Industrial Automation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), System Type (Supervisory Control and Data Acquisition, Distributed Control System, Programmable Logic Control, and Others), and End U

Industrial Automation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), System Type (Supervisory Control and Data Acquisition, Distributed Control System, Programmable Logic Control, and Others), and End Users (Oil & Gas, Automotive, Food & Beverage, Chemical & Materials, Aerospace & Defense, and Others)

The industrial automation market was valued at US$ 140.39 billion in 2021 to reach US$ 233.94 billion by 2028; it is estimated to grow at a CAGR of 7.6% from 2021 to 2028.

The increasing penetration of connected enterprises and the rising need for mass manufacturing of products are promoting the industrial automation market due to increasing demand for real-time data analysis across geographies and rising uptake of advanced technologies across end-use industries to improve performance. For instance, in 2019, the Chinese government invested US$ 577 million in developing industrial robots under the Made in China 2025 plan. In September 2020, the UK government announced plans to invest around US$ 180 million into the second round of its Manufacturing Made Smarter scheme to promote interconnectivity and innovation in the country's manufacturing industry. Furthermore, the rising product development and strategic initiatives from key industrial automation market players for industrial automation applications lead to industrial automation market growth. For instance, in 2020, Honeywell International Inc. and Tech Mahindra Limited partnered with Factories of the Future to accelerate the digital transformation journey by empowering manufacturers. Similarly, Siemens collaborated with SAP SE to offer industry 4.0-enabled business processes to enterprises. Thus, the factors mentioned above are driving the industrial automation market.

Further, the increasing number of online shoppers across the globe is constantly influencing the adoption of automation across the e-commerce industry. Significant automation applications across the sector include workflow process automation and automated storage and inventory retrieval. The demand for automation in e-commerce is highly varying, owing to which the forward pick areas must be continuously adjusted to aid the fluctuation in demand. Along with managing stock keeping unit (SKU)demand fluctuations, an Automated storage and retrieval systems (ASRS) also advances the fulfilment process, thus, allowing e-commerce and omnichannel retailers to adhere better to service level agreements by fulfilling order delivery commitments. Several e-commerce giants have also increased their investment in automating their warehouse facilities over the years. For instance, in July 2021, Amazon India announced the launch of its 11 automated fulfilment centers. The centers will be integrated with automated technologies to automate pick pack and shipping processes and ensure safe and timely order processing. These factors are expected to boost the growth of the industrial automation market globally over the forecast period.

In the COVID-19 pandemic, industrial automated solutions manufacturing facilities across the globe were adversely impacted, leading to low production volumes. Further, the demand for such solutions declined rapidly, owing to the temporary closure of end-use manufacturing and other retail outlets. For instance, the automotive sector recorded a 20% decline in manufacturing in 2020, owing to the spread of COVID-19. Thus, in the first two quarters of 2020, the global industrial automation market size was adversely impacted. However, the world experienced the rapid adoption of robots in 2020. In 2020, APAC recorded the deployment of 71% of all newly manufactured robots. Installations for the region's largest adopter (China) grew strongly by 20%, with 168,400 units shipped. Adoption from the automotive industry was weaker in APAC in 2020. The electronics & semiconductor industry invested significantly in industrial automation solutions, such as robots, in 2020, and it continued to invest in 2021. Meanwhile, owing to containment measures enacted by governments, the supply side of industrial automation manufacturers was marginally affected till Q3 of 2020. Moreover, with the normalization of economic and manufacturing activities from Q3 of 2020, the adoption of automated solutions experienced a rise to reduce the number of human interactions across facilities, thereby enabling the industrial automation market to revive from both the supply and demand sides in 2021.

The industrial automation market is segmented based on component, system, and end user. Based on component, the market is segmented into hardware and software. In 2021, the hardware segment led the industrial automation market and accounted for a larger market share. Based on system, the market is segmented into supervisory control and data acquisition, distributed control system, programmable logic control, and others. In 2021, the others segment led the industrial automation market and accounted for a larger market share. Based on end user, the market is segmented into oil & gas, automotive, food & beverage, chemical & materials, aerospace & defense, and others. In 2021, the automotive segment led the industrial automation market and accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share in the global market.

The key players operating in the global industrial automation market and profiled in the market study include ABB LTD.; B&R Industrial Automation GmbH; HITACHI LTD.; Industrial Automation (M) SDN BHD.; Koyo Electronics Industries Co., LTD.; Mitsubishi Electric Corporation; Omron Corporation; Rockwell Automation; Siemens; and Yokogawa Electric Corporation.

The overall global industrial automation market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the industrial automation market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the industrial automation market.Reasons to buy

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The List of Companies - Industrial Automation Market

1. ABB LTD.
2. B&R Industrial Automation GmbH
3. HITACHI LTD
4. Industrial Automation (M) SDN BHD
5. KoyElectronics Industries Co., LTD
6. Mitsubishi Electric Corporation
7. Omron Corporation
8. Rockwell Automation
9. Siemens
10. Yokogawa Electric Corporation