According to the industrial automation market analysis by Future Market Insights (FMI), the market is poised to attain a CAGR of 7% during the forecast period 2022–2032.
Rising demand for real-time data analysis across geographies, as well as increased adoption of cutting-edge technology across end-use industries to improve performance, are driving the growth of the industrial automation market.
The importance of predictive maintenance and asset management solutions, which provide users with better visibility into the condition of their equipment, is driving up 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, emphasising the importance of the connected enterprise system, which bodes well for future trends in the industrial automation market.
Governments around the world are likely to favour industrial automation solution adoption trends as they focus on the development of process and distinct industries by launching new initiatives.
Manufacturers can gain real-time access to plant floor data enabled by industrial computing and automation technologies, allowing them to centralise business data and multi-plant operations, resulting in increased sales of industrial automation solutions.
According to the industrial automation market study, the industrial automation market will be worth approximately US$ 51 billion 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 Asia Pacific region controls most of the global industrial automation market. The market is expanding positively and is expected to continue doing so on account of smart manufacturing and automation, and integration with the current manufacturing environment. Furthermore, the growing number of application areas, as well as the strong presence of industrial automation services companies and the developing economies of Asian countries, all contribute to the market’s growth.” says an FMI researcher.
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.