6 billion, laying the foundation for an ambitious trajectory to double its value and reach an impressive US$ 81.4 billion by 2033. This robust growth is sustained by a compelling Compound Annual Growth Rate (CAGR) of 7.2% throughout the forecast period.
A pivotal catalyst behind this remarkable expansion is the unwavering commitment to safety within the realm of industrial automation. Manufacturers, businesses, and industrial operators are diligently prioritizing the development and implementation of cutting-edge safety measures to mitigate workplace accidents. This heightened focus on safety not only ensures the well-being of workers but also presents substantial market opportunities, as companies increasingly prioritize the health and safety of their workforce.
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Automotive Industry significantly drives the Market Growth:
Growing demand for industrial automation in the automation sector boosts the market growth. Several automakers maintain efficiency and accuracy to enhance
the performance of machinery. Automotive is an essential sector that captures a significant global market share. The rising number of vehicles and advanced electric vehicles is increasing the adoption of industrial automation.
The innovation of robotic systems in automotive is expanding the market growth. The increasing demand for advanced skills, machine learning, and mechatronics drives market opportunities. Apart from it, the electronic industry is further expected to drive market growth.
Key Takeaways:
- The industrial automation market is expected to have a valuation of US$ 81.4 billion by 2033.
- With a CAGR of 7.2%, the global market increasing from 2022 to 2033.
- The United States industrial automation market is anticipated to record a CAGR of 7% through 2033.
- With a CAGR of 6.3%, the United Kingdom market significantly uplifts during the forecast period.
- The China market is expected to capture a CAGR of 6.6% over the forecast period.
- Japan’s market is expected to record a CAGR of 5.7% from 2023 to 2033.
Competitive Landscape:
The prominent players play a significant share in the global market by innovating advanced devices. These players are adopting better technology and new marketing skills to upsurge the market opportunities. These players are adopting several marketing strategies to uplift the market, including mergers, acquisitions, partnerships, agreements, and collaborations.
Leading Players in the Market are:
- Schneider Electric
- Emerson Electric Co.
- ABB
- General Electric
- Honeywell International
- Mitsubishi Electric
- FANUC
- Rockwell Automation
- Siemens
- Yokogawa Electric
Recent Developments in the Industrial Automation Market are:
- In January 2022, Fuji Electric announced its new plant system in Tokyo. The new plant expands its production level with an area of 13,030 meters.
- In March 2020, Epson Robots announced its partnership with Air Automation Engineering to provide better technical services in the United States.
- In March 2021, an American-based company- Suez, partnered with Schneider Electric to provide digital solutions in water cycle management.
- In January 2021, Omron developed its new series robot named SCARA. The robot fastens the work with more efficiency. It is one of the lightweight and better-performance robot series.
- In November 2020, Rockwell Automation announced its new asset management software version. It helps to update, recover and handle the work with automation devices.
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Industrial Automation Market by Category:
By Deployment:
- Industrial Robots
- Machine Vision System
- Process Analyzer
- Field Instruments
- Human Machine Interface
- Industrial PC
- Industrial Sensors
- Industrial 3D Printing
- Vibration Monitoring
By Component:
- Supervisory Control and Data Acquisition
- Programmable Logic Controller
- Distributed Control System
- Manufacturing Execution System
- Industrial Safety
- Plant Asset Management
By End-use Industry:
- Oil & Gas, Chemicals
- Pharmaceuticals & Medical Devices
- Food & Beverages
- Energy & Power
- Automotive
- Machine Manufacturing
- Water & Wastewater Treatment
- Electronics & Semiconductors
- Metals & Mining
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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