Industrial Automation Market Outlook: Big Test in Years to Come – 2021-2031 | CAGR 8.7%
Industrial automation technologies enable firms to access plant floor data in real-time, allowing them to consolidate corporate data and multi-plant operations.
PORTLAND , PORTLAND, OR, UNITED STATE, September 21, 2022 /EINPresswire.com/ — According to the report, the global industrial automation industry generated $196.4 billion in 2021, and is estimated to reach $443.5 billion by 2031, witnessing a CAGR of 8.7% from 2022 to 2031.
The advent of connected enterprises, the need for mass manufacturing of products, and the rise in the adoption of digital techniques and augmented reality (AR) technologies in manufacturing drive the growth of the global industrial automation market.
However, high initial capital investments and re-investments along with a lack of sufficient technical knowledge restrain the market growth. On the other hand, the surge in demand for safety-compliant automation solutions and industrial internet of things (IoT) solutions presents new opportunities in the coming years.
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Based on component, the software segment accounted for the largest market share in 2021, contributing to more than two-fifths of the global industrial automation market. This is due to the processing and analysis of the massive amount of data generated by an organization and conversion to actionable insights that provide operational benefits and outcomes.
However, the hardware segment is projected to lead in terms of revenue by 2031. On the other hand, the service segment is estimated to register the highest CAGR of 11.7% from 2022 to 2031, owing to a reduction in time and costs associated with the optimization of systems in the initial phase of deployment.
Based on hardware, the industrial sensors segment contributed to the largest market share in 2021, accounting for more than one-fourth of the global industrial automation market, and is expected to maintain its dominant share during the forecast period. This is attributed to technological advancements such as the development of the internet of things (IoT) and artificial intelligence (AI).
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However, the industrial robots segment is estimated to manifest the highest CAGR of 11.9% from 2022 to 2031. This is due to rise in demand for automation and rapid growth in industrialization.
Based on industry vertical, the manufacturing segment accounted for the largest market share in 2021, holding nearly one-fifth of the global industrial automation industry, and is estimated to continue its highest contribution throughout the forecast period. This is due to carrying out a variety of tasks including painting, welding, finishing, and assembly.
However, the healthcare segment is projected to register the fastest CAGR of 11.8% from 2022 to 2031, owing to its application in the collection and storage of patient information such as heart rate, blood pressure and temperature.
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Based on region, North America held the highest market share in 2021, accounting for more than one-third of the global industrial automation market. This is due to high spending on data analytics and data processing solutions in the region. However, Asia-Pacific is projected to grow at the largest CAGR of 11.4% from 2022 to 2031, owing to rise in digital and economic transformation in the region.
Leading Market Players:
• Emerson Electric Co.
• Rockwell Automation, Inc.
• Yocogawa Electric Corporation
• Omron Corpporation
• Endress+Hauser Group Services AG
• Fanuc Corporation
• WIKA USA
• Dwyer Instruments, LLC
• Stratasys
• Mitsubishi Electric Corporation
• Honeywell International, Inc.
• ABB Ltd.
• Schneider Electric SE
• Siemens AG
• General Electric
• Adisra
• Fizyr
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