Global Industrial Automation Market Set for Robust Growth, Anticipated to Reach $256.73 Billion by 2027
The global industrial automation market is expected to reach $256.73 billion by 2027, growing at a compound annual growth rate (CAGR) of 7.7%. The market is projected to expand from $177.26 billion in 2022 to $190.92 billion in 2023. The increasing importance of robotics is driving the growth of the industrial automation market, with robots being integrated into various industrial processes to enhance efficiency and performance.
The key players in the industrial automation market include Emerson Electric, General Electric, Rockwell Automation, Schneider Electric, Siemens, and Mitsubishi Electric. These companies are actively incorporating artificial intelligence (AI) technology in their industrial robots to maintain a competitive edge.
In terms of regional dynamics, Asia-Pacific emerged as the largest region in the industrial automation market in 2022. The market is segmented by component (industrial robots, human machine interface, industrial sensors, control valves, and other components) and by control system (supervisory control and data acquisition, distributed control system, programmable logic controller, manufacturing execution system, component lifecycle management, enterprise resource planning, and human machine interface).
Overall, the industrial automation market is set for robust growth in the coming years, driven by technological advancements, the integration of AI in robotics, and strategic acquisitions by key players.