Global Industrial Automation Market Analysis

Global Industrial Automation Market Analysis

The global industrial automation market has experienced steady revenue growth, with a CAGR of 2.1% from USD 447.13 billion in 2020 to USD 475.58 billion in 2023. Projections suggest a CAGR of 5.3% from 2023 to 2028, reaching USD 615.17 billion by 2028. This growth is driven by industry and energy sector transformations, increasing profit pressures, and the need to remain competitive and meet evolving market demands. Automation is viewed as essential for productivity enhancement, cost reduction, and operational efficiencies.

The industrial automation market can be categorized into service types, namely consulting services, cybersecurity services, digital services, lifecycle services, oilfield services, project services, and others. The segment pertaining to Digital Services has witnessed a substantial revenue of USD 2.31 billion in 2022. Furthermore, it is anticipated to attain a remarkable growth rate of 15.3% over the forecast period from 2023 to 2028, ultimately reaching a revenue of USD 5.34 billion by 2028.

The industrial automation market includes sectors such as Aerospace & Defense, Automotive, Food & Beverages, Life Sciences, Oil & Gas, Power, Semiconductor, and others. The Life Sciences segment's revenue grew from USD 15.87 billion in 2020 to USD 18.54 billion in 2023, with a CAGR of 5.3%, and is expected to reach USD 25.52 billion in 2028 with a CAGR of 6.6%. Knowledge-intensive industries embrace digitalization and seek strategic technological partnerships, while capital-intensive sectors have potential for digital asset enhancement but show reluctance towards digital annuities due to cost concerns and unclear ROI. However, some are open to cloud-based solutions with clear ROI benefits.

The valuation of the North America amounted to USD 120.95 billion in 2022 and is projected to reach USD 166.01 billion by 2028. Conversely, the Asia-Pacific region is anticipated to exhibit a higher CAGR of 5.9% during the forecasted period from 2023 to 2028.

The top players operating in the global industrial automation market include Siemens AG, ABB, Ltd., Emerson Electric Co., Schneider Electric SE, Rockwell Automation, Inc., Honeywell International Inc., Yokogawa Electric Corporation, Omron Corporation, Hitachi, Ltd., FANUC Corporation, among others.

This study aims to analyze the global market for various segments of industrial automation, including:

Product Type: Distributed Control Systems (DCS), Programmable Logic Controllers (PLC), Valves, Sensors and Transmitters, Non-Destructive Testing, Asset Performance Management (APM), Cybersecurity Hardware, Product Lifecycle Management (PLM), Supervisory Control and Data Acquisition (SCADA), Flowmeters, Manufacturing Execution Systems (MES), Services, and Others (Configuration Management Software, Configuration Management Hardware, Advanced Process Controllers, Machine Safety Systems, Enterprise Asset Management, Vision Systems, Operator Training Systems, and others).
The Service Categories are further subdivided into the following items: Oilfield Services, Project Services, Lifecycle Services, Consulting Services, Cybersecurity Services, Digital Services, and Other Services (Education & Training, Technical Support, Hardware Repair, Annual Calibration, and Others).
End-User: Oil & Gas, Petrochemicals, Power, Water, Mineral, Paper, Life Sciences, Food & Beverages, Equipment, Semiconductor, Automotive, Aerospace & Defense, and Others.
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), and Middle East and Africa (Turkey and Rest of MEA).