Industrial Automation Services Market - 51% of Growth to Originate from APAC- Technavio
NEW YORK, March 19, 2024 /PRNewswire/ -- The global industrial automation services market size is estimated to grow by USD 99.54 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 19.33% during the forecast period. APAC held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 51%.
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Market Segmentation
This Industrial Automation Services Market report extensively covers market segmentation by Type (PE, Maintenance and support, OS, Consulting) End-user (Discrete industries, Process industries) Geography (APAC, North America, Europe, Middle East and Africa, South America)
This report breaks down the global Industrial Automation Services Market by segment.list, providing an overview and analyzing market trends. It uses data from 2023 to estimate market figures for 2024 to end-year, offering essential insights into the current size and future growth of the market. Additionally, the report covers market characteristics, major companies, user preferences, and geographic opportunities. Regions covered include North America, Europe, Asia-Pacific, and RoW (South America, the Middle East, and Africa). Historical 2018 - 2022 and forecasts from 2024-2028 are provided for each segment, based on the regions.
By Type
The industrial automation services market is driven by the PE services segment, with technology-operated systems like SCADA, PLC, DCS, and robots becoming increasingly adopted in both process and discrete industries. In process industries, software solutions such as MES, HMI, and Skylight reduce process time and error rates. Upskill initiatives by the Manufacturing Association (SFMA) promote human intervention for optimal system performance. The Indian government invests in semiconductor chips and cables to support industrial automation growth. Key technologies include SCADA for centralized control and PLC for automating discrete processes. DCS systems enhance process control and efficiency. Robots streamline manufacturing processes and reduce human intervention.
Geographic Landscape
The industrial automation services market in APAC is experiencing growth due to manufacturers' increasing preference for automation solutions. These technologies enhance production, improve quality, and ensure operator safety. Advanced analytics, cloud, mobility, and smart manufacturing are key technologies driving this growth. Internet connectivity enables real-time monitoring and remote control, enhancing safety and efficiency. Established vendors are partnering with system integrators to expand their reach in the fragmented market. APAC's economic growth and international investments make it a hub for global manufacturing, benefiting businesses and shareholders through innovative business models.
Segment with regional analysis, estimate and forecast 2024 - 2028 (USD billion) - View Sample Report
Research Analyst Overview
The Industrial Automation Services Market is a significant sector that caters to the growing demand for automation solutions in various industries. This market is characterized by the provision of services related to the design, implementation, and maintenance of industrial automation systems. These systems include Programmable Logic Controllers (PLCs), Distributed Control Systems (DCS), Robotics, Safety Systems, and Motion Control Systems. Moreover, the market is witnessing a surge in demand due to the increasing adoption of Industry 4.0 and the Internet of Things (IoT) in manufacturing processes. The integration of these technologies enables real-time monitoring, predictive maintenance, and improved efficiency in production processes. Furthermore, the market is segmented based on end-user industries such as automotive, chemical, food and beverage, oil and gas, pharmaceuticals, and others. The growth in these industries is driving the demand for industrial automation services. Additionally, the market is witnessing a shift towards cloud-based solutions and Managed Services, which offer cost savings and flexibility to customers. The market is expected to grow at a significant CAGR during the forecast period, driven by the increasing demand for automation and digital transformation in industries. In conclusion, the Industrial Automation Services Market is a dynamic and growing sector that offers significant opportunities for service providers in various industries. The market is driven by the increasing adoption of automation technologies, digital transformation, and the need for improved efficiency and productivity in manufacturing processes.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters.View Sample Report
Market Drivers
In the manufacturing sector, government regulations drive industrial automation services market growth. Automation reliance increases for operational efficiency and investment in automation solutions. Key industries include automotive, aerospace, heavy engineering, and IIoT. Machine learning, cloud computing, industrial robots, and machinery integration are essential. Challenges include raw material waste reduction and energy usage optimization. Automation systems' complexity necessitates Multi-Vendor Automation Control Systems (MACS) for simultaneous project planning and vendor expertise in areas like IIoT, machine learning, and energy management.
Industrial Automation Services Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.33% |
Market growth 2024-2028 |
USD 99.54 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
18.67 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Advantech Co. Ltd., Dwyer Instruments LLC, Emerson Electric Co., FANUC Bulgaria EOOD, Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., JTEKT Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corp., OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Sensirion AG, Siemens AG, Yokogawa Electric Corp., and Parker Hannifin Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters.View Sample Report
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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