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According to The Insight Partners’ research, the global industrial automation market was valued at US$ 132.78 billion in 2020 and is anticipated to reach US$ 233.94 billion by 2028, registering an annual growth rate of 7.6% from 2021 to 2028. New product development based on machine vision technology with the aid of huge company investments has been one of the key aspects fueling the market expansion. In January 2022, the Khronos Group and European Machine Vision Alliance (EMVA) jointly introduced an open and royalty-free API standard to maintain the camera system’s runtime, especially for automotive, embedded, mobile, industrial, XR, and scientific industries.
In 2021, due to the COVID-19 pandemic, companies catalyzed industrial automation to maintain hassle-free operations and meet the increasing demands by deploying machine vision technology. These efforts fostered the digital infrastructure and supported the remote workers.
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On the contrary, the overall installation cost for automated machinery and solutions, including material and labor costs, is significantly higher than traditional solutions across industries. The integration or uptake of such technologies also requires skilled laborers to operate the same. Thus, the adoption of industrial automation is slow across developing and underdeveloped countries. Such factors are restraining the uptake of industrial automation among developing and underdeveloped countries, limiting the market’s growth.
Based on component, the industrial automation market sphere is bifurcated into hardware and software. The former held 69.1% market share in 2020, amassing US$ 91.73 billion. It is projected to garner US$ 155.14 billion by 2028 to expand at 7.0% CAGR during 2021–2028.
By system, the industrial automation market is segmented as supervisory control and data acquisition, distributed control system, programmable logic control, and others. With 57.7% share of the domain, the others segment dominated the market in 2020. It accrued US$ 76.64 billion in 2020 and is estimated to generate US$ 141.88 billion by 2028 surging at 8.1% CAGR over the forecast period.
Our regional analysis states that Asia Pacific captured 38.4% market share in 2020. It was assessed at US$ 50.93 billion in 2020 and is likely to hit US$ 98.67 billion by 2028, exhibiting a CAGR of 8.8% during the forecast period.
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The List of Companies – Industrial Automation Market
Key players dominating the global industrial automation market are ABB LTD.; B&R Industrial Automation GmbH; HITACHI LTD.; Industrial Automation (M) SDN BHD.; Koyo Electronics Industries Co., LTD.; Mitsubishi Electric Corporation; Omron Corporation; Rockwell Automation; Siemens; and Yokogawa Electric Corporation, among others.
In 2022, Hitachi, Ltd and Hitachi Industrial Equipment Systems Co., Ltd started pacing up the global development of the line building business by optimizing industrial robots. The establishment of Hitachi Automation, Ltd on April 1, 2022, by reorganizing the activities and resources has reinforced the robotic SI business in Japan and ASEAN countries.
In 2021, Mitsubishi Electric Corporation developed seven new X-Series products, including two HVIGBTs and five HVDIODEs, bringing the total number of X-Series power semiconductor modules to 24. These new products are designed for increasingly large-capacity, small-sized inverters used in traction motors, DC-power transmitters, large industrial machinery, and other high-voltage, large-current equipment.
In 2021, Emerson launched its Copeland VFD product line, designed for maximum compatibility with compression products to reduce the costs and complexities of VFD implementation. The Copeland EVM VFD series serves applications with minimal control functionality requirements, such as chillers, medical refrigeration, display cases, walk-ins, and reach-ins.
In 2020, OMRON commenced its automation center in Tokyo. This new facility allows customers to experience and test state-of-the-art FA, effortlessly integrating IoT, robotics, AI, and other cutting-edge technologies.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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