The global Industrial Automation Market is predicted to grow at a high CAGR of 7% during the forecast period, reaching a valuation of US$ 51 billion by 2026, up from US$ 36 billion in 2021.
The most effective conversion of raw materials to finished goods is made possible by the efficient flow of information among several units in an industry, underscoring the importance of the linked enterprise system, a key factor driving the industrial automation market.
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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.
Key Takeaways:
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 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.
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Recent Developments in the Industrial Automation Market Include:
Siemens AG and SAP SE have expanded their collaboration to deliver a new service and asset lifecycle management solution. The collaboration aims to connect plant floor operations, remote condition monitoring and Siemens industrial automation products development via digital twins with original equipment manufacturers to facilitate collaboration across the asset lifecycle.
Plex Systems, a provider of smart manufacturing solutions, was purchased by Rockwell Automation Inc. for USD 2.2 billion. Plex Systems’ cloud-native smart manufacturing platform will be used to broaden industrial cloud offerings.
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