Industrial automation market is projected to witness a CAGR of 9.01% during the forecast period 2024-2031, growing from USD 217.80 billion in 2023 to USD 434.30 billion in 2031. The market thrives at a decent CAGR, attributed to the adoption of latest technologies, robotics, and automated systems across industries.
The Industrial Revolution 5.0 has influenced industries through technological, machine, and software revolutions. The most significant drivers in this industrial automation market are increasing digitization, industrial internet-of-things (IoT), applications of artificial intelligence (AI), robotization, and greater emphasis on safety. Automation and the digitization of industrial processes heighten productivity and efficiency. The Internet of Things is a major trend in industrial automation, allowing networking and communication among sensors as well as other devices. It allows you to collect actual data in real-time for better decision-making and faster processes. Based on the solution, combined PLC and SCADA systems hold the major market share. Rapid automation leads to advantages in sectors such as automotive, packaging, and consumer goods. Automation vendors are converging on multi-technology integration and solutions-oriented approaches to offer greater productivity and precision in less working time.
For instance, in June 2024, ABB Ltd. launched new AI-powered heavy payload industrial robots. The IRB 7710 and IRB 7720 are large robots designed for use in automotive manufacturing, and in the electronics and construction industries. Large robots called the IRB 7710 and IRB 7720 are intended for use in the electronics, construction, and earthmoving industries in addition to the automotive production sector.
Industry 4.0, Broad Range of Applications, and Government Support to Fuel Market
Technological integration refers to the adoption and seamless incorporation of advanced technologies into industrial processes. Industry 4.0 is characterized by the seamless integration of smart technologies and industrial automation systems. These technologies enable better predictive maintenance, process optimization, and decision making, increasing efficiency and reducing downtime.
IoT devices and sensors provide real-time data to improve the monitoring, control, and automation of industrial systems. Advanced robotics, including collaborative robots (cobots), improve the accuracy, speed, and safety of manufacturing processes. Data analytics tools help interpret complex industrial operations data, leading to increased productivity and innovation. Governments across the globe support AI implementation through different initiatives. Furthermore, companies focus on the future-ready technologies.
For instance, in April 2024, Rockwell Automation Inc. and Microsoft Corporation announced significant technology integrations connecting the physical and digital industrial worlds at Hannover Messe 2024. The alliance will enable smart factories by simplifying complexity and helping customers to achieve sustainability goals and operational excellence.
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Technological Advancements and Higher Affordability to Drive Market Growth
AI and ML revolutionize industrial automation by delivering systems technological capabilities to learn and predetermine maintenance requirements, streamline processes, etc. AI-driven analytics is likely to significantly improve decision-making while systems based on ML algorithms learn patterns and trends of it to gradually make their performance better day-to-day. Big data and analytics are linked with each other to indulge in the comprehensive analysis of data regarding operational activities. Such integration helps identify inefficiencies, forecast demand, and optimize production schedules in optimum ways for better business decisions and better performance in automation.
Automation reduces dependence on manpower; therefore, companies can save on labor costs and time. Companies also overcome labor deficiencies and pressures caused by rising wages by automating tasks that are dull and hazardous in nature. It minimizes idle time for production and allows mechanization of processes within the system to enhance productivity. Efficiency is improved and lets productivity be picked up; therefore, costs are generally saved. Besides robotics, high definition image sensors and printers containing artificial intelligence are also other advanced technologies that enhance the automation levels of industries.
For instance, in April 2024, Cognex Corporation launched the In-Sight L38 3D vision system, combining AI, 2D, and 3D vision technologies. The system creates unique projection images that combine 3D information into an easily labeled 2D image for simplified training and reveals features not visible in traditional 2D imaging. AI tools detect variable or uncertain features, while rules-based algorithms provide 3D measurements for reliable inspection results.
PLC and SCADA Automate Major Industrial Verticals
PLC and SCADA play a vital role in industrial automation that cooperates, monitors, and enhances the system’s efficiency. PLC is meant to control mechanisms and processes in real-time. It performs pre-programmed instructions for managing operations accurately timed such as control over motors, valves, and sensors. Whereas SCADA systems function with a centralized interface for monitoring and controlling industrial processes.
For instance, in December 2023, Mitsubishi Electric Europe (Mitsubishi Electric Corporation) launched new Industrial Internet of Things (IIoT)-ready high-performance PLC. Mitsubishi Electric’s new MELSEC FX5S PLC is an affordable, user-friendly control solution that is intended to assist organizations on their digital transformation journey.
PLCs can be programmed and reprogrammed to address different functions. Flexibility in the configuration of various control strategies and adaptation towards new or change in existing processes is provided by PLCs. SCADA systems store historical data; this is an able resource for analyses, troubleshoots, and improves optimization. Historical data thus enables the understanding of trends, performs predictive maintenance, and enhances the overall process.
For instance, in August 2024, BluHaptics, Inc. dba Olis Robotics will showcase new PLC capabilities at IMTS (International Manufacturing Technology Show) 2024, Chicago, which will be held between September 9-14. PLC functionality built the company’s flagship, Olis solution to deliver remote monitoring, diagnostics, and debugging.
North America Dominates Industrial Automation Market Share
Based on region, North America holds the major portion of the market. A higher budget for innovative ideas and expanding warehouse and factory automation have fueled the market in the region. Various sectors in countries such as the United States and Canada are adopting automated machines, systems, and robots to limit human intervention and error. Hence, technology vendors are integrating with industrial automation giants to transform the market space. Industrial expansion, including the aftereffects of industrial revolution 4.0, have increased the adoption of automated technologies.
New companies entering the North American market with precision-based machines, sensors, and robots are expected to replace humans from the industries. Platforms like supervisory control and data acquisition offer focused analysis of data provided through different platforms and target decision-making. For operations like these, systems adopt the latest AI-based sensory technology in the region.
For instance, in July 2024, California-based OmniVision Technologies Inc. launched three new image sensors for machine vision applications. For machine vision applications, the business unveiled two new CMOS global shutter (GS) image sensors. Additionally, OmniVision has established a new Machine Vision Unit that will concentrate on developing cutting-edge products for robotics, intelligent transportation systems (ITS), logistics barcode scanners, and industrial automation.
Future Market Scenario (2024 – 2031F)
1. The constantly developing technologies for machine learning and big data, and most importantly, generative artificial intelligence are automated processes, which are continuously decreasing the rate of human error.
2. The new operations across the verticals with new machines are expected to bring in market growth..
3. The advent of collaborative robots and autonomous mobile robots is projected to enhance the operability across verticals. For instance, in March 2024, Schneider Electric SE released two new collaborative robots (Cobots) at MODEX 2024 show in Atlanta. The new range is compatible with Schneider Electric’s digital twin software suite, allowing businesses to create virtual copies of robots and optimize operations.
Report Scope
“Industrial Automation Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global industrial automation market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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