Industrial Automation Services Market to grow at a CAGR of 19.33% during 2024-2028
The Industrial Automation Services Market is expected to grow at a CAGR of 19.33% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 99.54 billion. In today's industrial landscape, the adoption of Internet of Things (IoT) technology has surged due to its capability to collect and analyze data for solving intricate maintenance tasks. IoT devices, including wireless acoustic transmitters and steam trap monitors, facilitate comprehensive plant monitoring. By accessing machine and system data, industrial operators can assess machine efficiency and performance, enabling them to plan maintenance activities effectively and minimize unplanned downtime caused by machine failure. The shift towards predictive maintenance has become a priority for end-users, as it significantly reduces overall production downtime and enhances operational efficiency. Predictive maintenance data analysis identifies operational abnormalities and potential equipment defects, allowing for timely repairs and preventing catastrophic failures.
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Technavio analysts predict that the PE subsegment will lead the Type segment during 2024 and 2028 The Professional Services segment dominates the global Industrial Automation Services Market, driven by the increasing demand for managing intricate processes that can be executed remotely. The adoption of advanced industrial automation control systems, including Supervisory Control and Data Acquisition (SCADA) systems, Programmable Logic Controllers (PLCs), and sensors, is surging in both process and discrete industries. In process industries, the implementation of Manufacturing Execution Systems (MES), PLCs, SCADA, and Human-Machine Interface (HMI) solutions facilitates centralized control of intricate operation processes. Conversely, in discrete industries, the focus is on managing distribution systems and achieving greater control over batch processing.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing need for main automation contractor
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Industrial automation is a critical aspect of modern manufacturing, and it continues to evolve with the integration of advanced technologies. The market for industrial automation services is witnessing significant growth, driven by the adoption of robotic arms and automated guided vehicles in various industries, including food and beverages and pharmaceuticals. Process plant automation is also seeing a surge, with the integration of information technologies such as computers, artificial intelligence (AI), and machine learning (ML). Heavy engineering industries are leveraging 5G technology and sensors to enhance productivity and efficiency. Industrial robots, powered by AI and ML, are becoming increasingly common in manufacturing processes. Cloud computing and IIoT are enabling real-time data analysis and predictive maintenance, while SMEs are adopting automation to compete with larger players. Field instruments and augmented reality are also gaining popularity in industrial automation, providing real-time data and improving maintenance efficiency. The future of industrial automation services lies in the integration of these advanced technologies to create smarter, more efficient, and more responsive manufacturing processes.
Technavio positions the global skid-steer loaders market within the expansive landscape of the global industrial machinery, supplies, and components market. This market segment encompasses corporations involved in the manufacturing of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The size of the global industrial machinery, supplies, and components market is determined by the consolidated revenue generated by the manufacturers of machinery and components utilized in industrial settings. Key growth drivers for this market include the increasing industrial output resulting in capacity expansions in process and discrete industries, as well as the burgeoning demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in rapidly developing economies.
The Industrial Automation Services Market is experiencing significant growth, fueled by the growing need for main automation contractor. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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