The Industrial Automation Market is expected to grow at a CAGR of 9.45% to reach USD 107.1 billion by 2028. Industrial automation solutions play a crucial role in managing and optimizing manufacturing plant operations. An open platform for automation software empowers original equipment manufacturers (OEMs) and end-users by providing flexibility to configure and customize its functionality. This enhances the operational capabilities of OEMs' products and expands connectivity options, minimizing interoperability challenges. With open-architecture platforms, users can select preferred runtime systems, such as industrial PCs and operating panels, and import third-party scripting tools and network controls. The open-architecture design offers versatility through the use of scripting tools, interface applications, development libraries, and front- and back-end applications.
APAC dominates the regional market because of The Industrial Automation Market is experiencing significant growth due to the increasing demand for efficient and cost-effective manufacturing processes. Automation solutions are increasingly being adopted to streamline production, enhance productivity, and reduce labor costs. Key technologies driving market growth include robotics, sensors, machine vision, and automation software. Companies are investing heavily in these technologies to improve their competitive edge and meet evolving customer demands. The market is expected to continue its robust growth trajectory in the coming years.
There are various factors that drive the Industrial Automation Market market which are as following: In today's industrial landscape, process and discrete industries are experiencing significant market shifts, leading to increased operational expenditures (OPEX) due to fluctuating prices of raw materials like oil, gas, and metals in the global market, geopolitical tensions such as the Russia-Ukraine war, and a slowdown in the automotive sector. Additionally, the shortage of skilled labor further exacerbates these challenges. To mitigate these risks and maintain profitability, manufacturers must adopt industrial automation solutions. By reducing the overall staff requirement per plant, automation helps control OPEX and ensures business continuity amidst market volatility.
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Industrial Automation Market Segmentation
The market witnesses several challenges, which are as follows In the industrial automation landscape, the integration of IIoT, or Industry 4.0, brings about intricate design challenges at the control level. IIoT's benefits, including real-time communication and heightened reliability, contribute significantly to enhancing overall industrial efficiency. For manufacturing and factory automation, IIoT facilitates smart maintenance, distributed intelligence systems, and predictive analytics. However, the widespread adoption of IoT-enabled devices introduces complexities in factory automation design. This process can be segmented into three essential control levels: field level, control level, and operator level.
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Some of the key companies that have been profiled in the report include:
The Industrial Automation Market is a significant segment of the larger global electrical components and equipment market. This market encompasses businesses involved in the production of automation solutions, electrical distribution and protection equipment, motors and motor control, encoders and amplifiers, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, revenue from the rental and leasing of electrical components and equipment to industrial, commercial, and residential sectors is incorporated into the market size calculation by Technavio. - The Industrial Automation Market is experiencing significant growth, fueled by the Changing market dynamics. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Industrial Automation Market is experiencing significant growth due to the integration of advanced technologies such as 5G wireless technology, AI, and IIoT. The manufacturing sector is leading the charge, implementing automation processes in various industries including aerospace and defense, mining and metal, transportation, healthcare, and more. Sensors, such as torque sensors, humidity sensors, and temperature sensors, play a crucial role in collecting data for analytics and machine learning. 5G wireless technology enables real-time data transfer and communication between machines and systems, enhancing the performance of automation processes. AI and robotics are revolutionizing industries by increasing productivity and reducing labor costs. The IIoT, mobility, cloud, and networking architectures are also driving the market forward by enabling remote monitoring and control of industrial processes. The healthcare industry is leveraging automation to improve patient care and reduce costs, while transportation is using AI for predictive maintenance and optimization of logistics. The mining and metal industry is benefiting from automation in material handling and processing, and the aerospace and defense sector is using automation for manufacturing complex components. Overall, the Industrial Automation Market is poised for continued growth as industries embrace the benefits of automation, AI, and IIoT.
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