As per our research report, the global industrial automation market is estimated to be growing at a CAGR of 9% from 2023 to 2030.
Automation in industry refers to the use of tools like robots and computer software to manage equipment and procedures. This market saw huge growth in the past due to the advent of programmable logic controllers (PLCs). They replaced complex systems with simpler ones while maintaining efficiency. Presently, this market has seen significant growth with industrial revolutionization, digital twins, supply chain digitalization, and many other technologies. This market is predicted to increase greatly in the future, with an increasing focus on advanced robotics, sustainability, and autonomous systems. This market is anticipated to expand significantly throughout the projected period.
One major driver in this market is the growing demand for automation. Reasons like cost effectiveness, quality improvement, speed, safety, accuracy, scalability, flexibility, data collection, and globalization are making this technology an appealing option to be employed by various end-user industries like automotive, oil and gas, and renewable energy. Additionally, it aids in boosting an organization's revenue.
Another significant driver in this market is the labor shortage in a few regions, which is helping with market growth. Some areas struggle to find trained forces to conduct end-to-end activities. These devices support the business by effectively completing all tasks. Using technology reduces expenses associated with wages and labor training. Additionally, these devices make it simple to perform complicated and heavy tasks. When necessary, they may perform tasks repeatedly. A movement towards embracing new technology has also been brought about by the industrial revolution. A growing number of organizations have started using these services to make life easier for people through partnerships and collaborations.
The COVID-19 pandemic had a confusing effect on this industry. Lockdowns, restrictions on movement, and social isolation were all part of this. Transportation, logistics, and the supply chain were all affected. As a result, import-export trade activities were hampered, which made it harder to get equipment and other parts on time. However, automation technology made it easier to complete duties. For remote work facilities, automation technology boosted decision-making and data analytics. To stop the spread, automation technologies like temperature scanners and other robotics were deployed. Moreover, the lack of a workforce due to social isolation created an upsurge in automation in various industries.
Technological advancements in the fields of the Internet of Things (IoT), big data analytics, cloud computing, artificial intelligence, and robotic process automation (RPA) are being emphasized. Eco-friendly manufacturing practices with minimal impact on the environment are being prioritized. Remote consultations and virtual appointments in the medical sector are helping the market expand. Furthermore, the industry is seeing tremendous growth opportunities due to the rising demand for clean energy.
The primary obstacles facing the market at the moment are expenses, a lack of knowledge, cyber-security, environmental concerns, and integration difficulties.
Software makes up the largest growing portion of this industry based on components. One of the subcategories with the fastest growth is plant asset management (PAM). PAM helps with enhanced asset reliability, improved efficiency, cost reduction, remote monitoring, data-driven insights, and scalability. It is coupled with AI, ML, and big data, enabling predictive maintenance. The fastest-growing industry is hardware. PLCs, or programmable logic controllers, are expanding quickly. This is due to their versatility, scalability, ease of programming, real-time control, cost-effectiveness, global expansion, and troubleshooting abilities. Industrial sensors are also crucial owing to demand, industrialization, energy efficiency, miniaturization, robotic automation, and customization.
Automotive is one of the market's largest growing categories based on end users. This is because of the need for precision, quality control, energy efficiency, advanced materials, safety, and affordability. Due to expanding operations and the requirement for quality assurance during drug development, validation, laboratory automation, data integrity, and medical devices, the pharmaceutical industry is seen to be the one with the fastest growth. The use of this technology enhances patient care and reduces mistakes.
In this industry, Asia-Pacific is thought to be the area with the fastest growth. India and China are leading the way. Increased demand, the presence of businesses, the use of smart technology, government efforts, training programs, economic expansion, population growth, and manufacturing centers are all contributing factors to the rise of these locations. North America is the fastest-growing. The dominant regions are those like the United States of America and Canada. This is a result of economic growth, new businesses, increased investments, labor accessibility, and widespread use in end-user sectors.
Software
Plant Asset Management
Supervisory control and data acquisition
Distributed control systems
Others
Hardware
Industrial sensors
Programmable logic controllers
Machine vision systems
Industrial robots
Human-Machine Interface
Others
Services
Automotive
Metals and mining
Water and wastewater treatment
Electronics and Semiconductors
Energy and Power
Manufacturing
Food and beverages
Pharmaceuticals
Chemicals
Oil and gas
Others
North America
Asia-Pacific
Europe
South America
Middle East and Africa
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