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The advent of innovative technologies such as computing horsepower, application programming interface (APIs), cloud technology, and machine learning has propelled the demand for automation. Progressive technological advancements and their acceptance further support the snowballing demand for automation. Augmented reality (AR), digital twin, industrial internet of things (IIoT) are supposed to be the noteworthy trends prevailing the industrial automation products market growth. Factory automation involves technologies, sensors, relays, switches, robots, and other automatic control devices that improve productivity and simultaneously decrease the overall production cost. Thus, the manufacturing industry is increasingly looking to adopt various automation products, which fuels the market growth significantly. Industrial automation reduces human interference in the industry and also certifies a superior performance compared to human workers. Thus, the demand for automation products, including control systems, robots, computers, and information technologies, is growing immensely to handle various industrial processes.
Developing economies, especially China and India, are also showcasing their heavy investing plans to support industrial automation technologies. Thus, the significant investments made for supporting automation would drive the industrial automation products market during the forecast period.
Additionally, favorable government policies supportive of manufacturing industries would also be proven beneficial for the industry growth. For instance, increasing pressure to reduce carbon footprint by using fuel-efficient electric vehicles and automobiles stimulates the demand for automation in the automotive sector.
Key Market Driver -
• Rising trend of factory automation would be likely to drive the adoption • Significant investments in the manufacturing sector to accelerate the market growth
Key Market Restraint -
• High costs and compatibility issues to hinder the market growth.
Key players in the global market are developing featured products applicable for robotics and automation to attain new growth potential. Prominent market players are primarily focusing on developing new products and enhancements in their existing products to raise their position in a global marketplace. Several companies are adopting ultimate business expansion strategies such as strategic associations, collaborations, mergers, and acquisitions to expand their business and product portfolio. For instance, in June 2020, Mitsubishi Electric Corporation announced the extension of its MELFA CR series, which involves entry-level robots for low to medium complex applications.
Prominent companies in the industrial automation products market are 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, Kawasaki Heavy Industries, Ltd, Kuka AG, Keyence Corporation, Fanuc Corporation, Bosch Rexroth, Fuji Electric Co., Ltd., Endress+Hauser AG, Hitachi Ltd., among others.
North America's industrial automation products market is likely to hold a significant share of revenue, and it is probable to raise at a steady rate. The market growth is attributed to the rapidly growing trend of factory automation in the manufacturing sector. The presence of numerous manufacturing vendors that leverages the industrial automation systems further aids significantly to the market growth. The remarkable growth and investments in research and development (R&D) activities in industrial IoT are also likely to boost the regional market growth. Additionally, high demand for semiconductor products would be expected to flourish across North America. The rapid development of the advanced wireless network infrastructure such as 5G would also be likely to support market growth.
Europe is anticipated to contribute significantly to the global market due to vital factory automation companies such as ABB Ltd, Siemens AG, Schneider Electric S.E., and others. The industry 4.0 initiative for improving manufacturing productivity would be expected to impact market growth across Europe positively. Further, the rapidly developing robotics industry makes Europe a major contributor in the global industrial automation products market
The Asia-Pacific is anticipated to grow with the highest CAGR during the forecast period due to some prominent regional market players such as Kawasaki Heavy Industries, Ltd, Yokogawa Electric Corporation, and Mitsubishi Electric Corporation. China is a global manufacturing hub for smart sensors, semiconductor devices, microchips, and other IoT components. According to the French multinational insurance firm named Axa S.A., China holds about 95% share in global IIoT and connected device manufacturing. The growth of the Asia Pacific has further attributed to the cumulative demand for industrial IoT solutions in China, India, and South Korea.
With the advent of advanced technologies, the Middle East and Africa would likely drive significant market growth in the coming years.
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