Industrial Automation Market Size, Share, Growth Analysis, By Component(Hardware, Software, and Service), By Hardware(Industrial Sensors, Machine Vision Systems, Field Instruments, Industrial Robots (Robot Type- Traditional Industrial Robots), By Software Type(Manufacturing Execution System, Industrial Safety, Plant Asset Management, Supervisory Control & Data Acquisition), By Industry Vertical(Oil and Gas, Manufacturing, Automotive, Healthcare), By Region - Industry Forecast 2024-2031

Global Industrial Automation Market size was valued at USD 171.21 Billion in 2022 and is expected to grow from USD 185.42 Billion in 2023 to reach USD 350.9 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).

The industrial automation market is competitive, characterized by a landscape dominated by several key players. These companies present a broad spectrum of products like the programmable logic controller (PLC), human interface devices, supervisory control and data acquisition devices and systems, and various industrial robots amongst others. It’s the kind that never rests but keeps reinventing itself in lines of activity including industrial security, cloud-based automation, software solutions, etc., which people globally require in manufacturing businesses. However, there are many other industry players and new entrants from the region, as well as increasingly innovative solutions and technologies such as machine vision systems, and predictive maintenance systems for the industrial environment. The role of strategic partnerships and affiliations, mergers and acquisitions are critical in determining key features of the market growth, allowing companies to proliferate its market share, as well as advance its technology portfolio and sustain its competitive advantages. It creates a continual development and guarantees the market relevant to the dynamics of industries and what is expected on the international level. 'ABB (Switzerland) ', 'Emerson (US) ', 'Siemens (Germany) ', 'Schneider Electric (France) ', 'Mitsubishi Electric (Japan) ', 'Yokogawa Electric Corporation (Japan) ', 'Endress+Hauser (Switzerland) ', 'Honeywell (US) ', 'Rockwell Automation (US)  ', 'General Electric (US) ', 'FANUC CORPORATION (Japan) ', 'OMRON Corporation (Japan) ', 'Advantech Co., Ltd. (Taiwan) ', 'Hitachi Ltd. (Japan) ', 'Keyence Corporation (Japan) ', 'Parker Hannifin Corporation (US) ', 'Yaskawa Electric Corporation (Japan) ', 'Beckhoff Automation GmbH & Co. (Germany) ', 'Danaher Corporation (US) ', 'Fuji Electric (Japan)'

Different countries are prompting establishment of industries so as to foster and realize the overall growth of their nations. This has resulted in the advancement of numerous automation and communication parts and structures for the architectural advancement of industries. More specifically, government attention is centered on the growth of process and discrete sectors. For instance, the Government of Singapore has joined hands with Singapore Food Manufacturing Association (SFMA) and Food Innovation Resource Centre (FIRC) to embrace the recent automation solutions like SCADA, PLC, DCS, robots, and cables in food & beverage sector. The current manufacturing policy for India is in the form of a National Manufacturing Policy and proposed vision to boost the manufacturing sector in the country. The Government of India has also embarked on some undertakings for automation, including the ‘Make in India’ policy, that has encouraged firms to embark on automation of their production facilities.  

Increasing Integration of IIoT and Industry 4.0: This paper has featured the combination of IIoT with Industry 4. It is evident that decreasing to 0 technologies denotes an evolution of new and more intelligent integrated industrial automation solutions. IIoT utilizes sensors, networks, and intelligent data handling to improve precise sensing, predictive upkeep, and real-time control of the manufacturing processes. Collection of data regardingmachines and processes helps with efficient working on the production line, less time for downtime and better quality of final product. It adds flexibility and geographic control to the data through cloud computing and other tools, enhancing the capabilities of remote monitoring and control. This integration not only serves to improve operational flexibility, but also provides the base upon which to build intelligent factories, able to determineworking procedures individually and continuously self-adapt if necessary. 

North America stands as a dominating region in this market, primarily due to the presence of major technology companies, high investment in research and development, and the early adoption of advanced manufacturing technologies. They identify the United States of America particularly as having better structure embracing automation in different industries such as automotive, aerospace and electronics. Other driving forces such as the efforts of the government to promote smart manufacturing and the use of IoT gadgets in industrial operations also help augment the growth of the market in this region.