The industrial automation market size 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.
Machine vision users and systems integrators have exploited better imaging, optics, illumination, and software for nearly 40 years. Even though machine vision is a somewhat mature technology, lower component, software, and engineering costs and increased simplicity of use and application expansion continue to drive machine vision acceptance across industries.
In 2021, due to the COVID-19 pandemic, manufacturers accelerated the deployment of machine vision technology for industrial automation to keep operations running as effectively as possible and keep up with the increasing demand as businesses scrambled to bolster digital infrastructure, supporting remote workers, further propelling the growth of the industrial automation market.
Additionally, logistics-related apps experienced a rise due to a surge in online purchase volumes. Imaging systems in retail distribution centers and automated warehouse storage and retrieval systems, and manufacturers of PPE-related items, such as face masks, face shields, protective garments, and respirators were among them. Other factors influencing the uptake of machine vision systems for industrial automation include predictive maintenance, packaging inspection, automated barcode reading, product and component assembly, defect reduction, and 3D vision inspection.
Moreover, the rise in investment by companies to develop new products through machine vision technology for industrial automation is further propelling the industrial automation market growth. For instance, in January 2022, the Khronos Group launched a new initiative with the European Machine Vision Alliance (EMVA) to produce an open, royalty-free API standard to regulate camera system runtimes in embedded, mobile, industrial, XR, automotive, and scientific industries. Thus, the rise in investments by companies is boosting the industrial automation market growth.
Europe is one of the early adopters of robotics systems across manufacturing facilities. Furthermore, the ongoing developments in IoT-based technologies are rising the adoption of robots, propelling the growth of the industrial automation market in the region. The European Commission (EC) is primarily focusing on R&D funding in automation to boost the competitiveness of its manufacturing sector and continue dominance in global technological leadership. EC sanctioned a budget of US$ 780 million for R&D in robotics and other technologies, such as AI and Cobots, from 2018 to 2020.
The automotive sector invests extensively in new production capabilities and the industry 4.0 infrastructure. The automotive sector is a leading end-use industry for robotic applications, accounting for half of the robot shipments in Europe, fueling the growth of the industrial automation market. Automotive assembly automation involves streamlining repetitive processes, such as material handling, welding, and assembling auto body components. Automotive manufacturers can save on rework and labor costs and improve quality and repeatability with vision, robotics, and software integration. Europe is home to many prominent car manufacturers, including BMW, Volkswagen, Renault, and Peugeot. Thus, the robust automotive industry is boosting the adoption of automated solutions in the region, which is driving the growth of the industrial automation market.
France is a technologically advanced country and is the third-largest economy in Europe, after Germany and the United Kingdom. France is one of the major markets for packaging robots in the region due to its robust manufacturing industry and is renowned among the technologically advanced countries in the world. Material handling is one of the major applications employing industrial robots for pick & place, palletizing and packaging. France is making significant developments in industrial IoT and other automation technologies for more productive and advanced manufacturing sector. Food & beverage, aerospace, metals & machinery are some of the major manufacturing sectors that are increasingly adopting robots for increased efficiency. The presence of automakers such as Peugeot and Renault in the region contributes to the demand for automated solutions, further fueling the growth of the industrial automation market.
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 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 helps the key players strategize their growth.