Three Major Technologies Transforming The Industrial Automation Market - By The Business Research Company

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Apr 05, 2023, 05:31 ET

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, April 5, 2023 /PRNewswire/ -- As per The Business Research Company's Industrial Automation Global Market Report 2023, the global industrial automation market size will grow from $177.2 billion in 2022 to $190.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The factory automation market size is then expected to grow to $256.7 billion in 2027 at a CAGR of more than 7%. Going forward, increasing adoption of IoT, rising healthcare expenditure, rising demand from agriculture industry and increase in passenger air traffic will drive the industrial automation market growth.

The industrial automation market is fairy fragmented, with a large number of players. Siemens AG was the largest competitor with 4.1% industrial automation market share, followed by ABB Ltd., Mitsubishi Electric Corporation, Schneider Electric, Fanuc Corporation, Omron Corporation, Emerson Electric Co., Rockwell Automation, Inc., Yaskawa Electric Corporation, and General Electric.

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The industrial automation market forecast identifies the following top three technologies companies in the industrial automation market should adopt to stay relevant in the market:

1. Implementation of AI In Industrial Automation

The implementation of AI (artificial intelligence) in industrial automation is a key trend in the industrial automation market. Artificial Intelligence (AI) involves robots performing complex human tasks. Robots are capable of doing recurring activities, designing the production model, rising competence, building automation solutions, eradicating human error and delivering superior levels of quality assurance.

2. Edge And Cloud Computing for Industrial Automation

Edge computing represents a major technological advancement in the industrial automation market. Edge computing is driven by the need for real-time data processing and low-latency communication in industrial settings. Edge computing performs real-time monitoring and machinery control, while cloud computing powers data analytics, storage and access.

3. 5G in Industrial Automation

Companies in the industrial automation market are focusing on the use of 5G technology in industrial automation. 5G is expected to make the Internet of Things (IoT) a reality for many industries, including industrial automation and manufacturing. 5G has the potential to revolutionize industrial automation by powering the networking capabilities of its various elements. Low-latency wireless communications will make it easier to monitor machines in real-time, giving industry leaders more information and better control of their facilities.

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Asia Pacific was the largest region in the industrial automation market, accounting for 40.9% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the industrial automation market will be South America, and, Middle East.

According to the industrial automation outlook, player-adopted strategies in the industrial automation market include expanding product portfolio through strategic acquisitions, launching compact robotic solutions, strengthening operational capabilities and focusing on strategic collaborations.

For instance, In January 2023, Galco Industrial Electronics, Inc. (Galco), a US-based distributor of over one million products from over 150 brands, which specializes in Industrial Electrical and Electronic automation, control and component solutions, announced it has acquired Zesco, Inc., for an undisclosed amount. The acquisition of Zesco further positions Galco as a global leader in the industrial automation and motion control industry. Zesco Inc. is a US-based automation solutions provider specializing in drives, motion control and automation, founded in 1970.

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