As per current published report by Markntel Advisors the Industrial Automation Market is estimated to grow at a CAGR of around 10.8% during the forecast period, i.e., 2024-30. A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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Global Industrial Automation Market Driver:
Increasing Implementation of Industrial IoT to Boost Market Value – The significance of IoT in industrial automation is boosting the market size worldwide as it facilitates the development and optimization of efficient, economical, and adaptable system frameworks. The integration of Industrial IoT (IIoT) solutions enables connectivity between industrial resources for swift transparency and heightened efficiency. IIoT in conjunction with edge computing simplifies device management throughout its lifecycle across manufacturing processes.
Several companies are implementing their own industrial IoT technology to enhance their efficiency, productivity, and overall performance. One such instance is Siemens, which developed its own industrial IoT offerings, such as MindSphere, Mendix, and IndustrialEdge that rely on automation technologies for insights derived from industrial data. Hence, organizations implement these technologies to streamline their operations while enhancing customer satisfaction. Consequently, there is a projected market growth trajectory due to the widespread adoption and implementation of IIoT within various industries.
The Industrial Automation Market has segmented the market into the following categories:
By Component
(Field Devices, [Industrial Robots, Human Machine Interface (HMI), Control Valves, Sensors, Industrial 3D Printing, Others (Machine Vision, Fields Instruments, etc.)], Industrial Control Systems, [Supervisory Control and Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control System (DCS), Manufacturing Execution System (MES), Product Lifecycle Management (PLM), Others (Industrial Safety, Plant Asset Management (PAM), etc.)],
By Level of Automation
(Semi-automatic, Fully Automatic),
By End User
(Automotive, Mining, Water & Wastewater Management, Electronic & Semiconductors, Energy & Power, Food & Beverages, Oil & Gas, Others (Pharmaceuticals, Chemicals, etc.))
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-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Environment Featuring Key Players:
ABB Ltd., Dwyer Instruments, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., Schneider Electric, Siemens AG, Yokogawa Electric Corporation, Fanuc Corporation, WIKA Gmbh, Stratasys, 3D Systems Corp., and Others
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-Market segmentation based on both economic and non-economic characteristics, analyzed both qualitatively and quantitatively
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-A geographical analysis that shows how the product or service is used in each area and what factors are influencing the market in that particular area
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-The present and projected market outlook in light of recent changes, which include growth prospects and drivers as well as obstacles and constraints in both developed and emerging regions
-Using Porter's Five Forces approach, provides a thorough examination of the market from a variety of angles.
-Uses the value chain to offer market intelligence.
-The state of the market dynamics and potential for future market expansion
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