DUBLIN--(BUSINESS WIRE )--The "Industrial Automation Market by Component (Plant-level Controls, Enterprise-level Controls, Plant Instrumentation), Mode of Automation (Semi-automatic, Fully-automatic), and End User (Oil & Gas, Automotive, Food & Beverage, Chemicals & Materials)-Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The industrial automation market is expected to record a CAGR of 9.3% from 2020 to 2027 to reach $306.2 billion by 2027.
The growing popularity of plant instrumentation and enterprise-level control components for automating hardware and software across industries supports the growth of the industrial automation market. The growing need for monitoring, controlling, and analyzing machine operations and predicting downtime & faults drives the need for sensors. A wide range of sensor technologies has been developed to address different applications and environments. Proximity sensors, vision sensors, ultrasonic sensors, position sensors, photoelectric sensors, temperature sensors, and inclination sensors are some of the sensors used in automation applications. The development of automation solutions with integrated sensors increases the performance efficiency of manufacturing plants and allows companies to manage operating costs.
The COVID-19 pandemic has moderately impacted industrial operations and manufacturing activities globally, affecting the growth of the industrial automation market. Lowered demand for luxury goods, automobiles, and electronics and countrywide lockdowns during the pandemic have reduced sales revenues in the automotive, consumer electronics, and consumer goods industries. These factors also impacted investments in industrial automation solutions during 2020. The industrial automation market is expected to recover steadily in 2021 and 2022 as companies are projected to implement automated systems to minimize human intervention in industrial and manufacturing processes.
Based on component, the industrial automation market is segmented into plant instrumentation, plant-level controls, and enterprise-level controls. The plant instrumentation segment is projected to witness considerable growth over the forecast period due to the growing need for sensors, robots, and machine vision systems among both basic and advanced manufacturing facilities. Machine vision enables machines to use vision for performing industrial tasks. It uses cameras, sensors, and computing power to help machines understand images and perform industrial tasks such as manufacturing and quality verification. These features enable companies to monitor production & industrial operations and minimize errors in the final products.
Based on end user, the industrial automation market has been segmented as oil & gas, chemicals & materials, paper & pulp, pharmaceuticals & biotech, mining & metals, food & beverage, power, consumer goods, automotive, machines & tools, semiconductors & electronics, aerospace & defense, and other end users. In 2020, the oil & gas segment accounted for the largest share of the overall market, due to the heavy implementation of industrial automation solutions across upstream, midstream, and downstream processes. Benefits of implementing industrial automation solutions include optimized supply chain and spare parts management, elimination of organizational inefficiencies, and improved workforce deployment. Key players in the industrial automation market have launched their IIoT platforms, such as Honeywell's Sentience, ABB's Ability, Schneider Electric's EcoStruxture, and Siemens's MindSphere to support the digitalization of oil fields.
An in-depth analysis of the geographical scenario of the industrial automation market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. In 2020, Asia-Pacific commanded the largest share of the industrial automation market, followed by Europe, North America, Latin America, and the Middle East & Africa.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900