What Has Been The Evolution of the Machinery And Industrial Automation Market in Recent Years?
The machinery and industrial automation market has seen considerable growth due to a variety of factors.
• In recent years, the market size of machinery and industrial automation has seen robust growth. It is projected to escalate from $206.3 billion in 2024 to $225.68 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%.
The historical growth trends can be tied back to factors such as the influence of globalization, the integration of industry 4.0 technologies, environmental sustainability goals, and enhanced safety regulations.
What Are the Future Growth Projections for the Machinery And Industrial Automation Market?
The machinery and industrial automation market is expected to maintain its strong growth trajectory in upcoming years.
• Over the upcoming years, the machinery and industrial automation market is forecasted to experience a significant increase in size. With a compound annual growth rate (CAGR) of 7.8%, it is projected to reach a value of $304.52 billion by 2029.
The anticipated growth over this forecast period can be credited to several factors such as the rising adoption of IoT and AI technologies, emphasis on energy efficiency, digital transformation, developments in smart manufacturing, resilient supply chains, and the increasing need for remote monitoring solutions. Notable trends during this forecast period are projected to be the adoption of advanced AR technology, demand for safety automation products, industrial PC market growth, and an amplified focus deployed towards energy-efficient solutions.
What Are The Core Factors Supporting Growth In The Machinery And Industrial Automation Market?
Anticipated expansion of the Internet of Things (IoT) usage is believed to spur the machinery and industrial automation sector's progress. IoT is a term for a network of linked devices and objects equipped with sensors, software, and other technologies. This surging IoT uptake is powered by its potential to increase connectivity, facilitate data-based insights, and boost efficiency across different sectors. IoT boosts machinery and industrial automation by offering smooth connectivity and information exchange, enhancing efficiency, and allowing for real-time monitoring and administering. For example, as reported by IoT Analytics in their State of IoT—Spring 2023 report, worldwide IoT connections witnessed an 18% rise in 2022, reaching 14.3 billion active terminals. In 2023, the number of linked IoT devices is expected to go up by an additional 16%, hitting 16.7 billion active terminals globally. Hence, the escalating adoption of IoT is stimulating the growth of the machinery and industrial automation sector.
What Are The Major Segments Within The Global Machinery And Industrial Automation Market?
The machinery and industrial automation market covered in this report is segmented –
1) By Product Types: Sensors And Actuators, Industrial Robots, Control Systems
2) By Automation Technologies: Programmable Logic Controller Systems, Supervisory Control And Data Acquisition, Distributed Control System, Robotics
3) By End-User Applications: Material Handling And Packaging, Assembly And Disassembly, Process Automation, Quality Control
4) By Industry Verticals: Manufacturing, Energy And Utilities, Chemicals And Pharmaceuticals, Food And Beverage
Subsegments:
1) By Sensors And Actuators: Proximity Sensors, Temperature Sensors, Pressure Sensors, Optical Sensors, Force Or Torque Sensors, Rotary Actuators, Linear Actuators, Pneumatic Actuators, Hydraulic Actuators
2) By Industrial Robots: Articulated Robots, SCARA Robots (Selective Compliance Assembly Robot Arm), Cartesian Robots (XYZ Robots), Delta Robots, Collaborative Robots (Cobots), Parallel Robots
3) By Control Systems: Programmable Logic Controllers (PLCs), Distributed Control Systems (DCS), Supervisory Control And Data Acquisition (SCADA), Human Machine Interfaces (HMIs), Motor Drives And Controllers, Safety Instrumented Systems (SIS), Machine Vision Systems
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How Are Emerging Trends Reshaping The Dynamics Of The Machinery And Industrial Automation Market?
Companies that dominate the machinery and industrial automation market are amplifying their strategic focus on product development, particularly in the realm of industrial automation products, to enhance their profitability. These products, encompassing a myriad of technology and devices, are tailored to streamline and optimize manufacturing processes. For example, Renishaw Inc., a UK-based company active in the machine industry, announced the release of a fresh line of industrial automation products in May 2023. The newly launched portfolio, featuring three products – RCS L-90, RCS T-90, and RCS P-series – also includes a dedicated software package for support. The innovative RCS product suite aims to tackle primary challenges that the worldwide industrial automation industry faces, particularly matters related to manual robot setup, calibration, and maintenance. The RCS L-90 is a ball-bar device that enhances the precision of the robot system, reduces the setup time, and keeps track of the robot's state of health. Meanwhile, RCS T-90, a tri-ball bar system, enables users to pinpoint the primary reasons behind subpar performance and record essential robot data.
Who Are the Key Players In The Machinery And Industrial Automation Market?
Major companies operating in the machinery and industrial automation market are:
• Robert Bosch GmbH
• Hitachi Ltd.
• Siemens AG
• General Electric Company
• Schneider Electric SE
• Mitsubishi Electric Corporation
• Honeywell International Inc.
• ABB Ltd.
• Larsen & Toubro Limited
• Eaton Corporation plc
• PARKER HANNIFIN CORP
• Danfoss A/S
• Emerson Electric Co.
• Rockwell Automation Inc.
• FANUC Corporation
• Omron Corporation
• YASKAWA ELECTRIC CORPORATION.
• Kuka AG
• Yokogawa Electric Corporation
• Azbil Corporation
• Stratasys
• Sensirion AG
• Dwyer Instruments Ltd.
• Endress+Hauser Group Services AG
• WIKA Instruments India Pvt. Ltd
What Is The Most Dominant Region In The Machinery And Industrial Automation Market?
Europe was the largest region in the machinery and industrial automation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machinery and industrial automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
