Industrial Automation Magazine India

Industrial Process Automation Market Report 2023 featuring Hitachi, Siemens, Toshiba, Emerson Electric, Rockwell Automation & more

Published on : Monday 22-05-2023

The growth of the Internet of Things (IoT) and sensor technology has led to an increase in the amount of data that can be collected from industrial processes.

Dublin, May 2023 – The Industrial Process Automation Market by Component, by Industry Vertical – Global Opportunity Analysis and Industry Forecast, 2023-2030 report has been added to ResearchAndMarkets.coms offering.

The Industrial Process Automation Market size was valued at USD 58.36 billion in 2022 and is expected to reach USD 96.06 billion by 2030, at a CAGR of 5.4% during the forecast period from 2023 to 2030.

The growth of the Internet of Things (IoT) and sensor technology has led to an increase in the amount of data that can be collected from industrial processes. This data can be used to optimize and automate production processes, leading to improved efficiency and productivity, which in turn increases demand for industrial process automation solutions.

However, lack of standardization related to security issues in the industrial process automation that creates cybersecurity risks hinders the market growth. On the contrary, integration of Industry 4.0, which includes automation, artificial intelligence, IoT, and other digital technologies as companies seek to remain competitive in an increasingly digital marketplace is expected to create ample opportunities for the key players operating in the industrial process automation market during the coming decade.

The global industrial process automation industry is segmented on the basis of components, end user, and geography.

Based on components, the market is bifurcated into Manufacturing Execution System (MES), Distributed Control System (DCS), Programmable Logic Control (PLC), Supervisory Control & Data Acquisition (SCADA), field instruments, industrial robots, Human Machine Interface (HMI), industrial PCS, process analyzers & drives.

Based on end-user, the market is classified into oil & gas, chemicals & refining, energy & power, pulp & paper, metals & mining, pharmaceuticals, cement & glass and others.

Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Regional Analysis

Europe dominates the global industrial process automation market and is expected to remain dominant in the market throughout the forecast period. The European Union has implemented strict environmental regulations, which drive the adoption of automation technologies that can help businesses reduce waste, minimize emissions, and conserve energy.

Developments such as energy-efficient sensors and smart building systems enable businesses to reduce their environmental footprint while also enhancing their profitability. Industrial process automation can play a significant role in helping companies achieve their sustainability goals while also improving their financial performance.

Moreover, various market leaders are taking robust initiatives to revolutionize the automation processes with Industry 4.0 technologies in industries such as oil and refinery, pharmaceuticals, and energy among others. For instance, in January 2023, Schneider Electric partnered with Ryse Energy - the global leader in decentralised renewable energy systems - to design and implement a new standardised control system for improved power quality.

It enables the integration of small wind turbines with the National Grid, which could lead to increased use of renewable energy sources and a reduction in greenhouse gas emissions. This is expected to accelerate the growth of the market throughout the forecast period.

The emerging and efficient key players in the industrial process automation market include the following: Hitachi Ltd, Siemens AG, Mitsubishi Electric, Schneider Electric, Honeywell International, ABB Ltd, Toshiba Corporation, Emerson Electric Co., Rockwell Automation, Omron Corporation, Fanuc Corporation, Valmet OYJ, Yokogawa Electric, Endress Hauser and Dwyer Instruments.