Industrial Automation Market Size To Hit USD 412.8 Bn By 203...| MENAFN.COM

Sunday, 02 October 2022 10:01 GMT

Industrial Automation Market Size To Hit USD 412.8 Bn By 2030


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Ottawa, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Recently published report on“ Industrial Automation Market (By Deployment Type; By Component; By End-Use Industry) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

  • Europe industrial automation market size was accounted at USD 63.7 bn in 2021.
  • The North America region has hit revenue share of over 45% in 2021.

The rapid advance technologies with developing asset management and internet of things. With automation development in industrial sectors with reduced human intervention during the manufacturing process. Which led to zero contamination, increased quality of the manufacturing process, improved productivity and real time data analysis with increased efficiency of the development.

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Major factor that strives the market growth is real time data analysis and increased maintenance of the developed technology. Enhance visibility of the plant. Asset management solutions with improved connectivity and easy work flow of the work and transmission of the data. Increased research and development with increased developed technology and improved solutions and predictable maintenance of the machinery with reduced labour cost, decreased hard work involved in manufacturing process and improved automation technology with reduced steps of the process.

Impact of Covid-19 negative effect on the market to extend due to lock down and shutdown of the industries. decreased demands from the consumer with decrease the market to grow. Post pandemic with increased demands from the market and expanded the market growth.

Regional snapshots

Industrial automation highly developed in different regions. In Middle East and Africa, Saudi Arabia with the largest development with the increased market value in industrial automation from the year 2022 to 2030 during the forecast period of industrial automation. Wide expansion of internet of things with the asset system with the developed software technology which contributes to rise the economy of the industrial automation during the forecast period.

Wide applications of industrial automation in food and beverages, automotive industry and others with increased software development and automation technology and rising the predictable maintenance of the manufacturing machineries. Other regions such as Europe, Latin America, North America, Asia Pacific also in process with developed technologies and increased demands with constant productivity enhance the market size in industrial automation.

Report highlights

  • On the basis of deployment , the industrial sensor with largest market share with improved utilization of sensors in the manufacturing industries with improved network connectivity in the industries with enhance automation technology and reduced the costing of the labour and improved performance which enlarges the productivity. Rapid adoption of the sensors with increased technology and constantly developing the new developments.
  • On the basis of components , the plant asset management software with new developed software's with increased efficiency of the work, easy work flow without any human intervention which give rise to the increased quality and quantity of the results with high performance. Plant Asset Management includes enhance features such as monitoring the condition of the equipment utilized in manufacturing the process with early detection and increasing the solutions with reduced loss of the material used for manufacturing.
  • On the basis of end users , the metals and mining is rising the market growth which contributes to increase the value with increased demands due to high reliability, reduced rates and increased safety with extracting metals and minerals.
  • Industrial automation increased in various geographical sectors involves Middle East and Africa, Saudi Arabia with largest market share in industrial automation with increased developments drives the growth of the market of industrial automation.
  • Asia Pacific regions in process to contribute the market revenue of industrial automation with increase in research and development and increased benefits expands the market growth to a larger extend.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 196.6 Billion
Revenue Forecast by 2030 USD 412.8 Billion
Asia Pacific Market Share 21% in 2021
North America Market Share 45% in 2021
CAGR 8.59% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players ABB, Emerson Electric Co., Fanuc, General Electric, Honeywell International, Mitsubihi Electric, Rockwell Automation, Schneider Electricm, Siemens, Yokogawa Electric, Omron Corporation

Market dynamics

Drivers

Enhance development of automation technology in various industries with increased production and less human intervention with increased productivity and quality of the process and increased performance. With constant productivity of the manufacturing process, enhanced reliability, accuracy and predictable maintenance of the technologies developed in industrial automation. Adapting the new technologies by various industries with increased asset performance over the improved connectivity which enables to work over the software system smoothly with easy work flow management with less intervention of the human and enhance solutions over software system. Monitoring the condition of the machineries with the improved technology early detection of the problems and to avoid the risk during the manufacturing process.

Restraints

Lack of awareness among the people in underdeveloped regions regarding the industrial automation developed with new technology and improved solutions may hamper the market growth of industrial automation during the forecast period. Absence of skill among the people about the technology in industrial automation required to perform the manufacturing process with increased software system lack of knowledge about internet may affect the performance of the industrial automation. Lack of connectivity can also challenge the market growth may affect the work flow of the industrial automation may decrease the industrial automation growth.

Opportunities

During manufacturing process harmful incidents can take place if any errors occur during the manufacturing or any machine failure with increased adopting of the safety measures considering the health of the individual and reduce wastage of the material of the product. Early detection of the problem and avoid the future problems during manufacturing with the help of software system embedded with improved solution which helps to extend the market of industrial automation during the forecast period.

Increased revenue share of the market, increased safety of the machines during the manufacturing of the product. Increased number of key market players with introduction of new developments and technologies and increased investment for improving the industrial automation with new developments.

Challenges

The new developments in industrial automation with technology and new techniques integrated with asset software system. Which led to increased cost of the automation technology in various industries such as food and beverages, automotive industry and many more. Rising rate may halt the market with decrease in adapting the new technologies developed in industrial automation may challenge the growth.

Availability of the number of different automated technologies with increased competition in the market with constant new developments and increasing the options for the consumers can decreased the market of industrial automation. Lack of connectivity to perform the various task over software system and transmission of the data and performing the manufacturing process may stop the process and decrease the market rate during the forecast period.

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Recent D evelopments

  • Introduction of the asset management software with updated version in the year 2020 November, System developed is Factory Talk Asset Center Software. Increased management of the work with enhance work flow by the new technology and the software.
  • Yokogawa Electric Corporation launched Plant Resource Manager with new updated software development in the year 2020 October. Increased detection of the manufacturing plant and managing the information of machines and instrumentation.

Market Segmentation

By Deployment Type

  • Industrial Robots
  • Process Analyzer
  • Machine Vision System
  • Human Machine Interface
  • Field Instruments
  • Industrial Sensors
  • Industrial 3D Printing
  • Industrial PC
  • Vibration Monitoring

By Component

  • Plant asset management
  • Manufacturing execution system
  • Industrial safety
  • Programmable logic controller
  • Distributed control system
  • Supervisory control and data acquisition

By End-Use Industry

  • Automotive
  • Metals & mining
  • Water & Wastewater treatment
  • Electronic & Semiconductors
  • Energy & power
  • Machine Manufacturing
  • Food & beverages
  • Pharmaceuticals & medical devices
  • Chemicals
  • Oil & gas
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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