The Business Research Company's Industrial Automation market report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 29, 2022 /PRNewswire/ -- The industrial automation market consists of sales of industrial automation products and services by entities (organizations, sole proprietors, partnerships) that are used to control and monitor a process, machine, or device in a computerized manner that will fulfill repetitive functions or tasks. They are designed to operate automatically to reduce and improve human work in the industry. They are operated using logical programming commands and powerful machinery.
The global industrial automation market size is expected to grow from $164.74 billion in 2021 to $178.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The industrial automation market growth is to continue at 8.8% CAGR and reach $250.77 billion by 2026.
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Industrial Automation Industry Trends
Technological advancements are the key trends gaining popularity in the industrial automation market. Advancements such as the incorporation of AI in robots help them to learn the processes with complete autonomy so that they can even communicate with other robots and humans in some cases. Major players in the market are focusing on incorporating AI technology in industrial robots to be a leader in the market. For instance, in March 2022, Mitsubishi Electric Corp., Japan-based electronics company disclosed that they will introduce new industrial robotic systems incorporated with its Maisart AI technologies including high-precision speech recognition that would allow operators to fine-tune robot movements as required.
Competitive Landscape
Major players in the industrial automation market are Emerson Electric Co, General Electric Company, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, ABB Ltd, Dassault Systemes SE, Honeywell International Incorporation, Omron Corporation, Endress+Hauser AG, Yokogawa Electric Corporation, Danaher Corporation, Fuji Electric Co. Ltd., and Hitachi Ltd.
Industrial Automation Market Report Segmentation
- By Component: Industrial Robots, Human Machine Interface (HMI), Industrial Sensors, Control Valves, Others
- By Control System: Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Manufacturing Execution System (MES), Component Lifecycle Management (PLM), Enterprise Resource Planning (ERP), Human Machine Interface (HMI)
- By Industry: Aerospace and Defense, Automotive, Healthcare, Energy and Utilities, Manufacturing, Oil and Gas, Mining, Transportation, Others
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