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.
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The increasing penetration of advanced technologies, such as machine learning (ML), the internet of things (IoT), and artificial intelligence (AI), has helped accelerate the growth of the industrial automation market. Vision-guided robots are experiencing a rise in demand across the sector due to their efficiency in completing repetitive tasks, such as bottle handling, bin picking, and tray loading. Numerous benefits, including enhanced traceability, improved efficiency, and high flexibility, have been driving the need for automation in the food & beverages industry over the years. These factors have encouraged food & beverages producers to invest heavily in automated technology integration across their production facilities. For instance, a US-based snack brand, Utz Brands Inc., announced its plans to integrate automated capabilities across its production plants to reduce its operational cost in 2021.
Similarly, Hormel Foods is also planning to incorporate automation across its production facilities in 2022. Other food & beverage brands rapidly adopting automated technology include Tyson Foods and ITC. Thus, the rise in investment in automation across the food & beverages industry is fueling the growth of the industrial automation market. Furthermore, the rising product development and strategic initiatives from key market players for industrial automation applications lead to market growth. For instance, in January 2022, the Khronos Group launched a new initiative with the European Machine Vision Alliance (EMVA) to produce an open, royalty-free API standard to regulate camera system runtimes in embedded, mobile, industrial, XR, automotive, and scientific industries. Thus, the rise in investments by global companies is boosting the uptake of machine vision systems and driving the industrial automation market.
Players operating in the industrial automation market are mainly focused on the development of advanced and efficient products.
- In Feb. 2022, Scania, a prominent worldwide transport solutions provider, signed a deal with ABB to supply a broad range of robotic solutions for Scania’s new highly automated battery assembly factory in Sweden.
- In Jan. 2022, Hitachi, Ltd. and Hitachi Industrial Equipment Systems Co., Ltd. announced that they have been accelerating the global development of the line building business leveraging industrial robots. Hitachi Automation, Ltd. will be established on April 1, 2022, by reorganizing and combining group firms’ activities and resources to reinforce the robotic SI business in Japan and ASEAN countries.
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 the largest 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 industrial automation market 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.
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