Press release
Industrial Automation Global Market Expected to Witness $263.88 Billion with Impressive Growth at a 7.4% CAGR By 2028 | Siemens AG, ABB Ltd., Schneider Electric, Fanuc Corporation, Omron Corporation
Industrial Automation Global Market
The industrial automation market size is expected to see strong growth in the next few years. It will grow to $263.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increasing adoption of iot, rising healthcare expenditure, rising demand from agriculture industry and increase in passenger air traffic. Major trends in the forecast period include leveraging artificial intelligence (ai) for improving efficiency and mass production, focusing on edge and cloud computing for real-time data processing, leveraging 5g technology, focusing on cybersecurity solutions and focusing on cloud robots.
Market Overview -
Industrial automation is 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.
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Rising Significance Of Robotics Drives Growth In The Industrial Automation Market
The increasing significance of robotics is expected to propel the growth of the industrial automation market. Robotics involves the design, manufacture, and operation of intelligent machines to assist humans. Robotics is being increasingly applied in industrial automation processes to handle various processes and machinery in an industry to increase efficiency, replace manual labor, and increase speed, and overall performance. For instance, according to the International Federation of Robotics, a professional non-profit organization, there will be a 12% increase in shipments of robotics units globally between 2020 and 2022. Therefore, the increasing significance of robotics is driving the industrial automation market.
Competitive Landscape -
Major companies operating in the industrial automation market report are Siemens AG, ABB Ltd, Mitsubishi Electric Corporation, Schneider Electric, Fanuc Corporation, Omron Corporation, Emerson Electric Co., Rockwell Automation, Inc., Yaskawa Electric Corporation, General Electric, EFACEC Electric International Engineering Co. Ltd, Precision Product Handling International Ltd, HK AA Industrial Co., International Coalition of Intelligent Manufacturing, Switek Technology Automation Co., Ltd, Youibot Robotics, InterTech Development Company, United magnetics co., ltd, Immetech Industrial Co., Ltd, Zinsser Analytic GmbH, Wiesemann & Theis GmbH, Lammers Automation GmbH, syskomp gehmeyr GmbH, vision-tec gmbh, Otc Daihen Europe Gmbh, Koch Textilpflege GmbH, Alukeep GmbH, WSCAD Nederland, Engmatec, Hexagon, Indusoft, Ltd, Sinkross, TEKKNOW, Roxor Industry, VERYSELL Industrial Systems Automation, FST Rus LLC, ProSoft, Rusatom Automated Control Systems, SMS-Automation, RONDO RUS, BFG Group, ProMach Innovation Center, Omnirobotic, Proment Inc., Denson Automation Inc, Rebel Automated Systems, Honeywell International Inc, Cognex Corporation, Teradyne Inc., National Instruments Corporation, Plexus Corp., Nauticus Robotics Inc., Novanta Inc., Yokogawa Electric, CI24 Controles Inteligentes, Rewo Uruguay, Danlesco Gulf LLC, ASCORP Industrial Complex LLC, Spex Insulation Contracting, Kimans Inc, Team Switchgear And Control L.L.C, Telinstra FZCO, Autochim Systems, Control Systems Integration (Pty) Ltd, Festo South Africa, DIRECTECH GROUP, SMC Corporation, JMP Group, Protea automation solutions.
Technological Advancements Drive Innovation In The Industrial Automation Market
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 leaders in the market. For instance, in March 2022, Mitsubishi Electric Corp., a 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.
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Key Segments -
The industrial automation market covered in this report is segmented -
1) By Component: Industrial Robots, Human Machine Interface (HMI), Industrial Sensors, Control Valves , Other Components
2) By Control System: Supervisory Control And Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control System (DCS), Manufacturing Execution System (MES), Product Lifecycle Management (PLM), Enterprise Resource Planning (ERP), Other Control Systems.
3) By Industry: Aerospace And Defense, Automotive, Healthcare, Energy And Utilities, Food And Beverages, Oil And Gas, Mining, Transportation, Other Industries.
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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