Saturday, 27 July 2024
According to our latest market study on “Industrial Automation Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, System, and End User,” the market was valued at US$ 171.23 billion in 2022 and is expected to reach US$ 322.67 billion by 2030; it is estimated to record a CAGR of 8.2% from 2022 to 2030.
Construction is one of the most manual-intensive industries, with physical labor being the primary source of productivity. Robots do not yet play a substantial role in any stage of a building's lifecycle, whether it be new commercial construction, refurbishment, or deconstruction. However, with rising automation across all industries, the global construction sector is also experiencing a surge in investment in automated solutions, such as robots. Several types of robots are being extensively adopted across the construction industry, including 3D printing, demolition, and remote-controlled or autonomous vehicles. Automation across the construction industry is in a very nascent stage; however, it is expected to develop in the coming years. Due to these opportunities across the sector, several companies have invested heavily in developing advanced construction robots. For instance, in a global survey commissioned by ABB in 2020, out of 1,900 large and small construction businesses in Europe, the US, and China, 81% of respondents planned to introduce or increase the use of robotics and automation within the next decade. These factors further fuel the adoption of robots across the construction industry, which is expected to contribute to the industrial automation market growth during the forecast period.
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Source: The Insight Partners Analysis
ABB Ltd.; Bosch Rexroth AG; Emerson Electric Co.; Hitachi Ltd.; Honeywell International, Inc.; Mitsubishi Electric Corporation; Omron Corporation; Rockwell Automation, Inc.; Schneider Electric SE; and Siemens AG are among the key industrial automation market players that were profiled in the report. Several other major industrial automation market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The industrial automation market report provides detailed market insights, which help the key players strategize their growth.
In Europe, Germany dominated the industrial automation market in 2022. Germany is the fifth largest market for industrial robots owing to the advancing digitalization across the manufacturing sector. Germany has a robot density of over 300 per 10,000 workers, positioning it as one of the major adopters of industrial robots. Factors such as robust infrastructure, the presence of several original equipment manufacturers (OEMs), research and development (R&D) capabilities, and political and industrial stability make Germany a robotic hub in Europe. The food & beverages industry is one of the biggest industries in Germany. According to Germany Trade & Invest, R&D and innovation expenditure in the food & beverages industry in the country was estimated to reach EUR 3 billion in 2019. High investment in the food & beverages industry drives the industrial automation market growth in the country. In recent years, the German airport authorities have been investing significant amounts towards the renovation of the major airports with advanced technologies. For instance, in February 2018, Munich Airport, along with Lufthansa, tested a humanoid robot in Terminal 2 of the airport for passenger guidance. In April 2019, Frankfurt Airport deployed FRAnny, a robotics head that uses AI to assist passengers with information at the airport.
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