The global industrial automation market size is expected to gain momentum by reaching USD 355.44 billion by 2028 while exhibiting a CAGR of 9.2% from 2021 to 2028. In its report titled “Industrial Automation Market, 2021-2028” Fortune Business Insights mentions that the market stood at USD 179.74 billion in 2020.
With the advent of 5G wireless technology the demand for automation solutions across industries has increased dramatically. Moreover, due demand for Augmented Reality (AR), Digital Twin, and Industrial IoT is further boosting the market growth. Moreover, amid pandemic the purchasing manager index (PMI) indicated a decline in the manufacturing industry.
List of Key Players Profiled in the Report
- ABB Ltd. (Zürich, Switzerland)
- Emerson Electric Co. (Missouri, U.S.)
- General Electric Company (Massachusetts, U.S.)
- Honeywell International Inc. (North Carolina,U.S.)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Omron Corporation (Kyoto, Japan)
- Rockwell Automation Inc. (Wisconsin,U.S.)
- Schneider Electric SE (Rueil-Malmaison, France)
- Siemens AG (Munich, Germany)
- Yokogawa Electric Corporation (Tokyo, Japan)
What does the Report Provide?
The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints which are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Fourth Industrial Revolution to Drive Market Growth
With the increasing technology evolution the techno-savvy companies are coming up with new advanced technologies. For instance, in February 2020, Honeywell International Inc. and Tech Mahindra Limited made a partnership to come up with “Factories of the Future”. With this collaboration company aims, to accelerate the digital transformation journey by empowering manufacturers. Similarly, Siemens collaborated with SAP SE to offer industry4.0-enabled business processes to enterprises. These processes will allow to build a digital thread for the complete product lifecycle, and such strategies are expected to drive the industrial automation market growth.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/industrial-automation-market-101589
The outbreak of the coronavirus has affected the global economy adversely. The outbreak of the coronavirus is hastening the introduction of the fourth industrial revolution (Industry 4.0), propelling businesses across sectors to a higher level of internet of things (IoT) technology and workflow In March 2020, the European Commission proposed a temporary framework that promoted the growth of advanced industry 4.0 solutions among small and medium-sized businesses.
Europe to Dominate Backed by Presence Highest Number of Robot Density
Europe is expected to remain at the forefront and hold the largest position in the market during the forecast period because, in European region, in Jan 2021, the International Federation of Robotics (IFR) report mentioned that the Western Europe has 225 automated units per 10,000 employees and Nordic European Countries had 204 automated units per 10,000 employees, which is a maximum robot density worldwide. The region’s market stood at USD 57.85 billion in 2020.
North America is expected to showcase significant industrial automation market share in upcoming years, owing to the presence of advanced production and manufacturing capabilities by manufacturers in the region.
Key Players to Focus on Acquisitions to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
June 2021- Rockwell Automation Inc. announced the acquisition of Plex Systems for USD 2.22 billion. Through this acquisition, the company aims to expand industrial cloud offerings with Plex Systems’.