Indian automation companies are leveling up their process automation robotics to match global standards in terms of operational excellence, quality, maintaining six sigma, and improved productivity. This had led to an increase in automated systems, drawing a shift towards technological advancements and optimisations.
According to Precedence research, the expanding global industrial automation market will surpass $412.8 billion by 2030 and is poised to grow at a CAGR of 8.59% during 2022-2030.
Let’s have an in-depth insight on industrial automation market and what is has to offer in the upcoming years!
Challenges in Industrial Automation
Process automation robotics faces several challenges, such as:
High initial costs
The high initial costs of automation systems can be a major barrier for small and medium-sized businesses.
Integration with existing systems
Integrating automation systems with existing systems can be challenging, as it requires a significant amount of time and resources.
Automation systems are vulnerable to cyberattacks, and securing these systems can be a major challenge.
Lack of skilled workforce
There is a shortage of skilled professionals with experience in industrial automation, which can make it difficult for businesses to implement and maintain automation systems.
Complexity of systems
Automation systems can be complex, which can make them difficult to operate and maintain.
Some industrial automation robotics software solutions are not designed to scale easily, making it difficult to expand the system as the business grows.
Automation companies can have downtime, which can be costly and disruptive to business operations.
Maintenance and troubleshooting
Automation robotics software need regular maintenance and troubleshooting, which can be time-consuming and costly.
To increase efficiency and productivity, it’s important to design a good human-machine interface, this can be a challenge especially in complex systems.
Growth Factors That Will Impact Automation Companies
The growth factors in the industrial automation market include:
1. Increase in adoption of Industry 4.0 and Internet of Things (IoT) technologies
These technologies are driving the integration of automation in various industrial processes, resulting in increased efficiency and productivity.
2. Rise in demand for automation in manufacturing industries
Automation is being adopted in various manufacturing industries to improve productivity, reduce labour costs, and improve product quality.
3. Growing adoption of cloud-based solutions
Cloud-based solutions are becoming increasingly popular in the industrial automation market as they enable remote monitoring and control of automation systems.
4. Increase in demand for energy-efficient systems
The rising demand for energy-efficient systems is driving the adoption of automation in various industrial processes.
5. Government initiatives and funding for automation
Governments across the world are providing funding and support for the adoption of automation in various industries, which is driving the growth of the industrial market.
Key Industrial Market Drivers
- Economic growth
Economic growth leads to an increase in industrial production, which in turn drives demand for industrial automation solutions.
- Increase in labour costs
Rising labour costs are driving the adoption of automation in various industrial processes to reduce labour costs and improve efficiency.
- Increase in demand for smart and connected devices
The growing demand for smart and connected devices is driving the integration of automation and IoT in various industrial processes.
- Government regulations and policies
Government regulations and policies play a significant role in driving the adoption of automation in various industries.
- Technological advancements
Advancements in technology are driving the development of new and advanced automation solutions, which is driving the growth of the market.
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Opportunities in Industrial Automation Market
- Rising demand for energy-efficient systems
With increasing concerns about energy consumption and carbon emissions, there is a growing demand for energy-efficient industrial automation market.
- Growing use of robotics
The use of robots in various industries is expected to increase, as they can improve efficiency and reduce costs.
- Expansion in emerging markets
The industrial automation market is expected to grow in emerging economies, such as China, India, and Brazil, due to the increasing demand for automation in these countries.
- Development of smart cities
The development of smart cities is expected to drive the growth of the industrial automation market, as these cities require advanced automation systems for various applications, such as traffic management and waste management.
Automation technology is ready to skyrocket with the expansion of augmented reality, digital twin, industrial IoT, and digitalisation. The scope of industrial automation robotics is wide and encompasses a variety of industries, including automotive, electronics, food and beverage, pharmaceuticals, and more. It can also refer to the use of robots in non-manufacturing settings such as agriculture and mining.
With the advancements in technology, the scope of industrial automation robotics is expanding to include more complex tasks such as machine learning, computer vision, and advanced sensor technologies. This field is expected to grow rapidly in the coming years as more companies adopt automation to improve efficiency and reduce costs.
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