Global Industrial Automation Market is projected to grow at a CAGR of 10.3% during the forecast period: MRFR

Market Research Future (MRFR) has published a cooked research report on the “Industrial Automation Market” that contains the information from 2023 to 2030.

The Industrial Automation Market is predicted to reach USD 414.48 billion by 2030, registering a 10.3% CAGR during the forecast period, 2023–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Higher adoption rate associated with technological advancement in field on autonomous manufacturing process is seen to facilitate numerous growth opportunities at regional as well as global level. This has forced regional government to roll-out numerous strategic initiatives for long term gain of the economy. For instance, PLI (Production Linked Incentives) scheme launched in India has helped manufacturing companies to invest sizable amount for automating various production process. However, Governments in underdeveloped economies are also implementing various programmes for industrial automation in order to boost economic growth in their own countries. The future of workers will be greatly impacted as automation accelerates over the next decade.

In October 2022, The company CUBIC, which specializes in modular systems for the construction of electrical panels, has been acquired by Rockwell Automation, Inc., a company dedicated to industrial automation and digital transformation. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.

Access full report @ https://www.marketresearchfuture.com/reports/industrial-automation-market-2212

Segmental Analysis

The scope of the global Industrial Automation market has been segmented based on type, component, application, and industry vertical.

Based on type, the global Industrial Automation market is segmented into fixed automation, programmable automation ,flexible automation. The fixed automation segment is expected to exhibit the fastest CAGR during the projected period.

Based on components, the global Industrial Automation market is segmented into hardware, software, and service. The hardware segment will experience the highest CAGR.

Based on Solution, the global Industrial Automation market is segmented into Supervisory Control And Data Acquisition (SCADA), Programmable Logic Controller (PLC), Programmable Automation Controller (PAC), Distributed Control System (DCS), Human Machine Interface (HMI),Others. Supervisory Control And Data Acquisition (SCADA)is expected to exhibit the fastest CAGR during the projected period.

Based on Industry Vertical the global Industrial Automation market is segmented into entertainment and media, automotive, healthcare, building and construction, defense, transportation, and others. The building and construction segment is expected to grow at the highest CAGR during the forecast period.

Regional Analysis

Geographically, the global Industrial Automation market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Asia Pacific accounted for the largest share of revenue in 2021. This is due to the presence of key players and developing businesses in the region, which are responsible for this robust expansion. Additionally, this region's market expansion is driven by the rising need for improved industrial plant management systems in developing economies like China and India..

During the forecast period, the Europe region is expected to exhibit the fastest CAGR. In Europe, where automation was previously employed to analyze the drilling ground and manage drill speed, the need for modernizing the oil and gas, water and wastewater, and power infrastructure has been growing quickly.

Key Players

The key players in the global Industrial Automation market are   ABB Ltd. (Switzerland), Siemens AG (Germany), Emerson Electric Company (US), Schneider Electric SE (France), General Electric Company (US), Honeywell International Inc. (US), Yokogawa Electric (Japan), Mitsubishi Electric Corporation (Japan), Ametek Inc. (US), Fanuc (Japan), Rockwell Automation Inc. (US) .