Industrial
automation is defines as the controlling & processing of heavy industrial
machines, equipment and devices with the help of advanced systems &
software, which are backed up by advanced technologies for instance cloud,
machine learning, robotics and others. The automation devices include PCs,
Programmable logic controller (PLC), Programmable automation controller (PAC),
etc. The system can be very complex in nature, has huge number of devices
working in synchronization using automation technologies.
The
key advantages are included lower operating costs, lower wastage, reduction in
human errors, efficient manufacturing, improve quality production, raise the
level of safety, synchronization of procedures, reduce routing checks and a
faster product lifecycle.
Based
on type, industrial automation market is segmented into fixed automation and
programmable automation. Based on component, market is segmented into
industrial robots, control valves, industrial 3D printing and machine vision
market. Based on technology, market is segmented into Supervisory control and
data acquisition (SCADA), PLC, PAC, Distributed control system (DCS),
Human-machine interface (HMI), Operator training simulators (OTS), Variable
frequency drive (VFD), Product lifecycle management (PLM), Asset performance
management (APM), Plant asset management (PSM), Manufacturing execution system
(MES) and Plant asset management (PSM) and Computer numerical control (CNC)
routers. In addition, based on end-use industry, market is segmented into oil
& gas, electrical & electronics, machine manufacturing, automotive
& transportation, aerospace & defense, food & beverages, chemical,
mining & metals, pharmaceuticals, electric power generation and others.
The
industrial automation market is driven by rise in demand of industrial
automation in manufacturing industries, followed by increase in government
policies supporting adoption of industrial automation, rise in
interconnectivity & Internet of Things (IoT) developments in computer-aided
systems, growth in focus on economic diversification in emerging markets,
rapidly surge in demand for fast production capacities and growth in
organizations focused on worker safety. However, high implementation cost of
equipment is a major restraint factor of market. Moreover, growth in adoption
of industrial 4.0 across various industries and rise in industrial robotics are
key opportunities for market.
Based
on geography, the European region dominates the industrial automation market
owing to growth in automotive production and rise in consumer electronics
production in the region. The Asian-Pacific and North-American regions are
anticipated to witness lucrative growth rate due to upsurge in economic growth,
increase in the use of industrial robots and expand in urbanization over the
forecast period. The global market is predictable to reach US $341.41 billion
in 2023, growing at a CAGR of 9.35%, during 2019-2023.
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