USD 83.68 billion growth opportunity in Industrial Automation Market 2023-2027 | 7.65% YOY growth expected in 2023 | Technavio

NEW YORK, Feb. 13, 2024 /PRNewswire/ — The industrial automation market is estimated to grow at a CAGR of 8.16% between 2022 and 2027 and the size of the market is forecast to increase by USD 83.68 billion, according to Technavio – Download the Sample Report

• Vendors: 15+, Including ABB Ltd., Azbil Corp., Danfoss AS, Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, OmniVision, OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, WIKA Alexander Wiegand SE and Co. KG, and Yokogawa Electric Corp., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Product (SCDA, PLC, DCS, Drives, and Sensors), End-user (Process industry and Discrete industry), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). To understand more about the industrial automation market, request a sample report

The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors including – ABB Ltd., Azbil Corp., Danfoss AS, Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, OmniVision, OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, WIKA Alexander Wiegand SE and Co. KG, and Yokogawa Electric Corp.

Value chain integration by automation solution providers is a major trend. In 2019, the automation software segment experienced more rapid growth compared to the automation hardware segment in the global industry. This trend can be attributed to the decreasing reliance on hardware and the increasing acceptance of software applications, leading to higher demand for automation software. Consequently, Original Equipment Manufacturers (OEMs) specializing in automation software and industrial control systems are seeking to expand their presence by acquiring system integrators. Additionally, some vendors are concentrating on individual automation products, such as digitalization, to leverage the growing demand for Industrial Internet of Things (IIoT) technologies. Thus, the value chain integration is expected to restrict growth during the forecast period.

• Changing dynamics is a key factor driving the growth.
• Technical issues are a significant challenge to the growth. 

Drivers, Trends & Challenges have an impact on dynamics and can impact businesses. Find some insights from a sample report!

The global industry is experiencing exponential growth, driven by advancements in robotics, artificial intelligence, and automation. Industries across the industrial sector are increasingly adopting these technologies to enhance efficiency and productivity. Integration of material handling systems and intelligent manufacturing infrastructure optimizes production processes, paving the way for Industry 4.0 transformation. Augmented by cloud computing and augmented networking architectures, these systems offer unprecedented connectivity and scalability. This convergence revolutionizes traditional manufacturing paradigms, empowering businesses to achieve higher levels of precision, flexibility, and adaptability. As the market continues to evolve, the synergy between technology and industry will drive innovation and unlock new opportunities for growth and competitiveness.

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SOURCE Technavio