Industrial Automation Market Size to Reach USD 212410 Million by 2027 at CAGR 6.7% - Valuates Reports
BANGALORE, India, Sept. 15, 2021 /PRNewswire/ -- The Industrial Automation Market is Segmented by Type (Computer Numerical Control (CNC) Routers, Machine Vision Systems, Manufacturing Execution Systems (MES), Plant Asset Management, Product Lifecycle Management (PLM), Programmable Logic Control Systems (PLC), Supervisory Control and Data Acquisition (SCADA), Others), by Application (Automotive and Transportation, Chemical, Energy and Power System, Food, Environment and Building Technologies, Oil and Gas, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Industrial Materials & Equipment Category.
The global Industrial Automation market size is projected to reach USD 212410 Million by 2027, from USD 130710 Million in 2020, at a CAGR of 6.7% during the forecast period 2021-2027.
Major Driving Factors
The increasing adoption of Industry 4.0 and the advent of 5G wireless technology is propelling the Industrial Automation market.
Need to eliminate human error and reduce cost is expected to drive the growth of the Industrial Automation market. These systems are effective in eliminating human error and thus improving the quality and homogeneity of the products delivered by using adaptive control and monitoring in various stages of industrial processes.
Although the initial investment in industrial automation systems may be significant, the technology's implementation will result in lower data analytics costs. Furthermore, the danger of machine failure and service outages is kept to a minimum thanks to this automatic data analysis. Thus the cost-saving feature is expected to drive the Industrial Automation market.
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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL AUTOMATION MARKET
Workers in a plant with an industrial automation system work fewer hours and spend more time on jobs with a high value-added. Employees are freed from having to conduct tiresome and routine tasks thanks to automation technology. These systems are effective in eliminating human error and thus improving the quality and homogeneity of the products delivered by using adaptive control and monitoring in various stages of industrial processes. Furthermore, using robots on production lines with hazardous working conditions for humans is safer. Such advantages are expected to increase the adoption and theory by driving the industrial automation market growth.
The increasing need for maintaining the industrial assets streamlines activities and improves plant asset capacities is expected to drive the industrial automation market. Plant Asset Management uses a combination of software, smart instrumentation, and Fieldbus communications to continuously monitor the critical plant assets, reducing the risk of failures while increasing equipment availability.
Government Initiatives and Supportive Policies are expected to drive the growth of the industrial automation market. For the digitization of their respective manufacturing sectors, governments in Europe and Asia-Pacific are pushing the adoption of industrial automation technologies and systems, this, in turn, is expected to drive the growth of the market.
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INDUSTRIAL AUTOMATION MARKET SHARE ANALYSIS
The plant Asset Management (PAM) segment is expected to be the most lucrative segment during the forecast period. The rising deployment of PAM systems in process and discrete sectors to construct a comprehensive data repository connected to varied equipment deployed in these plants, from uptime performance to life cycle cost assessment, might be attributed to the rise of this segment.
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Major Players in the Global Industrial Automation Industry
- ABB
- Adept
- Bosch
- Emerson Electric
- FANUC
- General Electric
- Honeywell
- Kuka
- Mitsubishi Electric
- Rockwell
- Schneider Electric
- Toshiba
- Voith
- Yaskawa Electric
- Yokogawa Electric
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SIMILAR REPORTS
- The global Industrial Controls and Factory Automation market size is projected to reach USD 208150 Million by 2027, from USD 128090 Million in 2020, at a CAGR of 7.2% during 2021-2027.
- The global Process Automation market size is projected to reach USD 12080 Million by 2027, from USD 6480 Million in 2020, at a CAGR of 9.2% during 2021-2027.
- The global SCADA market size is projected to reach USD 15710 Million by 2027, from USD 10230 Million in 2020, at a CAGR of 6.3% during 2021-2027
- The global Human Machine Interface (HMI) market size is projected to reach USD 5674.8 Million by 2027, from USD 3369.8 Million in 2020, at a CAGR of 7.6% during 2021-2027.
- The global Factory Automation market size is expected to reach USD 368,372.4 Million in 2025, from USD 190,882.2 Million in 2017 growing at a CAGR of 8.8% from 2018 to 2025.
- The global Industrial Services market size is projected to reach USD 32300 Million by 2027, from USD 23860 Million in 2020, at a CAGR of 4.4% during 2021-2027.
- The global Industrial Controls System market size is projected to reach USD 77990 Million by 2027, from USD 62430 Million in 2020, at a CAGR of 2.8% during 2021-2027.
- The global Industrial Control Systems Security market size is projected to reach USD 15120 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 5.2% during 2021-2027.
- The global Programmable Logic Controller (PLC) market was valued at USD 12955.23 Million in 2020 and will reach USD 18923.18 Million by the end of 2027, growing at a CAGR of 5.71% during 2021-2027.
- In 2020, the global Distributed Control System (DCS) market size was USD 22140 Million and it is expected to reach USD 29470 Million by the end of 2027, with a CAGR of 4.1% during 2021-2027.
- The global Industrial Automation Service market size is projected to reach USD 55090 Million by 2027, from USD 33680 Million in 2020, at a CAGR of 7.2% during 2021-2027.
- The global Feeder Automation market size is projected to reach USD 3978.3 Million by 2027, from USD 2915.8 Million in 2020, at a CAGR of 4.1% during 2021-2027.
- The global industrial valves market size is expected to reach USD 93,664.9 Million in 2028, from USD 58,547.9 Million in 2020, growing at a CAGR of 6.0% from 2021 to 2028.
- In 2020, the global Industrial Ethernet Connectors market size was USD 633.5 Million and it is expected to reach USD 1078.6 Million by the end of 2027, with a CAGR of 7.9% during 2021-2027.
- The global Industrial Cyber Security Solutions and Services market size is projected to reach USD 19850 Million by 2027, from USD 13490 Million in 2020, at a CAGR of 5.2% during 2021-2027.
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