Discrete Automation Market Report 2024: Growth, Trends, Analysis, Forecast to 2033

"The Business Research Company recently released a comprehensive report on the Global Discrete Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The discrete automation market size has grown strongly in recent years. It will grow from $5.57 billion in 2023 to $5.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growing complexity of manufacturing processes, need for operational efficiency, regulatory compliance requirements, increasing labor costs, demand for quality and precision.

The discrete automation market size is expected to see strong growth in the next few years. It will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to adoption of industry 4.0 technologies, focus on flexible and agile manufacturing, emergence of edge computing solutions, emphasis on sustainability and energy efficiency, expansion of internet of things (IoT) applications. Major trends in the forecast period include rise of digital twins in manufacturing, increased use of cloud-based automation platforms, expansion of predictive maintenance solutions, development of autonomous manufacturing systems, surge in demand for cybersecurity solutions in automation.

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Market Drivers and Trends:

The increasing demand for efficient manufacturing is expected to propel the growth of the discrete automation market going forward. Efficient manufacturing refers to the ability to produce goods with the lowest possible total cost while minimizing waste of materials, time, and energy and increasing the effectiveness and quality of the work done. Rising labor costs, fluctuating raw material prices, and escalating energy expenses compel manufacturers to seek methods for process optimization and cost reduction, thereby driving the pursuit of efficient manufacturing practices. Discrete automation technologies, including robotics, PLCs (programmable logic controllers), and conveyor systems, streamline production processes by enabling automated assembly lines to operate continuously at consistent speeds, thus enhancing productivity and reducing cycle times. For instance, in September 2023, according to a publication by the International Federation of Robotics (IFR), a Germany-based non-profit organization, industrial robot installations reached a new record level of 553,052 units in 2022, marking a 5% increase from the previous year's high of 526,144 units installed in 2021. Therefore, the increasing demand for efficient manufacturing is driving the growth of the discrete automation market.

Major companies operating in the discrete automation market are increasing their focus on developing advanced solutions, such as life cycle assessment (LCA) automation, to gain a competitive edge in the market. LCA automation refers to a technology that offers a comprehensive solution for discrete manufacturing, integrating advanced automation technologies to streamline production processes, optimize efficiency, and enhance overall productivity. For instance, in March 2023, Sphera Solutions Inc., a US-based software company, launched the latest advancement in LCA automation, revolutionizing product sustainability practices in discrete manufacturing. With Sphera's new solution, conducting enterprise-wide LCA analyses will transition from months to mere minutes, drastically improving efficiency. By automatically importing primary product data from the Bill of Materials (BOM) and swiftly calculating emissions, this iteration empowers discrete manufacturers to conduct reliable LCAs at scale across their entire product range within condensed timeframes. The ultimate aim of LCA Automation is to enable businesses, particularly those dealing with intricate products, to systematically reduce greenhouse gas (GHG) emissions throughout the production process, aligning with sustainability objectives.

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Major Key Players of the Market:

Hitachi Ltd., Siemens AG, Cisco Systems Inc., Mitsubishi Electric Corporation, Honeywell International Inc., ABB Ltd., Invensys plc (Schneider Electric Co.), Toshiba Corporation, Eaton Corporation plc, Texas Instruments Incorporated, Emerson Electric Co., GE Grid Solutions, ANDRITZ GROUP, Rockwell Automation Inc., Omron Corporation, Valmet Oyj, Azbil Corporation, Ingeteam, Chongqing Chuanyi Automation Co. Ltd., HollySys Automation Technologies, Nanjing Sciyon Automation Group Co. Ltd., Beijing consen Technology Co. Ltd., Shanghai Automation Instrumentation Co. Ltd., Yokogawa Electric Corporation, ZAT Company, SUPCON Technology Co. Ltd., Shanghai Xin Hua Control Technology (Group) Co. Ltd., Nanjing Delto Technology

Discrete Automation Market 2024 Key Insights:

• The Discrete Automation Market is expected to grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Efficient Manufacturing Fuels Discrete Automation Market Growth
• Technological Advancements Driving A Competitive Edge In The Discrete Automation Market
• Asia-Pacific was the largest region in the discrete automation market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the discrete automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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