Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global industrial automation market size is expected to exhibit a CAGR of 8.9% between 2020 and 2027. This is ascribable to the increasing adoption of modern technologies such as industrial internet of things (IIoT) owing to the advent of Industry 4.0 across several manufacturing industries globally. Fortune Business Insights, in its latest report, titled “Industrial Automation Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Industry (Discrete Industry, and Process Industry), and Regional Forecast, 2020-2027.”, observes that the market was worth USD 168.81 billion in 2019 and is likely to reach USD 326.14 billion by 2027.
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The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
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Industrial automation is a type of process that reduces human intervention by adopting information technologies such as artificial intelligence, the internet of things (IoT), and machine learning algorithms to efficiently handle several types of machinery and processes within the industry. There are three types of industrial automation such as programmable automation, fixed automation, and flexible automation. It is beneficial in improving overall productivity in manufacturing industries and increasing personnel safety by substituting them with automated systems in a volatile environment.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Leveraging Modern Technologies Owing to Advent of Industry 4.0 to Favor Growth
The rise of advanced digital industrial technologies is dramatically transforming the industrial scenario. Industry 4.0 has helped manufacturing industries improve productivity, flexibility, and efficiency in industrial processes at astonishingly reduced operational costs. In addition to this, the industrial revolution is rapidly shifting the economic dynamics, fostering industrial growth, and changing the overall competitiveness of the companies. Adoption of advanced technologies such as industrial internet of things (IIOT) is propelling the companies to allow field devices to interact and communicate with each other with centralized controllers while ensuring reliable decision making and enabling accurate real-time responses. Increasing adoption of modern digital technologies backed by the Industry 4.0 revolution is expected to drive the global industrial automation market during the forecast period.
Europe to Remain Dominant; Increasing Production of Robots to Augur Growth
Among all regions, Europe was worth USD 54.30 billion in 2019 and is expected to witness considerable growth by holding the highest global industrial automation market share during the forecast period. This is attributable to the increasing production of robots by local manufacturers. The market in Asia Pacific is anticipated to witness significant growth owing to the increasing production of technical components such as sensors, and microchips, among others, in countries such as China in the region between 2020 and 2027.
Rockwell Automation Announcing Latest Enhancement for its Digital Technology to Strengthen Position
In June 2020, Rockwell Automation, Inc. in collaboration with PTC, announced the launch of enhanced features for its FactoryTalk Innovation Suite. According to the company, the Suite launched in 2018, has been highly successful in helping the customers to achieve considerable operational efficiency while improving quality and reducing unplanned downtime. The latest enhancement enables the customers to maintain real-time data from critical operational sources by adopting advanced technologies such as data analytics and industrial IoT.
List of the Companies Operating in Industrial Automation Market:
- ABB Ltd. (Zürich, Switzerland)
- Emerson Electric Co. (Missouri, United States)
- General Electric Company (Massachusetts, United States)
- Honeywell International Inc. (North Carolina, United States)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Omron Corporation (Kyoto, Japan)
- Rockwell Automation Inc. (Wisconsin, United States)
- Schneider Electric SE (Rueil-Malmaison, France)
- Siemens AG (Munich, Germany)
- Yokogawa Electric Corporation (Tokyo, Japan)
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Detailed Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Industrial Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Laser Markers
- Safety Light Curtain
- By Industry (Value)
- Discrete Automation
- Heavy Manufacturing
- Process Automation
- Oil & Gas
- Pulp & Paper
- Mining and Metals
- Health Care
- Discrete Automation
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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