Industrial Automation Market outlooks 2027|Market size of the historic period(2017 to 2021), Market size of the forecast period (2023-2027), Growth rate | Technavio
NEW YORK, July 27, 2023 /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
Industrial Automation Market Insights -
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Industrial automation market - Vendor Insights
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.
Industrial Automation Market – Market Dynamics
Changing market dynamics is a key factor driving the market growth. Manufacturers are facing the impact of fluctuating demand and increasing operational expenditure (OPEX) as market dynamics shift in leading processes and discrete industries. For example, factors like changing oil and gas prices, metal price fluctuations in the global market, the Russia-Ukraine war, a slowdown in the global automotive industry, and a shortage of skilled workforce have directly affected manufacturing companies' overall OPEX and profitability.
Furthermore, this sudden and unprecedented change in market dynamics poses significant challenges to manufacturing processes, highlighting the need for manufacturers to implement effective safety mechanisms to reduce critical risks. Therefore, the changing market dynamics are expected to restrict market growth during the forecast period.
Value chain integration by automation solution providers is a major trend in the market. In 2019, the automation software segment experienced more rapid growth compared to the automation hardware segment in the global industrial automation market. 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 market 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 market growth during the forecast period.
Technical issues are a significant challenge to the growth of the industrial automation market. The advancement of the Industrial Internet of Things (IIoT) or Industry 4.0 in the automation realm has brought about significant design challenges at the control level. While IIoT offers various advantages, such as real-time communication, enhanced reliability, increased overall efficiency in industrial automation, and smart maintenance through distributed intelligence systems in manufacturing and factory automation, it also presents certain challenges.
Manufacturers and system integrators encounter design challenges in factory automation, particularly at the control level. Although each level in Industry 4.0 has its specific design challenges, those related to control-level designing are extremely complex. Thus, the technical challenges are expected to restrict the market growth during the forecast period.
The industrial automation market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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