Industrial Automation Market to Reach $443.5 Billion Globally by 2031 at a CAGR of 8.7%: Allied Market Research
The advent of connected enterprises, the need for mass manufacturing of products, and increasing adoption of digital techniques and augmented reality (AR) technologies in manufacturing are driving the growth of the global industrial automation market.
PORTLAND, Oregon., September 1, 2022 /PRNewswire/ — Allied Market Research released a report titled “Industrial Automation Market By Component (Hardware, Software, Service), By Hardware (Industrial Sensors, Machine Vision Systems, Field Instruments, Industrial Robots, Human Interface -machine, industrial PCs, Others), by type of software (supervisory control and data acquisition, programmable logic controller, distributed control system, manufacturing execution system, industrial security, plant asset management) , by Vertical (Oil & Gas, Manufacturing, Automotive, Healthcare, Food & Beverages, Chemicals, Energy & Power, Metals & Mining, Others): Global Opportunities Analysis and Industry Forecast, 2021-2031. According to the report, the global industrial automation industry generated $196.4 billion in 2021, and should reach $443.5 billion by 2031, with a CAGR of 8.7% from 2022 to 2031.
Drivers, constraints and opportunities
The advent of connected enterprises, the need for mass manufacturing of products, and increasing adoption of digital techniques and augmented reality (AR) technologies in manufacturing are driving the growth of the global industrial automation market. However, high initial capital investments and re-investments along with lack of sufficient technical knowledge is restraining the growth of the market. On the other hand, increasing demand for safety-compliant automation solutions and industrial Internet of Things (IoT) solutions offers new opportunities in the coming years.
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- The Covid-19 pandemic has had a negative impact on the global industrial automation industry as the value chain has been disrupted which in turn has created challenges in the shipments of components and tools used for create machines and automation services for the industrial sector.
- The demand for industrial automation solutions has decreased significantly due to the postponement or cancellation of new projects. Due to the economic uncertainty, many investors have postponed their investments in new projects. This, in turn, has affected the growth of the global industrial automation market.
- Due to the lack of labor availability and the implementation of new strategies to continue business operations, many players in the automotive, construction, manufacturing and other sectors have started to implement automation solutions. This factor has created a huge demand. Demand is expected to continue to increase after the pandemic.
Get a detailed analysis of the impact of COVID-19 on the industrial automation market:
Software segment accounted for the largest market share in 2021
Based on components, the software segment accounted for the largest market share in 2021, contributing more than two-fifths of the global industrial automation market. This is due to processing and analyzing a massive amount of data generated by an organization and converting it into actionable insights that deliver business benefits and results. However, the hardware segment is expected to lead in terms of revenue by 2031. On the other hand, the service segment is expected to register the highest CAGR of 11.7% from 2022 to 2031, owing to the reduction the time and cost associated with optimizing systems in the initial deployment phase.
The industrial sensor segment will maintain its dominant share during the forecast period
Hardware-based, the industrial sensor segment contributed the largest market share in 2021, accounting for more than a quarter of the global industrial automation market, and is expected to maintain its dominant share during the forecast period. . This is attributed to technological advances such as the development of Internet of Things (IoT) and Artificial Intelligence (AI). However, the industrial robot segment is estimated to show the highest CAGR of 11.9% from 2022 to 2031. This is due to increasing demand for automation and rapid growth in industrialization.
The manufacturing segment will continue its highest contribution throughout the forecast period
Based on industry vertical, the manufacturing segment accounted for the largest market share in 2021, holding nearly one-fifth of the global industrial automation industry, and is expected to continue its highest contribution high throughout the forecast period. This is due to performing a variety of tasks including painting, welding, finishing and assembly. However, the healthcare segment is expected to register the fastest CAGR of 11.8% from 2022 to 2031, due to the application in collecting and storing patient information such as heart rate, blood pressure blood pressure and temperature.
North America held the highest market share in 2021
Based on the region, North America held the highest market share in 2021, accounting for more than a third of the global industrial automation market. This is due to the high spending on data analytics and data processing solutions in the region. However, Asia Pacific is expected to grow at the highest CAGR of 11.4% from 2022 to 2031, owing to increasing digital and economic transformation in the region.
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Main market players
- Emerson Electric Co.
- Rockwell Automation, Inc.
- Yocogawa Electric Corporation
- Omron Company
- Endress+Hauser Group Services SA
- Fanuc Corporation
- WIKA UNITED STATES
- Dwyer Instruments, LLC
- Mitsubishi Electric Corporation
- Honeywell International, Inc.
- ABB Ltd.
- Schneider Electric SE
- Siemens AG
- General Electric
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