Industrial Automation Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4123
Industrial Automation Market size is anticipated to grow at healthy rate during the forecast period with rapid industrialization worldwide. The Rise in the demand for mechanization in manufacturing processes to enhance the efficiency and reliability in business operations will drive the adoption of automated technologies. For instance, Changying Precision Technology in China replaced 90% of its workforce with machines in its factories that led to an increase in productivity and 80% drop in manufacturing defects. The industries are highly engaged in incorporating smart machines including connected solutions with emerging technologies such as IIoT, 5G, machine vision, and Artificial Intelligence (AI). Moreover, the industries are investing highly in these technologies to enhance the security & safety of their workers. The usage of robotic and connected machines allows workers to maintain a safe distance from machines and perform manufacturing operations from remote locations.
The growing adoption of robotic technologies in the manufacturing environment is predicted to drive the industrial automation market growth. The industries are installing robots to limit human intervention that will help them to achieve enhanced product quality at high production capacity. Some of the major operations performed by these robotic solutions include welding, spraying, processing, assembly, and inspection. Increasing adoption of automated material handling solutions and the rise in the shift from traditional manual handling to automated technologies will also drive the industrial automation market growth. Several manufacturers have introduced modern robotic solutions designed for material handling applications. For instance, in November 2017, Kawasaki Heavy Industries Ltd. announced the launch of a robot system, “successor”, that reproduces the operator’s movements through remote calibration and performs various operations in a manufacturing facility.
High manufacturing & maintenance cost associated with these automated solutions is the major factor restraining the industrial automation market growth. Automated machines require periodical maintenance & repair for reducing the chances of system downtime and failure. As the machines are integrated with modern and high-cost components, their replacement will increase the overall maintenance cost of the business. With high operational & maintenance costs of the equipment, SMBs are preferring manual operational solutions to reduce their overall capital expenses, thereby negatively impacting the market demand. The lack of skilled technicians and engineers to operate these solutions is also encouraging the businesses to invest highly to procure services from manufacturers or service providers.
The mining & metal industry is expected to witness high growth in the industrial automation market due to the rise in the adoption of remotely operated technologies in mines. The processes involved in the mining industry, such as metal extraction, grinding, milling, spinning, and forging, have high risks to worker’s health & safety, encouraging the companies to install modern technologies to reduce industrial fatalities and accidents. For instance, in August 2018, Rio Tinto announced its plans to deploy nine autonomous drilling systems in its Pilbara mines. The technology will allow the operators to use a single console to operate four drill rigs remotely, thereby enhancing mining operations. Similarly, driverless vehicles are being widely used for loading & unloading of the materials and equipment in mines. In January 2019, Inner Mongolia North Heavy Industries Group Corp. developed a driverless mining truck with a built-in GPS tracking feature and load capacity of around 110 metric tons.
The Asia Pacific industrial automation market is expected to witness high growth over the coming years owing to rapid digitalization and automation in industrial sectors. Countries including China, India, and Japan are the major economies with high growth in the manufacturing sector. The global companies are establishing their manufacturing base in these countries due to the easy availability of low-cost resources and labor. With this increase in the number of manufacturing facilities, the demand for automated technologies is growing rapidly to improve business productivity and efficiency in operations, thereby accelerating the industrial automation market growth. Moreover, several government organizations are engaged in the promotion and adoption of automated technologies in the industry. For instance, in January 2018, China’s Ministry of Industry and Information Technology (MIIT) made it compulsory that 50% of all new vehicles manufactured and sold in the country must have full or partial autonomous functionalities.
The key players operating in the industrial automation market are Siemens AG, Vega Conveyors & Automation Ltd., Schneider Electric SE, General Electric Company, ABB Group, Fuji Electric Ltd., Hitachi Ltd., Honeywell International, WIKA Instruments India Pvt. Ltd., Azbil Corporation, FANUC Corporation, Danfoss Group, Krohne Group, Chaos Prime, and Rockwell Automation. The companies in the market are engaged in developing innovative technologies for different industrial segments. Furthermore, they are competing in the industry by engaging in partnerships and collaborations for expanding their business presence and product offerings. For instance, in March 2019, Ryohshin and AMP Robotics Corp. announced their partnership to develop and sell AI-based industrial robotic solutions for material recovery in construction & demolition industries.
Industrial Automation Market, By Component
- Control valves
- Field instruments
- Human-Machine Interface (HMI)
- Industrial robots
- Machine vision
Industrial Automation Market, By End-Use
- Aerospace & defense
- Food & beverages
- Mining & metals
- Semiconductor & electronics industry
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
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