Industrial Automation Market to be Worth $368.05 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 02, 2024, 13:30 ET

REDDING, Calif., May 2, 2024 /PRNewswire/ -- According to a new market research report titled, 'Industrial Automation Market By Offering (Solutions (Enterprise-level Controls, Plant Instrumentation, Plant-level Controls), Services), Mode of Automation, End-use Industry (Oil & Gas, Automotive, Food & Beverage), and Geography - Global Forecasts to 2031,' the industrial automation market is expected to reach $368.05 billion by 2031, at a CAGR of 9.1% from 2024 to 2031.

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Industrial automation uses control systems, management solutions, and IT solutions & technologies to handle various processes in industries where humans are replaced with computers and machines to achieve efficiency and productivity. Industrial automation can also be defined as using automation technologies and control devices to automate the operation & control of industrial processes. Industrial automation uses control systems and equipment, such as computer software and robots, to perform tasks that were historically done manually.

Industrial automation plays a crucial role in various industries, such as manufacturing, automotive, pharmaceuticals, food and beverage, aerospace, and others. It helps improve product quality, reduce production time, minimize waste, and enhance worker safety. The market growth is driven by government initiatives promoting industrial development, increasing investments in industrial automation, rising demand for energy-efficient systems, and increasing need for supply chain optimization. However, high CAPEX requirements and concerns about workforce displacement restrain the market's growth. Moreover, the increasing demand for sustainable solutions is expected to create market growth opportunities.

The industrial automation market is segmented by offering, mode of operation, end-use industry, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on offering, the global industrial automation market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global industrial automation market. This segment is expected to contribute a revenue of around USD 172 billion to the global industrial automation market in 2024. The solution segment is further segmented into plant instrumentation, plant-level controls, and enterprise-level controls. The large market share of this segment is attributed to the high adoption of enterprise resource planning (ERP), supervisory control and data acquisition (SCADA), product lifecycle management (PLM), distributed control systems (DCS) solutions for streamlining the production & enterprise processes across the manufacturing & industrial sectors, increasing demand for data analytics and predictive maintenance capabilities to optimize operations, reduce downtime, and improve overall equipment effectiveness (OEE), growing need to reduce operational costs and optimize resource utilization, and the emergence of Industry 4.0 & enabling technologies.

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Based on mode of automation, the global industrial automation market is segmented into semi-automatic systems and fully-automatic systems. In 2024, the semi-automatic systems segment is expected to account for the larger share of 52% of the global industrial automation market. The large market share of this segment is attributed to the lower cost of implementation compared to fully-automatic systems, the increasing need for a higher degree of flexibility between manual and automated processes, and the growing need for monitoring industrial systems closely and intervening promptly in cases of anomalies that lead to costly downtime or quality issues. However, the fully-automatic systems segment is projected to register the highest CAGR during the forecast period.

Based on end-use industry, the global industrial automation market is segmented into oil & gas, automotive, food & beverage, semiconductors & electronics, chemicals & materials, consumer goods, mining & metals, power, pharmaceuticals & biotech, machines & tools, paper & pulp, aerospace & defense, and other end-use industries. In 2024, the oil & gas segment is expected to account for the largest share of the global industrial automation market. This end use industry segment is expected to contribute a revenue of around USD 32 billion to the overall market in 2024. The large market share of this segment is attributed to the growing need to streamline operations across the entire value chain of oil & gas production, increasing demand for automated monitoring systems to minimize environmental impact and enhance safety, and the growing need to prevent unplanned downtime, extend asset lifespan, and reduce maintenance costs. However, the automotive segment is projected to register the highest CAGR of 11.7% during the forecast period.

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Based on geography, the global industrial automation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific region is expected to dominate the global market. The Asia-Pacific industrial automation market is estimated to be worth USD 79 billion in 2024. Additionally, the region is also projected to register the highest CAGR of 9.8% during the forecast period due to rapid industrialization and urbanization, increasing adoption of smart manufacturing solutions in the region, the increasing adoption of industrial robots, the advent of Industry 4.0, expansion of automotive industry, increasing need to enhance productivity, efficiency, and competitiveness in manufacturing sectors such as automotive, electronics, machinery, and consumer goods, increasing technological advancements in robotics, artificial intelligence, IoT, and growing need to automate production processes to reduce reliance on manual labor and remain cost-competitive.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants in the last three to four years. The key players operating in the ondustrial automation market are ABB Ltd (Switzerland), Rockwell Automation Inc. (U.S.), Siemens AG (Germany), Yaskawa Electric Corporation (Japan), Schneider Electric SE (France), Yokogawa Electric Corporation (Japan), KUKA AG (Germany), Emerson Electric Co. (U.S.), FANUC CORPORATION (Japan), Honeywell International Inc. (U.S.), Mitsubishi Electric Corporation (Japan), OMRON Corporation (Japan), Advantech Co., Ltd. (Taiwan), Hitachi Ltd. (Japan), and General Electric Company (U.S.).

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Scope of the Report:

Industrial Automation Market Assessment—by Offering

Solution
Enterprise-level Controls
- Product Lifecycle Management (PLM)
- Enterprise Resource Planning (ERP)
- Manufacturing Execution Systems (MES)
Plant Instrumentation
- Motors & Drives
- Robots
  - Articulated Robots
  - Cartesian Robots
  - SCARA
  - Collaborative Robots
  - Other Robots
- Sensors
- Machine Vision Systems
  - Cameras
  - Optics and LED Lighting
- Relays & Switches
- Other Plant Instrumentation Components
Plant-level Controls
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control Systems (DCS)
- Programmable Logic Controllers (PLC)
- Other Plant-level Controls
Services
- Integration & Installation Services
- Maintenance & Support Services
- Advisory, Training, & Consulting Services
- Safety & Security Services

Industrial Automation Market Assessment—by Mode of Automation

Semi-automatic Systems
Fully-automatic Systems

Industrial Automation Market Assessment—by End-use Industry

Oil & Gas
- Upstream
- Midstream
- Downstream
Chemicals & Materials
Paper & Pulp
Pharmaceuticals & Biotech
Mining & Metals
Food & Beverage
- Beverages & Distilleries
- Dairy Processing
- Bakery & Confectionary
- Meat, Poultry, and Seafood Products
- Fruits & Vegetables
- Oil & Fats
- Other F&B Applications

Power
Consumer Goods
Automotive
Machines & Tools
Semiconductors & Electronics
Aerospace & Defense
Other End-use Industries

Industrial Automation Market Assessment—by Country/Region

North America
- U.S.
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
Europe
- Germany
- U.K.
- Italy
- Netherlands
- Sweden
- France
- Spain
- Rest of Europe
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa

Related Report:

SCADA Market by Type (Monolithic SCADA Systems, Distributed SCADA Systems, Networked SCADA Systems), Component (Hardware, Software, Services), Deployment Mode, End-use Industry (Oil & Gas, Automotive, F&B), and Geography - Global Forecast to 2030

Human Machine Interface (HMI) Market by Offering (Hardware (Display Units, Others), Software, Services), Configuration (Connected, Web-based), End-use Industry (Oil & Gas, Automotive, F&B, Others), & Geography - Global Forecast to 2031

Collaborative Robots Market by Type, Component (Hardware, Software), Payload, Application (Material Handling, Welding & Soldering, Assembling and Disassembling), and End-use Industry (Oil & Gas, Automotive, Food & Beverage) - Global Forecast to 2030

Manufacturing Execution Systems Market by Offering (Software, Services), Deployment Mode, Process Industry, Discrete Industry and Geography—Global Forecast to 2030

Smart Factory Market by Component (Solutions, Services, Technologies), Sector (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, Pharmaceuticals), and Geography - Global Forecast to 2030

Industrial Automation Software Market by Product (SCADA, DCS, MES, HMI, PLC, IT and Software Environment Integration Solutions, Production Process Test Systems), Deployment Type, End User, and Geography - Global Forecast to 2029

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