Increased adoption of IoT, the need for data gathering and analysis and steady demand are all feeding the advancement of three industrial automation trends
The global industrial automation market will grow from $177.2 billion in 2022 to $190.9 billion in 2023 and $256.7 billion in 2027 at a compound annual growth rate (CAGR) of a little more than seven percent, according to The Business Research Co.’s Industrial Automation Global Market Report 2023.
The report cites increasing adoption of IoT, rising healthcare expenditure, rising demand from the agriculture industry and an increase in passenger air traffic will drive industrial automation growth.
The industrial automation market is fairy fragmented, with a large number of players. Siemens AG was the largest competitor with 4.1 percent of industrial automation market share, followed by ABB Ltd., Mitsubishi Electric Corp., Schneider Electric, Fanuc Corp., Omron Corp., Emerson Electric Co., Rockwell Automation, Inc., Yaskawa Electric Corp. and General Electric.
Each of these companies and many smaller automation suppliers have shifted strategies in recent years to focus product development and services on three critical technology trends that will drive the industrial automation market over the next five years. These technologies are:
AI In Industrial Automation
The implementation of artificial intelligence (AI) in industrial automation is a key trend that involves robots performing complex human tasks. Currently industrial automation requires significant programming time to accurately perform tasks. AI is changing this, allowing robots to take on more recurring activities, designing the production model, rising accuracy, building automation solutions, eradicating human error and delivering superior levels of quality assurance.
Edge And Cloud Computing for Industrial Automation
Edge computing represents a major technological advancement in the industrial automation market. It’s driven by the need for real-time data processing and low-latency communication in industrial settings. Edge computing performs real-time monitoring and machinery control, while cloud computing powers data analytics, storage and access.
5G in Industrial Automation
Companies in the industrial automation market are starting to realize the benefits of 5G technology in industrial automation. 5G is expected to make the Internet of Things (IoT) a reality for many industries, including smaller industrial automation and manufacturing companies that were unable to make the investment in IoT and digital transformation technologies. 5G has the potential to revolutionize industrial automation by powering the networking capabilities of its various elements. Low-latency wireless communications will make it easier to control and monitor machines in real-time, giving industrial firms higher efficiency and better control of their facilities.
