Industrial Automation Market
Market Overview
The global industrial automation market in 2017 was valued at USD 128.63. However, the ongoing industrial revolution and rising demand to automate different processes in different industries positively influence the market.
On the other hand, manufacturers worldwide are now investing heavily in industrial automation solutions, which will also trigger market growth.
So, it has been forecasted that the market value will cross USD 216.5 billion mark by the end of 2023. Besides, the CAGR- Compound Annual Growth Rate during the forecast period will be 9.35 percent.
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COVID-19 Impact on the Market
The massive shutdown of plants, factories, and travel restrictions imposed by different countries greatly affected the manufacturing facilities. On the other hand, shortage of labor and raw materials and supply chain disruption also negatively affected production. However, automation technology and solutions play an important in the process of safeguarding people during the pandemic. All the major companies are now developing industrial automation solutions to help companies to deal with consumer requirements. And the experts have projected that this will create more Industrial Automation Market Opportunities during the forecast period.
Market Segmentation
The global Industrial automation market has been segmented considering different factors to analyze the Industrial Automation Market Share value trend in the coming years. It has been segmented based on Technology, End-user, and Type.
Based on type, the market has been divided into programmable automation and fixed automation. As per the report, the fixed automation market generated more revenue in2017, but now it has been projected that the programmable automation segment will rule the market.
Based on the end-user, the market has been segmented into Oil Gas, Machine manufacturing, Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Food & Beverage, Pharmaceuticals, Mining & Metals, and others. The report suggests the food and beverage segment will grow rapidly during the forecast period.
By technology, the global industrial automation market has been segmented into Distributed Control System, Programmable Logic Controller, Programmable Automation Controller, and others. The Industrial Automation Market Analysis experts have suggested that the Distributed Control System will be a leading segment.
Regional Segmentation
In terms of geography, the market is properly analyzed across five different regions. These are Latic America, the Middle East & Africa, Asia Pacific, North America, and Europe. Besides, the regions are also categorized into various countries to easily analyze the Industrial Automation Market Trends. The European market is anticipated to hold a significant Industrial Automation Market Share during the forecast period. This market has maximum robot density. On the other hand, the North American regional market will hold the second spot. Early adoption of the latest automation technologies, for example, robots, will help the market grow at a decent rate.
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