Industrial Automation Market Size, Share, Growth Analysis, By Component (Hardware, Software), By Type (Fixed Automation, Flexible Automation), By Industry (Automotive, Food & Beverage), By Application, By Region - Industry Forecast 2024-2031
Global Industrial Automation Market size was valued at USD 191.9 billion in 2022 and is poised to grow from USD 209.55 billion in 2023 to USD 423.72 billion by 2031, growing at a CAGR of 9.2% during the forecast period (2024-2031).
The global industrial automation market is witnessing significant growth, fueled by the rising adoption of advanced technologies such as robotics, artificial intelligence (AI), and the Internet of Things (IoT) across industries. As manufacturers aim to enhance productivity, reduce costs, and improve quality, the integration of automation systems has become essential. Demand for manufacturing equipment is particularly strong in North America, Europe, and Asia Pacific, where industrial hubs are growing. Europe is heavily investing in automation to stay competitive, particularly in the automotive and aerospace sectors. Meanwhile, Asia Pacific, led by China and Japan, is advancing rapidly with Industry 4.0 initiatives. Key drivers include the need for operational efficiency and the integration of smart products, enabling predictive maintenance and real-time monitoring for improved productivity.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial Automation market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Industrial Automation Market Segmental Analysis
Global Industrial Automation Market is segmented by component, type, industry, application and region. Based on component, the market is segmented into hardware (sensors, controllers, switches & relays, drives, others), software (supervisory control and data acquisition (SCADA), distributed control system (DCS), manufacturing execution system (MES), human-machine interface (HMI), others) and services (consulting, integration & deployment, support & maintenance). Based on type, the market is segmented into fixed automation (assembly lines, material handling systems), programmable automation (industrial robots, programmable logic controllers (PLCs)), flexible automation (computer numerical control (CNC) machines, automated guided vehicles (AGVs)). Based on industry, the market is segmented into automotive, food & beverage, pharmaceuticals, oil & gas, chemicals, electronics & semiconductors, aerospace & defense and others. Based on application, the market is segmented into material handling, welding, assembly, machining, painting, inspection and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Drivers of the Global Industrial Automation Market
The increasing pressure on companies worldwide to enhance performance is driving the growth of the global industrial automation market. Automation systems help minimize human error, optimize resource use, and streamline manufacturing processes. Their ability to operate continuously without breaks significantly boosts productivity, while also reducing waste and energy consumption. This leads to substantial cost savings and improved production efficiency. As industries seek to meet the demand for higher efficiency, the adoption of automation technologies becomes essential, further fueling the expansion of the industrial automation market.
Restraints in the Global Industrial Automation Market
One significant restraint in the global Industrial Automation Market is the widespread reliance on outdated or legacy systems that are incompatible with modern automation technologies. Integrating new automation solutions into these existing systems can be complex, costly, and time-consuming, often requiring a substantial overhaul of current infrastructure. This challenge is especially prevalent in businesses with large investments in legacy assets, where transitioning to automated systems may cause disruptions in productivity and operations. As a result, the high costs and operational risks associated with upgrading infrastructure pose significant barriers to the adoption of advanced automation technologies in these organizations.
Market Trends of the Global Industrial Automation Market
A significant trend in the global industrial automation market is the rising adoption of collaborative robots (cobots), which are designed to work alongside human workers, enhancing collaboration and ensuring greater workplace safety. Unlike traditional industrial robots, cobots are more flexible, cost-effective, and easier to program, making them a popular choice across various industries, especially in automotive, electronics, and food and beverage sectors, where precision and scalability are crucial. As the advantages of cobots become more apparent, their adoption is set to expand, further driving the industrial automation market's growth. This integration supports operational flexibility and paves the way for intelligent factories capable of independently determining and adapting work processes in real-time.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Driver & Opportunities
Restraints & Challenges
Porters Analysis & Impact
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2023
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Technological Advancement
Regulatory Landscape
Patent Analysis
Case Studies
Startup Analysis
Global Industrial Automation Market Size by Component & CAGR (2024-2031)
Market Overview
Hardware
Sensors
Controllers
Switches & Relays
Drives
Others
Software
Supervisory Control and Data Acquisition (SCADA)
Distributed Control System (DCS)
Manufacturing Execution System (MES)
Human-Machine Interface (HMI)
Others
Services
Consulting
Integration & Deployment
Support & Maintenance
Global Industrial Automation Market Size by Type & CAGR (2024-2031)
Market Overview
Fixed Automation
Assembly Lines
Material Handling Systems
Programmable Automation
Industrial Robots
Programmable Logic Controllers (PLCs)
Flexible Automation
Computer Numerical Control (CNC) Machines
Automated Guided Vehicles (AGVs)
Global Industrial Automation Market Size by Industry & CAGR (2024-2031)
Market Overview
Automotive
Food & Beverage
Pharmaceuticals
Oil & Gas
Chemicals
Electronics & Semiconductors
Aerospace & Defense
Others
Global Industrial Automation Market Size by Application & CAGR (2024-2031)
Market Overview
Material Handling
Welding
Assembly
Machining
Painting
Inspection
Others
Global Industrial Automation Market Size & CAGR (2024-2031)
North America, (Component, Type, Industry, Application)