Industrial automation services market is experiencing a surge in demand

VANCOUVER, BRITISH COLUMBIA, CANADA, June 23, 2024 /EINPresswire.com/ -- The global industrial automation services market is experiencing a surge in demand, driven by the increasing adoption of industrial automation technologies across various industries. According to Emergen Research, the market size reached a staggering US$ 198.80 Billion in 2022 and is projected to reach US$ 464.15 Billion by 2032, exhibiting a robust growth rate (CAGR) of 8.8% during 2024-2032.

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Market Overview:

Industrial automation services encompass a wide range of services that utilize control systems, robots, and information technology to manage and operate machinery within industrial processes. These services include designing, installing, maintaining, and supporting automated systems. They play a crucial role in optimizing production efficiency, minimizing costs, ensuring product quality, and standardizing manufacturing practices.

Key Trends Shaping the Market:

Growing Demand for Enhanced Productivity and Efficiency: Manufacturers are constantly seeking ways to streamline operations and boost production output. Industrial automation services offer a compelling solution by automating repetitive tasks, improving process control, and minimizing human error.

Rise of Industry 4.0 and Smart Manufacturing: The integration of advanced technologies like artificial intelligence, machine learning, and the Internet of Things (IoT) into industrial processes is fueling the demand for automation services that can manage these complex systems.

Shifting Manufacturing Landscape: The growing prominence of automation in emerging economies like China and India is significantly contributing to market expansion. These countries are experiencing rising labor costs and a need to improve product quality, making automation a viable solution.

Market Drivers:

Increasing Focus on Operational Cost Reduction: Industrial automation services assist in minimizing labor costs, reducing waste generation, and optimizing energy consumption, leading to significant cost savings for manufacturers.

Stringent Quality Regulations: The growing emphasis on maintaining consistent product quality standards across industries necessitates the implementation of automated quality control systems, driving the demand for related services.

Technological Advancements: The continuous development of new automation technologies, such as collaborative robots and cloud-based automation solutions, is further propelling market growth.

Restraints:

High Initial Investment Costs: The implementation of automation systems often involves substantial upfront costs, which might restrict the adoption rate among small and medium-sized enterprises (SMEs).

Technical Expertise Gap: The integration and operation of complex automation systems necessitate specialized skills. The lack of skilled personnel in certain regions could pose a challenge to wider market penetration.

Growth Opportunities:

Demand for Sustainable Manufacturing Practices: Industrial automation services can assist in reducing energy consumption and minimizing waste generation, aligning with the growing focus on sustainable manufacturing practices. This trend is expected to create lucrative opportunities for market players.

Advancements in Artificial Intelligence (AI) and Machine Learning (ML): The integration of AI and ML into automation systems can further enhance process optimization and predictive maintenance capabilities, driving market growth.

Key Market Insights:

Geographically, Asia Pacific currently holds the dominant position in the industrial automation services market. This dominance is attributed to the rapid industrialization and increasing automation adoption in countries like China and India.

The discrete industry segment, encompassing sectors like automotive, electronics, and machinery manufacturing, is projected to witness significant growth due to the high demand for precision and efficiency in these industries.

Integration of Industrial Internet of Things (IIoT) solutions is a prominent trend, enabling remote monitoring, data-driven decision making, and predictive maintenance capabilities.

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SWOT Analysis:

Strengths:

Increased efficiency and productivity

Improved product quality

Reduced labor costs

Weaknesses:

High initial investment costs

Technical expertise gap

Opportunities:

Sustainable manufacturing practices

Advancements in AI and ML

Growing demand in emerging economies

Threats:

Economic fluctuations

Cybersecurity risks

Latest Strategic Developments:

On 1 March 2021, Accenture agreed to purchase Pollux, a Brazilian company with headquarters in Joinville that offers industrial robotics and automation solutions. The purchase will increase Accenture's capabilities for customers in the consumer goods, pharmaceutical, and automotive industries that want to increase the efficiency, sustainability, and safety of their factories, plants, and supply chains.

Process optimization for manufacturing and logistics is offered by Pollux. The business creates, engineers, and deploys fully operational assembly lines including robots, other gear, and the software that manages it. Additionally, Pollux provides robots as a service for shop floors and warehouses, autonomous mobile robots, and visual analytics inspection solutions.

Industrial Automation Services Top Companies and Competitive Landscape

The global industrial automation services market is consolidated, with few large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective industrial automation services.

Some major players included in the global Industrial Automation Services market report are:

Siemens AG

Honeywell International Inc.

General Electric Company

Mitsubishi Electric

Rockwell Automation

Johnson Controls Inc.

Schneider Electric

Yokogawa Electric Corporation

OMRON Corporation

Danaher Corporation

Industrial Automation Services Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global industrial automation services market based on the service type, product type, end-use, and region:

Service Type Outlook (Revenue, USD Billion; 2019–2032)

Project Engineering and Installation

Maintenance and Support Services

Consulting Services

Operational Services

Product Type Outlook (Revenue, USD Billion; 2019–2032)

DCS

SCADA

PLC

MES

Others

End-Use Outlook (Revenue, USD Billion; 2019–2032)

Discrete Industries

Process Industries

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Country scope: U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA

Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
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