JERSEY CITY, NJ, February 16, 2022 /PRNewswire/ — Verified Market Research recently released a report, “industrial automation marketBy Components (Enterprise Level Controls, Plant Instrumentation), By End Users (Oil & Gas, Chemicals & Materials, Paper & Pulp), and By Geography. According to verified market research, the size of the global industrial automation market was valued at $194.3 billion in 2020 and is expected to reach $350 billion by 2028, growing at a CAGR of 7.8% from 2021 to 2028.
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Overview of the global industrial automation market
The expansion of the industrial automation market is fueled by increasing expenditure in transforming traditional manufacturing facilities through the installation of digitized systems. Automated technologies for managing assets and people, as well as production processes, are being used to transform traditional manufacturing facilities. During the forecast period, the movement towards autonomous IoT sensors is expected to drive the growth of the industrial automation market,
Due to the global shutdown of industrial operations and manufacturing facilities, the COVID-19 pandemic has had a moderate impact on the market. In the first two quarters of 2020, manufacturing and process industries suffered significant losses, reducing the demand for robots and automated solutions from manufacturing sectors around the world. However, due to the need to automate these facilities, the market started to revive in 2021 with the reopening of manufacturing facilities and the restart of industrial operations.
Emphasis on industrial automation and optimal use of resources, increased use of enabling technologies in manufacturing, increased adoption of industrial robots in manufacturing through collaborative robots, Connected enterprise as well as mass production to meet the demands of a growing population are all factors contributing to the growth of the market. Due to the widespread adoption of automation solutions in the manufacturing, oil and gas, chemical and materials, and pharmaceutical industries, the industrial automation industry is booming. Manufacturing organizations are rapidly investing in industrial automation technology to increase system reliability and efficiency, as well as eliminate human labor-related production errors. However, in emerging countries, the scarcity of skilled personnel needed to operate these systems is a significant barrier to market expansion.
- February 2021: ABB has launched a portfolio of cobots in the GoFa and SWIFTI cobot families. These cobots will offer higher payload capacity and robot travel speed that will complement YuMi and Single Arm YuMi in ABB’s line of cobots.
- January 2021: Omron has launched the i4-series SCARA robot, which automates high-speed, high-precision assembly and transportation with easy installation.
- November 2020: Rockwell Automation has introduced the updated version of its FactoryTalk AssetCentre asset management software.
The main market players are Emerson (USA), ABB (Switzerland), Siemens (Germany), General Electric (USA), Schneider (France)Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (USA), WIKA (Germany), Azbil (Japan), Rockwell Automation, KUKA S.A.OMRON Corporation, Yaskawa Electric Corporation.
Verified Market Research has segmented the global industrial automation market on the basis of components, end users, and geography.
- Industrial Automation Market, By Components
- Enterprise level controls
- Plant instrumentation
- Factory Level Controls
- Industrial Automation Market, By End Users
- petroleum gas
- Chemicals and Materials
- paper pulp
- Pharmaceuticals and biotechnology
- Mining and metals
- food and drinks
- To be able to
- Consumer goods
- Machines and tools
- Semiconductors and electronics
- Aerospace and Defense
- Other end users
- Industrial Automation Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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