Industrial Process Automation Market to Reach USD 96 Billion by 2030, Driven by Technological Advancements and Growing Adoption of IoT

Industrial Process Automation Market to Reach USD 96 Billion by 2030, Driven by Technological Advancements and Growing Adoption of IoT

According to Next Move Strategy Consulting, the global Industrial Process Automation Market is expected to grow to USD 96 billion by 2030, registering a compound annual growth rate (CAGR) of 5% during the forecast period by 2030. This growth is attributed to increasing demand for automation technologies across various industries such as oil & gas, chemicals, pharmaceuticals, food & beverage, and more.

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Industrial process automation involves the use of advanced computer technology and hardware to control and monitor industrial processes like manufacturing, inventory management, and production of goods. Through integration of technologies such as sensors, programmable logic controllers (PLCs), human-machine interfaces (HMIs), and supervisory control & data acquisition (SCADA) systems, automation enhances operational efficiency, improves product quality, and reduces human error in industrial processes.

The integration of Industrial Internet of Things (IIoT) technologies has been pivotal in accelerating the growth of industrial automation. IIoT systems enhance operational transparency and boost machine performance, product quality, and inventory management. It is estimated that 20% of industrial equipment manufacturers will use remote IIoT capabilities in 2023, a substantial increase from near-zero adoption in 2021.

Moreover, the integration of digital twin technology is revolutionizing manufacturing systems. A digital twin is a virtual representation of a physical system, which enables manufacturers to simulate behavior, assess risks, and improve performance. The use of IIoT technologies, such as cloud-based solutions and smart sensors, has made the adoption of digital twins more feasible than ever.

Despite these advancements, the lack of standardization remains a challenge for the industry. Proprietary systems and vendor lock-in hinder flexibility, innovation, and cost-efficiency, thus potentially limiting market growth. To counteract this, companies are increasingly forming strategic collaborations to enhance the development of Industry 4.0 technologies like IoT, cloud computing, and artificial intelligence (AI).

In January 2023, Emirates Global Aluminum (EGA) and Microsoft UAE collaborated to accelerate Industry 4.0 adoption across industries in the UAE. In addition, Schneider Electric and Accenture partnered to create the Digital Services Factory, a program aimed at boosting digital innovation and accelerating the commercialization of new products.

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Regionally, Europe is expected to maintain its dominance in the industrial process automation market, driven by rapid advancements in automation technologies and stringent environmental regulations. Notable developments like autonomous mobile robots (AMRs), 5G networks, and edge computing are enhancing automation capabilities across various industries. Similarly, Asia-Pacific is also poised to experience steady growth due to the increasing adoption of Industry 4.0 in key markets such as India, South Korea, and Indonesia.

Key Market Players
The market is highly competitive, with key players such as Hitachi Ltd., Siemens AG, Mitsubishi Electric, Schneider Electric, Honeywell International, ABB Ltd., Toshiba Corp., Emerson Electric Co., Rockwell Automation, Omron Corp., Fanuc Corp., Valmet OYJ, Yokogawa Electric, Endress Hauser, and Dwyer Instruments leading the charge in driving technological innovation and strategic partnerships to maintain their market positions.

For instance, in February 2023, Yokogawa Electric launched a new oxygen concentration sensor, FKDPP, for industrial applications, while Emerson introduced the Crosby J-Series pressure relief valve product line in December 2022. These innovations highlight the industry’s ongoing efforts to provide reliable, efficient, and cost-effective solutions across various sectors.

Conclusion
The industrial process automation market is witnessing significant growth, driven by technological advancements in IoT, digital twins, and IIoT solutions. Strategic collaborations among leading market players and growing adoption of Industry 4.0 technologies further propel the market forward. Despite challenges such as the lack of standardization, the future of industrial automation looks promising, with Europe and Asia-Pacific expected to remain key regions of growth.

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

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