Industrial Process Automation Market to Grow at 5.4% CAGR by 2030
Increasing adoption of Industrial IoT and favorable government initiatives to promote industrial automation has been significant for the growth of the industrial process automation industry.
According to a new research report by Next Move Strategy Consulting, the Industrial Process Automation Market was valued at USD 58.36 billion in 2022, and is expected to reach USD 96.06 billion by 2030, with a CAGR of 5.4% from 2023 to 2030.
The growth of the industrial process automation industry is fueled by the increased adoption of Industrial IoT (IIoT) to boost the efficiency of machine performance, product quality, and inventory levels in industrial processes. Companies are implementing IIoT technologies to automate manufacturing processes and improve customer experience. For instance, Gartner anticipates that 20% of industrial equipment manufacturers will use remote Industrial IoT capabilities in 2023, a sizable increase from the near-zero adoption rate in 2021.
Moreover, governments globally are emphasizing the development of distinct and process industries that involve the production of goods through a series of continuous processes. For instance, in January 2022, China introduced a modified version of the Made in China 2025 industrial policy blueprint. The five-year smart manufacturing development plan aims to digitize 70% of the country’s large enterprises.
On the contrary, the growing fluctuations in the end-use industries due to the disruptions in the global supply chains caused by the COVID-19 pandemic have declined the demand for automation solutions, particularly in industries such as automotive, aerospace, and consumer goods. This is expected to hinder the growth of the industrial process automation industry.
However, advancements in the Industry 4.0 revolution, such as the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), create significant opportunities for companies to embrace collaborations and partnerships. This collaboration strategy creates more efficient and effective automation solutions that help companies optimize their production processes and profitability. For instance, in January 2023, Emirates Global Aluminum (EGA) and Microsoft UAE collaborated to accelerate Industry 4.0 adoption across industries in the UAE. This collaboration aims to set the global best practices for the aluminum industry while improving the sustainability of EGA’s computing operations.
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Key Insights from the Industrial Process Automation Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the industrial process automation market is provided in the report.
The value chain analysis in the market study provides a clear picture of the role of each stakeholder.
The market share of the players in the global industrial process automation market along with their competitive analysis is provided in the report.