In the ever-evolving landscape of industrial technology, the industrial automation market is poised for a remarkable and transformative growth. As we approach the year 2023, this market is projected to reach a valuation of US$ 40.6 billion, and its trajectory promises to double its value, targeting an impressive US$ 81.4 billion by 2033. This upward trajectory is robustly supported by a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
One of the primary driving forces behind this exceptional growth is the unwavering commitment to safety in industrial automation. Manufacturers, businesses, and industrial operators are leaving no stone unturned when it comes to developing and implementing advanced safety measures to prevent workplace accidents. This heightened focus on safety not only safeguards the lives and well-being of workers but also enhances market opportunities as companies 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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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