According to the latest report by IMARC Group, titled "Industrial Automation Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global industrial automation services market reached a value of US$ 198.8 Billion in 2022. Industrial automation services refer to the use of various control systems and technologies for handling different processes and machinery. These services utilize robots, computers and information technology to manage and regulate processes, such as designing, installation, maintenance and support. They include consulting, operation, maintenance, installation, project engineering and support services. Industrial automation services ensure waste management, production supervision, fast output and manufacturing standardization. They offer numerous other advantages, such as improved safety, quality, flexibility, accuracy, and productivity, lowered labor costs, and higher speed of operations. As a result, industrial automation services find extensive applications across various industries, such as transportation, logistics, automotive, mining, aerospace, defense, and energy and power.
Global Industrial Automation Services Market Trends:
Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Industrial automation services are widely used in streamlining repetitive processes, such as material handling, assembling auto body components and wielding. In line with this, the widespread product adoption by numerous organizations to reduce the dependency on manual labor and ensure a faster pace for mass production is favoring the market growth. Apart from this, various advancements in technology, such as the integration of artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML) to enhance efficiency and production and assure a higher level of quality products with error detection are providing an impetus to the market growth. Moreover, the increasing demand for predictive maintenance and asset management solutions to enhance the visibility of equipment conditions during manufacturing processes is augmenting the market growth. Other factors, including rapid industrialization and urbanization, particularly in emerging economies, extensive research and development (R&D) activities, and the implementation of various government initiatives to adopt advanced manufacturing solutions, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 332.4 Billion by 2028, growing at a CAGR of 8.83% during 2023-2028.
- On the basis of the type of service, the market has been classified into project engineering and installation, maintenance and support services, consulting services, and operational services.
- Based on the product type, the market has been divided into DCS, SCADA, PLC, MES, and others.
- On the basis of the end-user, the market has been bifurcated into discrete and process industries.
- Based on region, the market has been categorized into North America, Asia Pacific, Europe, Latin America, Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Siemens AG, Honeywell International Inc., General Electric Company, Mitsubishi Electric, Rockwell Automation, Johnson Controls Inc., Schneider Electric, Yokogawa Electric Corporation, OMRON Corporation, Danaher Corporation, etc.
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