The industrial automation market is set to achieve a valuation of US$ 81.4 billion by 2033, following a trajectory of steady growth from its US$ 40.6 billion worth in 2023. This expansion is anticipated to be driven by a consistent Compound Annual Growth Rate (CAGR) of 7.2% throughout the forecast period.
Enhanced product quality and operational efficiency demands are pivotal factors fueling the adoption of industrial automation solutions. The market’s growth is propelled by the emergence of advanced technologies such as 5G, augmented reality, and the Internet of Things (IoT). Industries across various sectors are increasingly embracing industrial automation to optimize production schedules and reduce labor-intensive processes.
The upward trend in industrial automation adoption results from a convergence of factors, including the widespread adoption of digital technologies, increased corporate investments, and innovative advancements. Manufacturers are further bolstering market expansion through the integration of cloud-based technologies, real-time data analysis, and heightened operational efficiency. Key sectors including oil and gas, food and beverage, aerospace, pharmaceuticals, and others play a crucial role in driving the industrial automation market’s growth.
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Automotive Sector Drives Remarkable Growth in the Industrial Automation Market
The increasing demand for industrial automation in the automotive sector is a major driver of market growth. Numerous automakers prioritize efficiency and precision to enhance machinery performance. The automotive industry holds a significant global market share, with the escalating number of vehicles, including advanced electric vehicles, propelling the adoption of industrial automation.
The integration of robotic systems in the automotive sector is expanding the scope of market growth. The surging need for advanced skills, machine learning, and mechatronics presents substantial market opportunities. Additionally, the electronics industry is expected to further contribute to market expansion.
Key Insights:
The industrial automation market is projected to reach a valuation of US$ 81.4 billion by 2033. Experiencing a CAGR of 7.2%, the global market is set to grow from 2022 to 2033. Anticipated to achieve a CAGR of 7% through 2033, the United States industrial automation market remains promising. The United Kingdom market is poised for significant uplift, recording a CAGR of 6.3% during the forecast period. China’s market is projected to capture a CAGR of 6.6% over the forecast period. Japan’s market is expected to exhibit a CAGR of 5.7% from 2023 to 2033.
Competitive Landscape:
Prominent players hold a substantial share in the global market, driving innovation through advanced devices. These players are embracing cutting-edge technology and adopting novel marketing strategies to capitalize on market opportunities. Their efforts encompass a range of strategies, including mergers, acquisitions, partnerships, agreements, and collaborations, aimed at enhancing market presence.
Key Industry Players:
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:
In January 2022, Fuji Electric unveiled a new plant system in Tokyo, expanding production capabilities across a 13,030-square-meter area. In March 2020, Epson Robots initiated a partnership with Air Automation Engineering, enhancing technical services in the United States. In March 2021, American-based company Suez collaborated with Schneider Electric to deliver digital solutions in water cycle management. In January 2021, Omron introduced its new SCARA robot series, boosting efficiency and performance in various tasks. The series is known for its lightweight design and enhanced functionality. In November 2020, Rockwell Automation launched an updated version of its asset management software, facilitating automation device updates, recovery, and management.
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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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