According to a recent market research report titled “Industrial Automation Market,” the industrial automation market is projected to reach $368.05 billion by 2031, with a compound annual growth rate of 9.1% from 2024 to 2031.
Industrial automation involves the use of control systems, management solutions, and IT technologies to streamline processes in various industries. It aims to enhance efficiency and productivity by replacing human labor with machines and computers. This technology plays a crucial role in industries such as manufacturing, automotive, pharmaceuticals, food and beverage, aerospace, and more. It helps improve product quality, reduce production time, minimize waste, and enhance worker safety.
The market growth is primarily driven by government initiatives supporting industrial development, increasing investments in industrial automation, rising demand for energy-efficient systems, and the need for supply chain optimization. However, challenges such as high capital expenditure requirements and concerns about workforce displacement hinder the market’s growth. On the other hand, the increasing demand for sustainable solutions presents new opportunities for market growth.
The industrial automation market is segmented based on offering, mode of automation, end-use industry, and geography. The report also evaluates industry competitors and analyzes the market at regional and country levels.
In terms of offerings, the global industrial automation market is divided into solutions and services. The solutions segment is expected to hold a larger market share, driven by the adoption of technologies such as enterprise resource planning (ERP), supervisory control and data acquisition (SCADA), and distributed control systems (DCS) to streamline production processes and enhance operational efficiency.
The market is further segmented based on the mode of automation, with semi-automatic systems accounting for a significant share in 2024. The report also highlights end-use industries such as oil & gas, automotive, food & beverage, semiconductors & electronics, and more. The oil & gas sector is projected to lead the market in 2024, followed by the automotive industry with the highest projected compound annual growth rate.
Geographically, the Asia-Pacific region is expected to dominate the global industrial automation market in 2024, driven by rapid industrialization, urbanization, and the adoption of smart manufacturing solutions. The region is also projected to register the highest compound annual growth rate during the forecast period.
Key players in the industrial automation market include ABB Ltd, Rockwell Automation Inc., Siemens AG, Yaskawa Electric Corporation, Schneider Electric SE, and others. These companies have implemented various growth strategies to maintain their competitive edge in the market.
In conclusion, the industrial automation market is poised for significant growth, driven by technological advancements, increasing demand for efficiency, and the need for sustainable solutions in various industries. With key players focusing on innovation and expansion, the market is expected to continue evolving in the coming years.