Industrial Automation Market Report – Trends, Drivers, Business Strategies
Business Research Company’s Industrial Automation Market report expands on key market drivers, trends, and growth opportunities.
LONDON, June 29, 2022 /PRNewswire/ — The industrial automation market includes the sales of industrial automation products and services by entities (organizations, sole proprietors, partnerships) that are used to control and monitor a process, machine or device of computerized manner that will perform repetitive functions or tasks. They are designed to operate automatically to reduce and improve human labor in industry. They are operated using logic programming commands and powerful machinery.
The size of the global industrial automation market is expected to grow from $164.74 billion in 2021 for $178.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. Industrial automation market growth is expected to continue at a CAGR of 8.8% and reach $250.77 billion by 2026.
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Industrial Automation Industry Trends
Technological advancements are the major trends that are gaining popularity in the industrial automation market. Advances such as the incorporation of AI into robots help them learn processes on their own so they can even communicate with other robots and humans in some cases. Major market players are focusing on integrating AI technology in industrial robots to be a market leader. For example, in March 2022Mitsubishi Electric Corp., JapanThe New York-based electronics company said it would introduce new industrial robotic systems integrated with its Maisart AI technologies, including high-precision voice recognition that would allow operators to fine-tune robot movements as needed.
The major players in the industrial automation market are Emerson Electric Co, General Electric Company, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, ABB Ltd, Dassault Systemes SE, Honeywell International Incorporation, Omron Corporation, Endress +Hauser AG, Yokogawa Electric Corporation, Danaher Corporation, Fuji Electric Co. Ltd. and Hitachi Ltd.
Industrial Automation Market Report Segmentation
- By component: industrial robots, human-machine interface (HMI), industrial sensors, control valves, others
- By control system: Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Manufacturing Execution System (MES), Component Lifecycle Management ( PLM), Enterprise Resource Planning (ERP), Human Machine Interface (HMI)
- By Industry: Aerospace & Defense, Automotive, Healthcare, Energy & Utilities, Manufacturing, Oil & Gas, Mining, Transportation, Other
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