Industrial Automation Market is Anticipated to Witness High Growth Owing to Increasing Adoption of Industrial IoT
Industrial automation comprises systems and equipment used to facilitate the automation of industrial processes. This includes control and monitoring of machinery and processes in industries such as oil and gas, chemical, pharmaceutical, food and beverage, mining, and others. Industrial automation enhances productivity and minimizes human errors in manufacturing processes through advanced technologies such as industrial control systems, industrial network communication, and human-machine interface.
The advantages of Industrial Automation Market Trends include increased production speed and capacity, reduced wastage, improved quality control, enhanced consistency and precision, minimized manufacturing costs, and improved workplace safety. The need for industrial automation arises from the growing demand for mass production and customized products with minimum human intervention.
Global industrial automation market is estimated to be valued at USD 217.45 Bn in 2024 and is expected to reach USD 406.23 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
Key Takeaways
Key players operating in the Industrial Automation market include ABB Ltd, Adisra, Emerson Electric Co., Endress + Hauser, FANUC Corporation, Fizyr, General Electric Company, Honeywell Process Solutions, and Mitsubishi Electric Corporation. These players are focusing on new product launches and partnerships to strengthen their market presence.
Key opportunities in the market include increasing adoption of Industrial IoT solutions for predictive maintenance and remote monitoring in manufacturing facilities. Adoption of advanced technologies like AI, big data, and cloud computing is also opening new growth avenues.
The market is witnessing high growth in Asia Pacific owing to rapid industrialization and infrastructure development in countries like China and India. North America and Europe continue to offer substantial growth potential for industrial automation solution providers. Growing investments in industrial development projects across Middle East and South America are creating new expansion opportunities for key players.
Market Drivers
One of the key drivers for the industrial automation market is the increasing adoption of industrial IoT solutions. Integration of IoT, AI, and cloud computing is enabling predictive maintenance, remote monitoring, and enhanced efficiency of industrial operations. This is positively impacting the demand for industrial automation hardware as well as software.
Market Restrain
High initial investment costs associated with industrial automation solutions and need for specialized infrastructure can restrain its adoption, especially among small and medium enterprises in price-sensitive developing markets. Cybersecurity threats to networked industrial control systems also act as a key challenge for the market growth.
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