Arrival of 5G wireless Networks, application of Industry 4.0, Augmented Reality and Virtual Reality, and Industrial IoT, installation of digitized systems, are some of the factors to lead the Industrial Automation Market trend in the coming years
JERSEY CITY, N.J., Feb. 16, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Industrial Automation Market" By Components (Enterprise-level Controls, Plant Instrumentation), By End Users (Oil and Gas, Chemicals and Materials, Paper and Pulp), and By Geography. According to Verified Market Research, the Global Industrial Automation Market size was valued at USD 194.3 Billion in 2020 and is projected to reach USD 350 Billion by 2028, growing at a CAGR of 7.8% from 2021 to 2028.
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Browse in-depth TOC on "Industrial Automation Market"
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Global Industrial Automation Market Overview
The expansion of the Industrial Automation Market is being fueled by increased expenditures in the transformation of traditional manufacturing facilities through the installation of digitized systems. Automated technologies for asset and staff management, as well as production processes, are used to transform traditional manufacturing facilities. Over the forecast period, the movement toward self-reliant IoT sensors is likely to boost the growth of the Industrial Automation Market,
Due to the worldwide shutdown of industrial operations and manufacturing facilities, the COVID-19 pandemic has had a moderate impact on the market. In the first two quarters of 2020, the manufacturing and processing industries suffered significant losses, reducing demand for robots and automated solutions from manufacturing sectors around the world. However, due to the necessity to automate these facilities, the market has begun to revive in 2021 with the reopening of manufacturing facilities and the restart of industrial operations.
The emphasis on Industrial Automation and optimum resource utilization, increased use of enabling technologies in manufacturing, a rise in the adoption of industrial robots in the manufacturing sector driven by collaborative robots, connected enterprise along with mass production to meet the demands of the growing population are all factors contributing to the market's growth. Because of the widespread adoption of automation solutions in the manufacturing, oil & gas, chemicals & materials, and pharmaceutical industries, the Industrial Automation industry is fast expanding. Manufacturing organizations are rapidly investing in Industrial Automation technology in order to increase system reliability and efficiency, as well as remove human labor-related production mistakes. However, in emerging nations, the scarcity of qualified staff required to operate these systems poses a significant barrier to market expansion.
Key Developments
- February 2021: ABB launched cobots portfolio in GoFa and SWIFTI cobot families. These cobots will offer higher payloads capacity and speed in movement of robots that will complement YuMi and Single Arm YuMi in ABB's cobot lineup.
- January 2021: Omron launched the i4 series SCARA robot, which automates high-speed, high-precision assembly and transportation with easy installation.
- November 2020: Rockwell Automation introduced the updated version of its asset management software FactoryTalk AssetCentre software.
Key Players
The major players in the market are Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Rockwell Automation, KUKA AG, OMRON Corporation, Yaskawa Electric Corporation.
Verified Market Research has segmented the Global Industrial Automation Market On the basis of Components, End Users, and Geography.
- Industrial Automation Market, By Components
- Enterprise-level Controls
- Plant Instrumentation
- Plant-level Controls
- Industrial Automation Market, By End Users
- Oil & Gas
- Chemicals & Materials
- Paper & Pulp
- Pharmaceuticals & Biotech
- Mining & Metals
- Food & Beverage
- Power
- Consumer Goods
- Automotive
- Machines & Tools
- Semiconductors & Electronics
- Aerospace & Defense
- Other End Users
- Industrial Automation Market by Geography
- North Americ
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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Top 7 Industrial Automation Companies mutating into marquee players of automation sector
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