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Industrial Control & Factory Automation Market Size, Share

The Industrial Automation Global Market Report 2023 by The Business Research Company, provides industrial automation market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Industrial Automation Global Market Report 2023, the market size will grow from $177.26 billion in 2022 to $190.92 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the industrial automation is expected to grow to $256.73 billion in 2027 at a CAGR of 7.7%.

The increasing significance of robotics is expected to propel the growth of the industrial automation market. Robotics involves the design, manufacture, and operation of intelligent machines to assist humans. Robotics is being increasingly applied in industrial automation processes to handle various processes and machinery in an industry to increase efficiency, replace manual labor, increase speed, and overall performance.

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The industrial automation market is segmented:

1) By Component: Industrial Robots, Human Machine Interface (HMI), Industrial Sensors, Control Valves, Other Components

2) By Control System: Supervisory Control And Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Manufacturing Execution System (MES), Component Lifecycle Management (PLM), Enterprise Resource Planning (ERP), Human Machine Interface (HMI)

3) By Industry: Aerospace And Defense, Automotive, Healthcare, Energy And Utilities, Manufacturing, Oil And Gas, Mining, Transportation, Other Industries

Technological advancements are the key trends gaining popularity in the industrial automation market. Advancements such as the incorporation of AI in robots help them to learn the processes with complete autonomy so that they can even communicate with other robots and humans in some cases. Major players in the market are focusing on incorporating AI technology in industrial robots to be a leader in the market. For instance, in March 2022, Mitsubishi Electric Corp., Japan-based electronics company disclosed that they will introduce new industrial robotic systems incorporated with its Maisart AI technologies including high-precision speech recognition that would allow operators to fine-tune robot movements as required.

The industrial automation market report table of contents includes: