Market Overview
Industrial automation (IA) has become more sophisticated and intelligent to take over more human tasks than ever before. The automation reduces the human intervention, so the human error and consecutively the production cost is reduced which is encouraging the various industrial units to adopt the automation systems.
The global industrial automation market is growing rapidly and pervasively mainly due to the introduction of favorable policies in the manufacturing sector and increased focus on economic diversification in the emerging markets. The emergence of information technology and the adoption of the automation technologies has revolutionized the manufacturing sectors.
Acknowledging the exponential traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, mentions that the global Industrial Automation Market Size will grow enormously by 2023 posting a striking 9.35 % CAGR during the forecast period (2018 to 2023). MRFR reports that in the year 2017, the global industrial automation market had touched a valuation of USD 128.63 BN.
Additional factors substantiating the market growth include the adoption of robotic technology in every part of the industrial process from wiring to final quality check, imbued with intelligence. Moreover, the adoption of IoT, IIoT, and advancement in M2M communication technology are factors providing impetus to the growth of the industrial automation market.
Key Players
The prominent players in the Industrial Automation Market are - Siemens AG (Germany), ABB Ltd. (Switzerland), Emerson Electric Company (U.S.), General Electric Company (U.S.), Schneider Electric SE (France), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Yokogawa Electric (Japan), Ametek, Inc. (U.S.), Rockwell Automation, Inc. (U.S.) and Fanuc (Japan)
Global Industrial Automation Market - Segmentation
MRFR has segmented the analysis into four key dynamics for better understanding:
Industrial Automation Market - Regional Analysis
Globally, Europe is the largest markets for industrial automation. Led by Germany, this region is expected to retain its dominance over the global industrial automation market throughout the forecast period. Major factors driving the expansion of the market in the region are the presence of key players, adoption of industry 4.0 standards for smart industries, increasing demand for industrial robots, growing automotive manufacturing plants, etc.
Not necessarily, that the largest markets will present the greatest market opportunities. To an extent, this does not consider the variety of economic, historical, and political factors that shape the global trade. For instance, Mexico is not the “largest” global market for industrial automation equipment objectively, China definitively holds this position.
Nonetheless, Mexico continues to present unparalleled opportunities for the U.S. exporters because of its shared border and lack of tariffs. Size also does not consider market access barriers, such as tariffs, or policy prescriptions, such as export controls, which may apply to the U.S. exporters.
Meanwhile, the Asia Pacific region is set to register a relatively higher CAGR of 11.39% during the projection period. The industrial automation market in the APAC is majorly driven by the factors such as the adoption of digitalization, development of the robotic sector, adoption of automation by electronics & electrical industry, a boost in the manufacturing industry, and advancements in sensor technologies among others.
Major players are focusing on the Asian market due to the increase in industrial growth in the region. They are targeting emerging countries like China and India for increasing the overall revenues. Therefore, the Asia Pacific region is expected to contribute significantly to the global industrial automation market. China, on the other hand, maybe the largest importer of industrial automation products in the world, but the U.S. exporters must contend more with regional competitors, such as Japan, Korea, and Taiwan, which will affect pricing and market entry.
TABLE OF CONTENTs
1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 Market Structure
2.4 List Of Assumptions
3 Research Methodology
3.1 Research Process
3.1.1 Data Mining
3.1.2 Research Methodology For Market Size Estimation
3.2 Forecast Model
4 Market Dynamics
4.1 Introduction
4.2 Drivers 25
4.2.1 Government Policies Supporting Adoption Of Industrial Automation
4.2.2 Increasing Demand Of Industrial Automation In Manufacturing Industries
4.2.3 Organizations Focused On Worker Safety
4.3 Restraint
Continued…
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