Market Research Future published a research report on “Industrial Automation Market Research Report- Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
The industrial automation market is gaining considerable traction as the manufacturing sector is in the state of transformation in the current year and will continue in the years to come. Upon this, Market Research Future conducted a study on the global Industrial Automation Market and stated that the market is anticipated to exhibit a CAGR of 9.35% during the forecast period (2018 to 2023). Also, the market would surpass USD 128.63 billion in revenues with the need for a shift from manual assistance to automation, which gave birth to industrial automation.
Market Drivers & Trends
In the current scenario, most of the modern large-scale manufacturing operations are automated with bare minimum human intervention. As the need for meeting the current requirements, industrial automation is going sky high. It has become imperative in the manufacturing industry across the verticals to maintain vulnerability and real-time applications. The companies are employing the system for smooth operations with the help of the introduction of favorable policies towards the manufacturing sector, which has motivated the market to flourish its growth during the assessment period.
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Apart from this, an increased focus on economic diversification in emerging markets are chiefly considered to be the key factors driving industrial automation. Industrial automation has multifarious roles such as being cost-effective and optimized production that has sped up its adoption in the various developed region of the world. As an add on, the embracement of the fourth industrial revolution, industry 4.0, is yet another factor driving the propagation of the industrial automation market to the further years. The industry players from diverse sectors have implemented industry 4.0 standards, and the trend is on, which in turn, has anticipated the market to perpetuate over the next few years.
Furthermore, the extended support in favor of automation by the governments in various country-level markets has trajected the growth of the industrial automation market, which would lead the valuation to surpass from the present to go extendedly during the assessment period.
The prominent players in the Industrial Automation Market are – Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), General Electric Company (U.S.), Schneider Electric SE (France), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan)
MRFR’s study also includes a review on the basis of the market for industrial automation market and offers an analysis of segmentation by type, technology, and end-user.
In terms of type, this market segment includes fixed automation and programmable automation. The fixed automation segment is currently leading the market, and programmable automation is probable to record a relatively higher CAGR during the review period.
In terms of technology, this market segment includes supervisory control & data acquisition, Distributed Control System (DCS), Programmable Logic Controller (PLC), Human Machine Interface (HMI), and Programmable Automation Controller (PAC). Among these, the Programmable Logic Controller (PLC) segment has a leading share of the market and produced the highest revenue of USD 36.79 Bn in 2017.
In terms of end-user, the market includes segments such as machine manufacturing, oil & gas, aerospace & defense, electrical & electronics, automotive & transportation, mining & metals, food & beverage, pharmaceuticals, and others. Among these, the automotive & transportation segment has a leading share of the market presently and is estimated to observe significant growth over the next few years. In the interim, food & beverage segment is probable to record a relatively higher CAGR of 12.34% over the forecast period.
Detailed Regional Outlook
Regional-specific analysis of industry automation market has been studying under the regions of Asia Pacific, North America, Europe, and the Rest of the World.
Europe’s market is acknowledged to have the largest market share for industrial automation. As Germany is one of the main regions here, it is likely to retain its pole position towards the end of 2023.
Asia Pacific is set to record a relatively higher CAGR of 11.39% during the estimated period attributing to the factors such as embracement of digitalization, development of the robotic sector, adoption of automation by electronics & electrical industry. These factors are thus giving a boost in the manufacturing industry, and advancements in sensor technologies, among others.
North America’s market is slated on an important growth graph and is likely to remain highly lucrative market through the review period with the expansion of the market, presence of key players, adoption of industry 4.0 standards for smart industries, growing demand for industrial robots, and mounting automotive manufacturing plants.
In the last is the Rest of the World that resonates substantial growth opportunities. The Middle East is an emerging market for industrial automation due to the adoption of automation in Saudi Arabia, the U.A.E., Oman, and Iran. Also, the thriving automotive and food industry in Africa has paved ways for accelerated adoption of automation.
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