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Manufacturing Automation Market Revenue to Attain USD 31.23 Bn by 2033
19 Nov 2024
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Manufacturing Automation Market Revenue and Trends
The global manufacturing automation market revenue reached USD 13.53 billion in 2024 and is predicted to attain around USD 31.23 billion by 2033 with a CAGR of 9.74%. Rising concerns about labor shortages and the increasing adoption of advanced technologies to enhance business operations are driving the market.
Market Overview
Manufacturing automation refers to the use of technologies in the manufacturing process that help reduce possible human errors and improve productivity. It also helps perform complex tasks with improved work efficiency. Robotics, machinery, and other computer-based systems are mostly used to carry out these tasks.
The increasing demand for advanced technologies in the industrial sector and the low availability of skilled laborers are major factors boosting the demand for automation in manufacturing industries, thus contributing to expansion of the manufacturing automation market. Various nations' governments are focusing on industrial automation to boost industrial production, leading to increased adoption of advanced technologies. In addition, technological advancements like artificial intelligence and machine learning help analyze data sets and improve production efficiency. AI also helps in predicting errors that ensure equipment maintenance or any damage. The rising usage of industrial robotics further propels the market growth.
In September 2024, Vention announced the launch of a new AI-enabled motion controller, MachineMotion AI, that makes it easier for manufacturers of all sizes to design and deploy automated equipment and robots.
Report Highlights of the Manufacturing Automation Market
On the basis of component, the hardware segment dominated the market in 2023 due to the rising demand for advanced sensors and controllers. The increasing demand for automation to perform various complex tasks, along with advanced technologies, contributed to segmental growth.
Based on technology, the PLC segment held the largest share of the market in 2023. This is due to the widespread use of PLC in automation. PLC is designed to control machinery and equipment. Technological advancements also simplify the work process and contribute to the segment’s growth.
By deployment, the on-premises segment led the market with the largest share in 2023. On-premises deployment ensures high security and control of the system, which contributes to their increased demand. Several companies are investing in manufacturing on-premises automation solutions, which boosts the segment.
On the basis of industry vertical, the automotive segment dominated the market in 2023. With the rising manufacturing of vehicles, the need for automation has increased in the automotive industry. In addition, the utilization of robotics has increased in the automotive sector to perform several tasks with minimal human intervention, contributing to segmental growth.
Based on solution, the control system segment accounted for the largest share of the manufacturing automation market in 2023 due to its widespread acceptance for monitoring and managing manufacturing processes and machinery work. It also provides cost-effective services during manufacturing, which makes it a better option.
By enterprise size, the large enterprises segment led the market in 2023 due to the growing focus on improved productivity, reduced labor cost, and improved precision. Large enterprises often require robust automation technologies to maintain real-time coordination and consistency across several facilities. Manufacturing automation also helps them in tracking inventory, thus improving productivity.
Based on application, the assembly line segment dominated the market in 2023 as many companies are implementing robotics to improve productivity across several applications. However, automation plays an important role in identifying defects and improving product quality.
Manufacturing Automation Market Trends
Increasing manufacturing activities: With rapid industrialization, manufacturing activities are rising, leading to increased adoption of automation technologies to boost production. In addition, rising government regulations to enhance product quality with a focus on worker safety encourage businesses to adopt automation technologies.
Emerging 5G and advanced technologies: Technological advancements are expected to boost the growth of the market in the coming years. 5G connectivity made real-time monitoring possible, contributing to market expansion. Moreover, the integration of 5G technology enables robots to perform multiple tasks simultaneously. For instance, in September 2024, Nokia and Rockwell together launched a private 5G stand-alone solution to enhance industrial connectivity, improve operational efficiency, and increase network customization and security.
Increasing labor cost: Increasing labor cost is one of the key factors driving the adoption of automation technologies. These technologies reduce the need for human intervention and improve operational efficiency. In addition, many companies are also implementing automation systems due to the lack of skilled labor.
Regional Analysis
In 2023, Europe led the manufacturing automation market due to the presence of well-established manufacturing facilities, rising investments in robotics and other systems, and rising emphasis on smart factories and industry 4.0. Moreover, European governments are also investing in advanced manufacturing techniques that create more business opportunities, which contribute to regional market expansion.
North America is expected to be the fastest-growing region in the market in the coming years. This is mainly due to the increasing focus on implementing smart and advanced technologies that help in industrial automation. Countries like the U.S. and Canada are at the forefront of technological innovations, contributing to regional market growth. Moreover, the rising labor costs lead to increased adoption of automation solutions, thus expanding the market.
Manufacturing Automation Market Coverage
Report Attribute
Key Statistics
Market Revenue in 2024
USD 13.53 Billion
Market Revenue by 2033
USD 31.23 Billion
CAGR
9.74% from 2024 to 2033
Quantitative Units
Revenue in USD million/billion, Volume in units
Largest Market
Europe
Base Year
2023
Regions Covered
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Market News
In November 2024, SEMAIQ introduced a comprehensive suite of products designed to transform productivity in manufacturing and logistics sectors. New robots and conveyors are set to streamline complex operation processes and enhancing workflow efficiency of businesses.
In October 2024, B&R Industrial Automation introduced the X20 Drives that are designed for automating machine components such as conveyors and adjustment axes.
Market Segmentation
By Component
Hardware
Software
Services
Professional Services
Managed Services
By Technology
PLC
Robotics
By Deployment
On-Premises
Cloud-Based
By Industry Vertical
Automotive
Consumer Electronics
Healthcare
Transportation and Logistics
Others
By Solution
Control Systems
Monitoring and Diagnostics
Robotics and Autonomous Systems
By Enterprise Size
SME's
Large Enterprises
By Application
Assembly Line Automation
Material Handling Automation
Welding And Fabrication Automation
Transportation And Logistics
Packaging Automation
Others
By End-Use
Discrete Manufacturing
Process Manufacturing
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