The size of the global industrial automation market was 191.89 billion dollars in 2021, and it is anticipated to increase by 395.09 billion dollars by 2029, at a CAGR of 9.8%, from 205.86 billion dollars in 2022. According to our analysis, the global market showed a 6.5% decline from 2019 to 2020. Industrial automation has seen lower-than-anticipated demand across all regions compared to pre-pandemic levels due to the unprecedented and staggering COVID-19 pandemic.
We looked at the solutions provided by market participants like Emerson Electric Co. in the research report. Programmable Automation Controllers, Industrial I/O, Motion Control, Automation/Control Software, Panel & Industrial PCs, Industrial Web Panels, and Industrial Monitors are just a few of its automation solutions. Similarly, Control Systems, Turbocharging, and Programmable Logic Controllers are among ABB's automation products.
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Based on channel, deployment mode, application, end-use vertical, and geography, the study thoroughly segments the global data visualization market. Each segment and its corresponding sub-segments are thoroughly examined in the report using a graphical and tabular representation. By using it to identify and develop strategies based on the fastest-growing market segments and those with the highest revenue creation, as highlighted in the report, market players, investors, and new entrants can all profit from this analysis.
COVERAGE OF REPORTS
The report on the global industrial automation market gives a thorough analysis of the market and focuses on important factors like the top companies, product types, and product applications. In addition, the report identifies significant developments in the industry and provides insights into market trends. The information includes a number of additional factors in addition to those listed above that have helped the advanced market expand over the past few years.
Key Industry Developments:
The industrial automation market is divided into discrete automation and process automation according to industry. The discrete automation industry is expected to hold a major market share during the forecast period. The discrete automation market is divided into additional subsectors like automotive, electronics, heavy industry, packaging, and others. The demand for automation solutions will probably increase significantly in the automotive and heavy manufacturing sectors.
The process automation industry is further divided into the following sub-sectors: mining and metals, pulp and paper, chemicals, oil and gas, healthcare, and others. The mining and metals sector is anticipated to account for a sizable portion of the market, followed by the healthcare, oil & gas, and chemical sectors.
KEY INDUSTRY PLAYERS
To increase their market presence, the players in the market engage in mergers and acquisitions, partnerships, and collaborations. ABB Ltd., Rockwell Automation, and Honeywell International are some of the major players operating in the market. They are creating cutting-edge uses for robotics and automation technologies in order to unlock new growth poAs an illustration, ABB Ltd. invests about 5% of its revenue in R&D to increase the variety of products it offers, with a particular emphasis on machine-centric robotics, digital factory automation, collaborative robotics, and artificial intelligence. license.
List of Key Companies Profiled:
ABB Ltd. (Switzerland)
Emerson Electric Co. (U.S.)
General Electric Company (U.S.)
Honeywell International Inc. (U.S.)
Mitsubishi Electric Corporation (Japan)
Omron Corporation (Japan)
Rockwell Automation Inc. (U.S.)
Schneider Electric SE (France)
Siemens AG (Germany)
Yokogawa Electric Corporation (Japan)
The cost-effectiveness of industrial automation processes is offset by the high initial capital expenditures needed for employee training and technology implementation. Due to the fragmented nature of the industry, the return on investment (ROI) cannot be predicted. Small and medium-sized businesses (SMEs) are reluctant to adopt the benefits of technology because of the high upfront costs and unpredictable return on investment. However, government initiatives like the Make in India movement and the Government of India's MSME business loan program are likely to overcome this barrier and soon open up new markets for solutions.
North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the five main geographic areas that the market is examined. These areas are further divided into nations.
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