Industrial Automation Market to Hit USD 355.44 Billion by 2028; Increasing Adoption Discrete Automation to Augment Market Growth: Fortune Business Insights™

·7 min read

Companies Profiled in the Market: ABB Ltd. (Zürich, Switzerland), Emerson Electric Co. (Missouri, U.S.), General Electric Company (Massachusetts, U.S.), Honeywell International Inc. (North Carolina,U.S.), Mitsubishi Electric Corporation (Tokyo, Japan), Omron Corporation (Kyoto, Japan), Rockwell Automation Inc. (Wisconsin,U.S.), Schneider Electric SE (Rueil-Malmaison, France), Siemens AG (Munich, Germany), Yokogawa Electric Corporation

Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global industrial automation market size is expected to gain momentum by reaching USD 355.44 billion by 2028 while exhibiting a CAGR of 9.2% between 2021 to 2028. In its report titled “Industrial Automation Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware (Sensors; PLC; HMI; Servo; Motor; Drive; Laser Markers; Safety Light Curtain; Robots), and Software), By Industry (Discrete Industry (Automotive; Electronics; Heavy Manufacturing; Packaging), and Process Industry (Oil & Gas; Chemicals; Pulp & Paper; Mining and Metals; Health Care), and Regional Forecast, 2021-2028”.Fortune Business Insights mentions that the market stood at USD 179.74 billion in 2020.

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With the advent of 5G wireless technology the demand for automation solutions across industries has increased dramatically. Moreover, due demand for Augmented Reality (AR), Digital Twin, and Industrial IoT is further boosting the market growth. Moreover, amid pandemic the purchasing manager index (PMI) indicated a decline in the manufacturing industry.

COVID-19 Impact

The outbreak of the coronavirus has affected the global economy adversely. The outbreak of the coronavirus is hastening the introduction of the fourth industrial revolution (Industry 4.0), propelling businesses across sectors to a higher level of internet of things (IoT) technology and workflow In March 2020, the European Commission proposed a temporary framework that promoted the growth of advanced industry 4.0 solutions among small and medium-sized businesses.

List of Key Players Profiled in the Report

  • ABB Ltd. (Zürich, Switzerland)

  • Emerson Electric Co. (Missouri, U.S.)

  • General Electric Company (Massachusetts, U.S.)

  • Honeywell International Inc. (North Carolina,U.S.)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Omron Corporation (Kyoto, Japan)

  • Rockwell Automation Inc. (Wisconsin,U.S.)

  • Schneider Electric SE (Rueil-Malmaison, France)

  • Siemens AG (Munich, Germany)

  • Yokogawa Electric Corporation (Tokyo, Japan)

Market Segmentation:

By component, the market is segmented into hardware, and software. By industry, the market is segmented into discrete industry, and process industry.

Lastly, in terms of geography, the market is divided into North America, Europe, South America Asia Pacific, and the Middle East & Africa.

What does the Report Provide?

The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints which are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.

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Report Scope and Segmentation:

Report Coverage

Details

Forecast Period

2021 to 2028

Forecast Period 2021 to 2028 CAGR

9.2 %

2028 Value Projectio4n

USD 355.44 Billion

Base Year

2020

Market Size in 2020

USD 179.74 Billion

Historical Data for

2017 to 2019

No. of Pages

160

Segments covered

By Component, By Industry, By Geography, By Region.

Growth Drivers

Fourth Industrial Revolution to Embrace Partnerships and Collaborations in Global Market

Market Players Taking Active Initiative to Mitigate the Impact of Pandemic COVID-19 on Businesses

Increasing Implementation of Digital Twins and AR Technology in Manufacturing to Favor the Market Growth

Pitfalls & Challenges

High Initial Capital Investments to Impede Market Growth


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Driving Factor

Fourth Industrial Revolution to Drive Market Growth

With the increasing technology evolution, techno-savvy companies are coming up with new advanced technologies. For instance, in February 2020, Honeywell International Inc. and Tech Mahindra Limited made a partnership to come up with “Factories of the Future”. With this collaboration company aims, to accelerate the digital transformation journey by empowering manufacturers. Similarly, Siemens collaborated with SAP SE to offer industry4.0-enabled business processes to enterprises. These processes will allow building a digital thread for the complete product lifecycle, and such strategies are expected to drive the industrial automation market growth.

Regional Insights

Europe to Dominate Backed by Presence Highest Number of Robot Density

Europe is expected to remain at the forefront and hold the largest position in the market during the forecast period because, in European region, in Jan 2021, the International Federation of Robotics (IFR) report mentioned that the Western Europe has 225 automated units per 10,000 employees and Nordic European Countries had 204 automated units per 10,000 employees, which is a maximum robot density worldwide. The region’s market stood at USD 57.85 billion in 2020.

North America is expected to showcase significant industrial automation market share in upcoming years, owing to the presence of advanced production and manufacturing capabilities by manufacturers in the region.

Competitive Landscape

Key Players to Focus on Acquisitions to Strengthen their Market Prospects

The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:

  • June 2021- Rockwell Automation Inc. announced the acquisition of Plex Systems for USD 2.22 billion. Through this acquisition the company aims to expand industrial cloud offerings with Plex Systems’.


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Table of Content:

  • Introduction

    • Definition, By Segment

    • Research Methodology/Approach

    • Data Sources

  • Key Takeaways

  • Market Dynamics

    • Macro and Micro Economic Indicators

    • Drivers, Restraints, Opportunities and Trends

    • Impact of COVID-19

      • Short-term Impact

      • Long-term Impact

  • Competition Landscape

    • Business Strategies Adopted by Key Players

    • Consolidated SWOT Analysis of Key Players

  • Global Industrial Automation Key Players Market Share Insights and Analysis, 2020

  • Key Market Insights and Strategic Recommendations

  • Companies Profiled (Covered for key 10 players only)

    • Overview

      • Key Management

      • Headquarters etc.

    • Offerings/Business Segments

    • Key Details (Subjected to data availability in public domain and/or on paid databases)

      • Employee Size

      • Key Financials

        • Past and Current Revenue

        • Geographical Share

        • Business Segment Share

    • Recent Developments

  • Annexure / Appendix

    • Global Industrial Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028

      • By Component (USD)

        • Hardware

          • Sensors

            • Photoelectric

            • Laser

            • Inductive

            • Others

          • PLC

          • HMI

          • Servo

            • Motor

              • A.C.

              • D.C.

            • Drive

          • Laser Markers

          • Safety Light Curtain

          • Robots

        • Software

      • By Industry (USD)

        • Discrete Automation

          • Automotive

          • Electronics

          • Heavy Manufacturing

          • Packaging

          • Others

        • Process Automation

          • Oil & Gas

          • Chemicals

          • Pulp & Paper

          • Mining & Metals

          • Healthcare

          • Others

      • By Region (USD)

        • North America

        • Europe

        • Asia Pacific

        • Middle East & Africa

        • Latin America

TOC Continued.


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