The rising adoption of smart grid technology is a key factor driving the global industrial automation market, says Fortune Business Insights in a report, titled “Industrial Automation Market Size, Share & Industry Analysis, By Component (Hardware and Software), By Industry (Discrete Industry and Process Industry), and Regional Forecast, 2019-2026.” The global industrial automation market size was valued at USD 157.04 Billion in 2018 is expected to reach USD 296.70 Billion by 2026, exhibiting a CAGR of 8.4%.
According to the report, the global industrial automation market on the basis of component is segmented into hardware and software. The software segment is expected to hold major shares in the market during the forecast period owing to the high adoption of software solutions including human-machine interface (HMI), supervisory control and data acquisition (SCADA), manufacturing operations management (MOM) software and others. In addition, the hardware segment is expected to witness considerable growth owing to the high demand for sensors. For instance, in industries, more than 20 different types of sensors are deployed due to their monitoring capabilities and remote sensing application.
Increasing Demand for Robots Will Favor Growth
The increasing demand for AI-based industrial robots in various applications such as part transfer, pick and place, packaging, semiconductor manufacturing and others will stimulate growth of the market. For instance, robots are used for self-optimization of the production lines and customized product solutions in the discrete automation industry. Furthermore, the collaboration of Schneider Electric with Stäubli Robotics will accelerate the growth of the industrial automation market. For instance, in April 2018, Schneider Electric, France based company, collaborated with Stäubli Robotics to integrate robotics solutions into EcoStruxure smart machines by combining products and software into complete automated solutions. In addition, the partnership of Siemens AG with Alibaba Cloud will encourage the growth of the market. For instance, Siemens AG partnered with Alibaba Cloud to develop the Industrial Internet of Things (IIoT) solutions in China.
The Key Companies Present In The Industrial Automation Market Include:
- ABB Ltd.
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Omron Corporation
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
- Yokogawa Electric Corporation
Rising Adoption Of Technologies Will Aid Growth
The increasing adoption of technologies such as artificial intelligence (AI) based smart robots, IoT, industrial 4.0 and others will contribute to the industrial automation market trends during the forecast period. The demand for techn ologies owing to its low manufacturing cost and enhanced quality and reliability will clearly have a positive impact on the market. The rising acquisitions and mergers by key players will create new growth opportunities for the industrial automation market. For instance, Siemens AG acquired mendix, a low-code application developer company. This acquisition was completed to strengthen its digital enterprise business segment. Moreover, the collaboration between Rockwell Automation and Plug and Play will aid the industrial automation market growth during the forecast period. For instance, Rockwell Automation collaborated with Plug and Play, an innovation platform. This collaboration helps Rockwell Automation to find new opportunities to leverage disruptive industrial IoT technologies.
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