Industrial Automation Market is Estimated to Witness High Growth Owing to Advancement of Cloud Computing and AI
Industrial automation involves the use of control systems like programmable logic controllers (PLCs), supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and human machine interface (HMI) to operate and automate industrial processes and manufacturing. It helps improve production, quality control, and reduce costs. Industrial automation offers benefits such as high production levels, increased productivity and efficiency, improved product quality, reduced costs, and minimized human errors and interventions.
The global industrial automation market is estimated to be valued at US$ 240 billion in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the Industrial Automation Market Demand are ABB Ltd, Siemens AG, Honeywell International Inc., Mitsubishi Electric Corporation, Emerson Electric Co., General Electric, Endress+Hauser, Rockwell Automation and Yokogawa Electric Corporation.
The key opportunities in the industrial automation market include increasing adoption of industrial robotics and artificial intelligence (AI) systems. There is also growing demand for more flexible and modular automation solutions in industries like food and beverage, oil and gas, and pharmaceuticals.
Major technological advancements in the industrial automation market include adoption of cloud computing and AI. Cloud-based industrial automation solutions offer benefits like remote monitoring and control, centralized data collection, and predictive maintenance capabilities. Integration of AI technologies like machine learning and predictive analytics is helping to optimize industrial processes and minimize downtime.
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