Industrial Automation Market Size, Share, Trends, & COVID-19 Impact Analysis, By Component (Hardware, Software), By Industry (Discrete Automation, Process Automation), and Regional Forecast, 2022-2029
The global “Industrial Automation Market size” was USD 191.89 billion in 2021. The market is expected to grow from USD 205.86 billion in 2022 to USD 395.09 billion in 2029 at a CAGR of 9.8% during the 2022-2029 period. This information is provided by Fortune Business Insights™, in its report, titled, “Cloud Computing Market, 2022-2029.”
According to our research analysts, developing technologies such as artificial intelligence, cloud, predictive analysis, as well as machine learning, among other, are estimated to refine contact center competences. The rising alertness of civil privileges has led to the growth of customer inquiries across industries.
Companies Profiled in the Market-
- ABB Ltd. (Switzerland)
- Emerson Electric Co. (U.S.)
- General Electric Company (U.S.)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Omron Corporation (Japan)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Yokogawa Electric Corporation (Japan)
What Does the Report Offer?
In order to prepare this report, we have captured data on the revenue of several key players through secondary sources, such as company websites, corporate filings, annual reports, and investor presentations. We have conducted extensive interviews with key industry experts in order to track and analyze competitive developments, such as partnerships, mergers and acquisitions, new product launches, and research and development activities. Our next step included the bottom-up procedure to arrive at the overall size of the market.
Europe to Dominate Backed by Presence Highest Number of Robot Density
Europe is expected to remain at the forefront and hold the largest position in the market during the forecast period because, in European region, in Jan 2021, the International Federation of Robotics (IFR) report mentioned that the Western Europe has 225 automated units per 10,000 employees and Nordic European Countries had 204 automated units per 10,000 employees, which is a maximum robot density worldwide. The region’s market stood at USD 57.85 billion in 2020.
North America is expected to showcase significant industrial automation market share in upcoming years, owing to the presence of advanced production and manufacturing capabilities by manufacturers in the region.
Partnership and Collaboration Allow Key Players to Maintain Market Position
Key players in the market focus on implementing different business development strategies such as mergers, partnerships, alliances, and acquisitions. Also, key players implement innovative strategies to enhance their product portfolio. These strategies allow companies to expand their market reach and gain a competitive advantage in the emerging market.
June 2021: ABB Ltd. partnered with dtac Trinet, Thailand-based wireless telecommunications service provider, to develop robotics and machine automation solutions with dtac connectivity across Thailand. The partnership aims to advance Thailand’s manufacturing capabilities and accelerate industry 4.0 in the country.
June 2021: Emerson collaborated with PureCycle Technologies, Inc. to offer digital technologies and automation for PureCycle facilities to transform plastic recycling. Emerson’s Planet web digital ecosystem integrates digital automation technology across all PureCycle facilities and reduces the project completion time.