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Industrial Automation Market Size Expected To Acquire USD 315.5 billion By 2028 At 8.40% Compound Annual Growth Rate

The latest market report published by Credence Research, Inc. “Global Industrial Automation Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Industrial Automation Market generated revenue of around USD 194.5 billion in 2021 and is anticipated to grow a CAGR of over 8.40% during the forecast period from 2022 to 2028 to reach around USD 315.5 billion in 2028.
The industrial automation market is growing rapidly due to the high adoption of automation solutions in the manufacturing, chemicals & materials, and pharmaceutical sectors. With the implementation of automation components such as sensors, robots, machine vision systems, and enterprise control solutions, companies can drastically reduce operating and labor costs. Manufacturing companies are increasingly investing in industrial automation technologies to improve system reliability & efficiency and eliminate production errors caused by human labor.
The is bifurcated into deployment type, component, and end-use industry, and geography. Based on deployment type, the market is categorized into the industrial robots, process analyzer, machine vision system, human machine interface, field instruments, industrial sensors, industrial 3d printing, industrial pc, and vibration monitoring. Based on component, the global market is segmented into plant asset management, manufacturing execution system, industrial safety, programmable logic controller, distributed control system, supervisory control and data acquisition. Based on end-use industry, the market is categorized into automotive, metals & mining, water & wastewater treatment, electronic & semiconductors, energy & power, machine manufacturing, food & beverages, pharmaceuticals & medical devices, chemicals, oil & gas and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2021, Asia Pacific dominated the global industrial automation market and accounted for the largest market revenue share in terms of value, due to advancement in technology and integration with the manufacturing environment. The increasing application and strong presence of manufacturing companies and the developing economy of Asian countries play a key role in the development of the market. In addition, India, China, and South Korea have robust automotive, consumer goods, electronics, and pharmaceutical manufacturing industries. Moreover, government initiatives and policies supporting the digitization of manufacturing plants and investments in the IIoT in these countries are major factors boosting the adoption of industrial automation solutions.
One of the biggest challenges is the lack of skilled labor. With the increasing popularity of automation, there is a growing demand for workers who are skilled in programming and operating automated equipment. However, there are not enough workers with these skills to meet the demand. This shortage of skilled labor is one of the major challenges facing the industrial automation market today.
Another challenge facing the industrial automation market is the high cost of automation equipment. Automation equipment can be very expensive, and it can be difficult for companies to justify the investment. In addition, many companies are hesitant to invest in new technologies because they fear that they will become obsolete quickly. As a result, the industrial automation market has been slow to adopt new technologies.
Why Buy This Report-
· The report provides a qualitative and quantitative analysis of the global industrial automation market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
· The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
· In-depth analysis of the global industrial automation market segmentation based on deployment type, component, and end-use industry.
· Major countries in each region with their import/export statistics
· The global industrial automation market report also includes analysing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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