As per the current market research conducted by the CMI Team, the global Machinery and Industrial Automation Market size is expected to record a CAGR of 8.2% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 200.4 Billion. By 2032, the valuation is anticipated to reach USD 407.4 Billion.
Machinery and Industrial Automation Market: Growth Factors and Dynamics
- Technological Advancements: Rapid innovations in robotics, AI, and IoT drive machinery and industrial automation market growth, enhancing efficiency, precision, and adaptability across diverse industries.
- Cost Efficiency: Increasing focus on cost-effective production methods and resource optimization fuels the adoption of automation, boosting overall operational efficiency and reducing manufacturing expenses.
- Globalization Impact: The demand for machinery and automation rises with globalization, as industries seek scalable and flexible solutions to meet dynamic market demands and stay competitive on a global scale.
- Labor Shortages: Addressing labor shortages through automation becomes imperative, especially in industries facing workforce challenges, driving the adoption of robotics and automated systems for improved productivity.
- Industry 4.0 Integration: The convergence of digital technologies under Industry 4.0, including IoT, AI, and big data, propels machinery and industrial automation, enabling smart factories and data-driven decision-making.
- Environmental Sustainability: Growing emphasis on sustainable practices prompts industries to adopt eco-friendly automation solutions, contributing to energy efficiency, reduced waste, and compliance with environmental regulations.
- Supply Chain Resilience: Increasing awareness of the need for resilient supply chains in the face of disruptions drives the adoption of automated systems, ensuring smoother and more robust manufacturing and distribution processes.
- Customization Demands: The rising trend of personalized products and shorter product lifecycles pushes industries to adopt flexible automation solutions, enabling quick reconfiguration and adaptation to changing market demands.
- Cybersecurity Emphasis: With the growing integration of digital technologies, a heightened focus on robust cybersecurity measures becomes critical to protect industrial automation systems from potential cyber threats and ensure operational continuity.
- Collaborative Robotics: The increasing adoption of collaborative robots (cobots) that work alongside human operators fosters safer and more efficient industrial environments, promoting human-machine collaboration for enhanced productivity and flexibility.
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Machinery and Industrial Automation Market: Partnership and Acquisitions
- In 2023, Mitsubishi Electric’s subsidiary, ICONICS, Inc., finalized the acquisition of ICONICS UK, Ltd., a provider of SCADA software and cloud applications. This strategic move aims to integrate ICONICS UK’s technology into a Circular Digital-Engineering business model, optimizing factory automation solutions by enhancing equipment and system efficiency.
- In 2021, Suez, an American water service company, and Schneider Electric formed a strategic partnership to create a joint venture focused on delivering cutting-edge digital solutions for water cycle management. The collaboration leverages SUEZ’s water expertise and integrates Schneider Electric’s EcoStruxure platform for enhanced innovation in water management solutions.
- In 2021, ABB launched the GoFa and SWIFTI cobots, expanding its collaborative robot (cobot) portfolio. These cobots offer high capacity and assist in intricate movements, enhancing the robots’ capabilities. This introduction reinforces ABB’s commitment to advanced robotics solutions in diverse industrial applications.
Machinery and Industrial Automation Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Machinery and Industrial Automation Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: COVID-19 led to disruptions in global supply chains, impacting the timely delivery of components and equipment essential for the machinery and industrial automation sector.
- Reduced Manufacturing Output: Lockdowns and restrictions resulted in reduced manufacturing activities, affecting demand for industrial automation solutions as industries faced lower production capacities and operational challenges.
- Investment Uncertainty: Economic uncertainties during the pandemic led to a cautious approach among businesses, affecting investment decisions and potentially delaying or cancelling planned machinery and automation projects.
- Accelerated Digital Transformation: Companies are expediting their digital transformation efforts, leveraging automation, AI, and IoT to enhance operational resilience, efficiency, and adaptability in a post-pandemic landscape.
- Focus on Localized Production: To mitigate the impact of global supply chain disruptions, there is a trend toward localized production, encouraging the implementation of automation solutions for more agile and flexible manufacturing.
- Increased Remote Monitoring and Maintenance: The adoption of remote monitoring and maintenance solutions has surged, allowing companies to monitor and manage machinery from a distance, reducing the need for on-site personnel and enhancing operational efficiency.
- Rise in E-Commerce Automation: The growth of e-commerce during the pandemic has driven the need for automation in logistics and distribution centers, with increased demand for robotics and automation solutions to handle the surge in online orders.
List of the prominent players in the Machinery and Industrial Automation Market:
- Siemens AG
- ABB Ltd.
- Rockwell Automation Inc.
- Mitsubishi Electric Corporation
- General Electric Company
- Schneider Electric SE
- Yokogawa Electric Corporation
- Honeywell International Inc.
- FANUC Corporation
- Emerson Electric Co.
- Kuka AG
- Robert Bosch GmbH
- Eaton Corporation plc
- Omron Corporation
- Danfoss A/S
- Others
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