Industrial Automation Market Size Worth US$ 233.94 Billion by 2028: Growth, Trends, and Forecasts
Our latest market analysis, the Global Industrial Automation Market is expected to reach US$ 233.94 billion by 2028, growing at a CAGR of 7.6% from 2021 to 2028. The market growth is driven by factors such as increasing adoption of automation technology, growing demand for efficiency and productivity in industries, and the need for cost reduction.
Industrial automation uses advanced control systems such as robots, computers, and information technologies to handle various machinery in the industry. The systems are classified into process plant automation and manufacturing automation based on the operations involved. Industrial automation offers numerous benefits such as high product quality, reliability, and production rate while reducing production and design costs by deploying new and innovative technologies and services.
One of the main drivers of the industrial automation market is the increasing adoption of automation solutions in various industries such as oil & gas, manufacturing, chemicals & materials, pharmaceuticals, and others. The surge in demand for automation solutions in these industries is due to their ability to offer high productivity, quality, flexibility, and information accuracy, which is leading to an increase in the uptake of automation in the industrial sector.
Another factor contributing to the growth of the industrial automation market is the advancements in automation technologies such as machine learning, artificial intelligence, and the Internet of Things (IoT). These technologies are enabling the development of more intelligent and efficient automation solutions that are increasingly being adopted by manufacturers and other industries.
In 2021, the COVID-19 pandemic led to the acceleration of the deployment of machine vision technology for industrial automation across various industries. The pandemic forced manufacturers to deploy this technology to keep their operations running efficiently, even as businesses scrambled to bolster their digital infrastructure and support remote workers.
The increased demand for automation solutions in various industries, such as oil & gas, manufacturing, chemicals & materials, pharmaceuticals, and others, also contributed to the growth of the industrial automation market. Additionally, the advancements in automation technologies such as machine learning, artificial intelligence, and the Internet of Things (IoT) played a significant role in the growth of the market.
