Industrial Automation Market to Register a 7% CAGR; Asia Pacific Market to Watch For
In its latest report, Future Market Insights has projected demand of Industrial automation to attain a CAGR of 7% during the forecast period 2022-2032.
The industrial automation market growth can be attributed to rising demand for real-time data analysis across geographies and increased adoption of cutting-edge technology across end-use industries to improve performance.
The significance of predictive maintenance and asset management solutions, which provide users with better visibility into their equipment condition, is accelerating the demand for industrial automation solutions.
The efficient flow of information across different units in an industry allows for the most efficient conversion of raw materials to finished goods, highlighting the significance of the connected enterprise system, which augurs well for industrial automation market future trends.
Industrial automation solutions adoption trends are likely to be favoured by governments across the world as they are focusing on the development of process and distinct industries by launching a variety of initiatives and plans backed by investments to boost productivity.
Manufacturers can gain real-time access to plant floor data enabled by industrial computing and automation technologies, which helps them centralize business data and multi-plant operations, thereby surging the sales of the industrial automation solutions.
As per the industrial automation market study, the industrial automation market size is estimated to be about US$ 51 Bn by 2026.
- By sensor, inductive sensors are expected to dominate the market due to automatic welding system and their capabilities such as high mounting flexibility robust metallic detection.
- By servo, servo motors are expected to grow at the fastest CAGR during the forecast period, as market participants launch new servo motors for automation systems.
- AC motors are expected to see widespread adoption by motor type due to their low maintenance and low cost.
- By industry, the discrete automation industry is likely to lead the market as the sub-segment, automotive and heavy manufacturing industries, is likely to drive the demand for automation solutions.
- By component, the software segment is expected to have a significant market share during the forecast period since it seamlessly allows businesses to streamline their manufacturing processes.
- By hardware, Robots are expected to grow at a rapid pace due to technological advancements and the emergence of Industry 4.0, with market players introducing advanced robots for automation purposes.
- The Middle East and Africa market for PAM and adoption of industrial automation solutions are expected to grow at the fastest rate, as PAM improves decision-making and turnaround time by tracking manufacturing defects.
The industrial automation market appears to be highly competitive. Several well-established machine automation technologies providers form a solid competitive landscape.
These market participants attempt to maintain their positions by investing in collaboration, mergers and acquisitions, partnerships, product/technology launches, and expansion.
These strategies assist market participants in gaining a more significant industrial automation market share and meeting their expansion plans. They are primarily concerned with new technology advancements in industrial automation.
The market would be subjected to constant innovations and developments, intensifying competition among top industrial automation system integrators.
Recent Developments in the Industrial Automation Market include:
- Siemens AG and SAP SE have expanded their collaboration to deliver a new service and asset lifecycle management solution. The collaboration aims to connect plant floor operations, remote condition monitoring and Siemens industrial automation products development via digital twins with original equipment manufacturers to facilitate collaboration across the asset lifecycle.
- Plex Systems, a provider of smart manufacturing solutions, was purchased by Rockwell Automation Inc. for USD 2.2 billion. Plex Systems’ cloud-native smart manufacturing platform will be used to broaden industrial cloud offerings.