The global industrial automation market is expected to witness a CAGR of 9.3% during the forecast period. Industries are moving towards industrial automation of manufacturing and related processes owing to its agility, responsiveness, reliability, avoiding risks, and efficiency. The growing prominence of plant instrumentation and enterprise-level control components to automate hardware and software in various industries will propel the growth of the industrial automation market. Moreover, the rising need for monitoring, controlling, and analyzing machine operation and forecasting downtime & faults propels the demand for sensors.

The advancement of automation solutions with integrated sensors will enhance the efficiency of manufacturing plants and reduce their operational cost, resulting in the growth of the industrial automation market. Furthermore, favorable government policies, rising demand for the smarter system, innovation in IT, growing middle-class population, rising disposable income will drive the growth of the industrial automation market. Nevertheless, the advent of 5G wireless technology, mounting adoption of Industry 4.0, expansion of AR, Digital Twin, IoT will create opportunities for growth in the global industrial automation market.

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ABB and ETH Zurich have expanded their partnership in robotics research as part of ETH’s RobotX initiative. The RobotX initiative is intended to position ETH as a leader in robotics research institutions. The effort will be supported by ABB’s Robotics and Discrete Automation business.

The industrial sector has had an adverse impact due to the COVID-19 outbreak owing to less consumption of high-cost products and consumers being inclined to spend on essential goods & services. This has led to a decrease in sales of industrial automation products. However, countries like the US, China, India, etc., are spending huge amounts on industrial automation. China’s automation spending has increased to 30% of worldwide automation spending.

Based on end-user, the industrial automation market is divided into oil & gas, chemicals & materials, paper & pulp, pharmaceuticals & biotech, mining & metals, food & beverages, power, consumer goods, automotive, machines & tools, semiconductor & electronics, aerospace & defense, and others. The automotive sector is anticipated to have the fastest growth in the industrial automation market during the forecast period 2021-2027 owing to the adoption of industrial IoT networks in physical devices, embedded electronics, software, sensors, actuators, and connectivity gadgets that are required in vehicle manufacturing. The rising demand for autonomous vehicles, rising pressure to minimize the carbon footprint by adopting electric vehicles, efficient production systems will force the automakers to develop new manufacturing processes resulting in the growth of the industrial automation market.

North America is anticipated to grow at a faster pace in the industrial automation market owing to the huge demand for semiconductor products, massive technological development, rise in IoT R&D activities, and prosperous manufacturing sector.

Some of the major players in the global industrial automation market include ABB, Rockwell Automation, Inc., Siemens, Emerson Electric Co., Schneider Electric, GENERAL ELECTRIC, Honeywell International Inc., Yokogawa Electric Corporation, Mitsubishi Electric Corporation, and AMETEK, Inc.

Source: VynZ Research