Industrial Automation Market Grow Considerably with a Notable 8.3% CAGR through 2031

WESTFORD, MASSACHUSETTS, UNITED STATES, July 25, 2024 /EINPresswire.com/ -- Industrial Automation Market size was valued at USD 171.21 Billion in 2022 and is expected to grow from USD 185.42 Billion in 2023 to reach USD 350.9 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).

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Industrial automation comprises the use of improved technology to mechanize several steps of manufacturing from material management to the final delivery of a product. In the present scenario, every other industry is adopting automation, gaining them added benefits. Irrespective of the type of automation adopted by different industries, industrial automation has always delivered notable returns like better use of resources, improved productivity, consistency and quality, improved working conditions, reduced downtime, and lots. In 2022, the global industrial automation market size is estimated at USD 171.21 billion.

Digital Twin to Boost Businesses Processes, Driving the Market Progressively

Emerging technologies like digital twins, generative AI, and 4D vision are currently creating a major impact in all the manufacturing areas. Different businesses will be investing in these technologies as they will be more accessible in the coming years. Digital twins are simply a virtual replica of any physical object or process. They are presently being used by many organizations and their use is expected to increase soon. Digital twins offer better product quality, by speedy product duplications and better design optimization. They offer better quality products by quickly assessing flaws. They also improve employee training and boost sustainability by minimizing waste.

Blending Artificial Intelligence and Automation to Substantially Impact the Market Over 4-5 Years

The following are the key Industrial Automation Trends that will shape the growth of the market in the next 5 years

The ever-evolving scenario of automation technology will give the world more innovations in the next 5 years, mainly technologies like AI and automation. The combination of automation and AI is expected to set a benchmark. The adaptable systems will learn and evolve more in the coming years. Also, the integration of robotic process automation, AI, and machine learning is helping hyper-automation to improve operations and simplify workflow in industries. Besides, the combination of human capabilities and machines will bring more productivity, allowing humans to focus on creative and strategic aspects. Customized automated solutions will again help fulfill numerous demands from industries like healthcare, finance, and more.

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Growth of Vat Photopolymerization to Boost the Manufacturing Processes

As witnessed, edge computing, advanced robotics, 3D printing, and additive manufacturing technologies will drive the market in the near future. These technologies offer multiple benefits like data collection in real-time, storage, processing, and analysis, allowing for wise decision-making in complicated surroundings. Improved machinery can perform tasks better than humans while also taking care of safety and efficiency. This carries utmost importance in manufacturing companies, essentially. The technologies enable intelligent creation and integration of informed systems with Vat Photopolymerization emerging as a fast-progressing technology, assisting in hi-resolution and speedy creation of objects.

AI, Advanced Robotics and 5G to Play a Key Role in Industrial Automation Over Next 10 years

The upcoming trends in industrial automation comprise advanced robotics, AI capabilities, and a more significant role for improved communication techs like 5G. governments are also expected to play a vital role in the regulation of industrial automation and influencing the future.

There are abundant opportunities seen in industrial automation in future. Businesses will need to stay updated with the very recent trends and adopt them in their processes to achieve heights.

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Latest Headlines and Headlights

Danaher Corporation declared a new role in the company in June 2024. The new role, Chief Data & Artificial Intelligence Officer, to which Dr. Martin Stumpe was designated. Dr. Martin holds huge experience which will help the company to perform better scientific and operational improvements. This will further assist AI strategy of the company to drive innovations.

In August 2023, OMRON, a leader in end-to-end industrial automation services, announced the introduction of a novel OMRON TM20 cobot carrying 20 kg cargo. The novel cobot is efficiently performs machine tending, automated palletizing, and material handling whilst dealing with heavy cargo.

In May 2024, Yokogawa Electric Corporation declared the formulation of Growth for Sustainability 2028 (GS2028), a novel medium-term business project for the period ending financial year 2028.

In December 2023, Mitsubishi Electric announced the unveiled its cutting-edge smart manufacturing site for improved Factory Automation Systems in Talegaon Industrial place in Maharashtra, India. This manufacturing site is built to deliver high-quality and reliable products.

The progressing technologies of the past few years are coming together to transform industrial automation. Industrial automation systems are aiding and transforming businesses in various sectors. Yet there are a few challenges like data management, socioeconomic complexities, cybersecurity, legal concerns, and technology integration. To unveil the real the potential of automation, these challenges should be overcome. Seeing the current scenario, the future will address these challenges for better overall productivity to businesses.

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Robotics Market

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