Industrial Automation Market to Reach $395.09 Billion by 2029; Rising Adoption of Industrial IoT to Propel Growth

The global industrial automation market size was USD 191.89 billion in 2021. The market is projected to grow from USD 205.86 billion in 2022 to USD 395.09 billion by 2029 at a CAGR of 9.8% during the 2022-2029 period. This information is provided by Fortune Business Insights™, in its report titled, “Industrial Automation Market Size, Share &COVID-19 Impact Analysis, By Component (Hardware, Software), By Industry (Discrete Industry, Process Industry), and Regional Forecast, 2022-2029.”

According to researchers, major market players focus on implementing innovative strategies to introduce industrial automation systems by collaborating with supporting companies. This will allow market players to expand their business globally during the forecast period.

COVID-19 Impact: Halt on Manufacturing Operations to Hamper Market Growth

The widespread coronavirus affected various industries globally wherein the governments imposed strict restrictions on import/export policies and manufacturing operations. Also, halt on production and supply of raw material affected the market growth during pandemic. These restrictions and revised business policies hampered market development and organizational growth.

Emerson Collaborated with PureCycle Technologies Inc.

Emerson collaborated with PureCycle Technologies Inc. to provide emerging digital technologies and automation facilities. This collaboration enables transformation of recycling plastic through Emerson’s Plantweb digital ecosystem. The collaboration aims to develop businesses globally along with maintaining environmental well-being. 

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https://www.fortunebusinessinsights.com/industry-reports/industrial-automation-market-101589

Fourth Industrial Revolution to Embrace Partnerships and Collaborations in Global Market

Rising industrial development in emerging countries and increasing technological advancements in the market are expected to ensure the industrial automation market growth. Furthermore, increasing adoption of industrial IoT and fourth industrial revolution is expected to drive the market during the forecast period. Also, implementing digital twins and AR technology in manufacturing sector is anticipated to propel market growth.

Key Players Collaborate with Supporting Companies to Expand Business

The prominent players focus on implementing several business expansion strategies to acquire highest market share and attract global customers. Forming strategic alliance and collaborating with other companies allow key players to expand their business globally. Also, innovative product development allows key players to improve product portfolio and ensure business growth.

Industry Development

• June 2021: Emerson collaborated with PureCycle Technologies, Inc. to offer digital technologies and automation for PureCycle facilities to transform plastic recycling. Emerson's Planet web digital ecosystem integrates digital automation technology across all PureCycle facilities and reduces the project completion time.

List of Key Players Covered in this Report

• 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)

Further Report Findings

Europe dominated the global industrial automation market share by holding USD 61.85 billion in 2021. Increasing investments in technological sector and advancements are likely to increase the market share of Europe. Increasing commercialization and industrialization is expected to help the market in Europe to dominate the global market during the forecast period.     

Based on industry, the market is segmented into discrete automation and process automation. Discrete automation is classified into automotive, electronics, heavy manufacturing, packaging, and others. Process automation is segregated into oil & gas, chemicals, pulp & paper, mining & metals, healthcare, and others. Automotive sector dominates the global market, owing to increasing industrialization.

Table of Segmentation