Machinery and Industrial Automation Market Size, Share, Analysis, Trends, Growth, 2032

Machinery and Industrial Automation Industry Prospective:

The global machinery and industrial automation market size was evaluated at $201 billion in 2023 and is slated to hit $408 billion by the end of 2032, with a CAGR of nearly 8.5% between 2024 and 2032.

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Machinery and Industrial Automation Market: Overview

Machinery and industrial automation is an emerging domain involved in technological applications that can control & optimize industrial procedures.

Moreover, with task automation, various industries can improve efficacy, reduce prices, and enhance product quality. Reportedly, key parts of industrial automation are programmable logic controllers, sensors, human-machine interfaces, robotics, and actuators.

Key Insights

• As per the analysis shared by our research analyst, the global machinery and industrial automation market is projected to expand annually at the annual growth rate of around 8.5% over the forecast timespan (2024-2032)
• In terms of revenue, the global machinery and industrial automation market size was evaluated at nearly $201 billion in 2023 and is expected to reach $408 billion by 2032.
• The global machinery and industrial automation market is anticipated to grow rapidly over the forecast timeline owing to the rising use of industrial automation in pharmaceutical, manufacturing, food & beverages, automotive, and logistics sectors.
•  In terms of component, the hardware segment is slated to register the highest CAGR over the forecast period.
• Based on technology, the artificial intelligence & machine learning segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on end-user, the automotive segment is predicted to contribute sizably towards the global market surge.
• Region-wise, the North American machinery and industrial automation industry is projected to register the fastest CAGR during the assessment timespan.

Machinery and Industrial Automation Market: Growth Factors

Escalating utilization of automation in various end-use sectors to boost the global market trends over forecast period

Rising use of industrial automation in pharmaceutical, manufacturing, food & beverages, automotive, and logistics sectors is predicted to boost the global machinery and industrial automation market elevation.

In addition, the application of new technologies, such as AI and robotics, in production processes has brought a paradigm shift in industrial automation.

Moreover, these new technologies are likely to facilitate the automation of repetitive tasks, thereby improving their efficiency and precision. All these aforementioned factors are likely to leverage the growth of the market globally.

Apart from this, an increase in labor wages, along with the scarcity of skilled labor, has translated into a huge need for machinery and industrial automation, thereby boosting global market trends.

Supportive government schemes and acceptance of industry 4.0 technologies are likely to embellish the global market. 

Machinery and Industrial Automation Market: Restraints

Surging technology charges and maintenance costs can restrict the industry expansion over analysis timeline

High technology costs and rising maintenance charges will impede the expansion of the global machinery and industrial automation industry. Moreover, an increase in the costs of deploying industrial machinery can obstruct the global industry surge in the years ahead.

Apart from this, cyber-security risks and synchronization of new systems with current ones can prove to be time-consuming, thereby hindering global industry expansion.  

Machinery and Industrial Automation Market: Opportunities

Huge penetration of smart manufacturing procedures in many nations to create new growth facets for the global market

Rising demand for smart manufacturing processes and the use of industrial robots in various countries such as Japan and the U.S. to reduce labor charges can open new growth avenues for the global machinery and industrial automation market.

Moreover, the humungous preference for green manufacturing and the popularity of sustainable processes will pave the way for the expansion of the global market. Huge penetration of automation processes in food & beverages, healthcare, and aerospace sectors will chart a profitable roadmap for the global market.

Machinery and Industrial Automation Market: Challenges

Fear of retrenchment in jobs and political instabilities is likely to challenge the global industry expansion over 2024-2032

Fear of job loss and economic disruptions can lead to low capital investments in automation ventures, thereby challenging the global machinery and industrial automation industry progress.

In addition to this, the need for fund allocation in training and development projects to upskill the workforce can limit the global industry expansion over the forecast timeline.

Machinery and Industrial Automation Market: Segmentation

The global machinery and industrial automation market is divided into component, technology, end-user, and region.

In terms of component, the machinery and industrial automation market across the globe is segmented into hardware and software segments.

Apparently, the hardware segment, which gathered nearly half the global market revenue in 2023, is expected to record the fastest CAGR in the coming eight years owing to the escalating demand for physical components for effectively implementing automation tools in various industries.

Reportedly, hardware parts such as sensors, robots, PLCs, and actuators are pillars of any automation system. Moreover, breakthroughs in robotics tools and a focus on the use of IoT will steer the segmental surge.  

Based on technology, the global machinery and industrial automation industry is divided into artificial intelligence & machine learning, robotics, and Internet of Things segments.

Apparently, the artificial intelligence & machine learning segment, which dominated the global industry share in 2023, is projected to contribute majorly towards the segmental expansion in the analysis timeline. This can be a result of the need for enhancing quality control activities, predictive maintenance, autonomous systems, and process optimization. 

On the basis of end-user, the global machinery and industrial automation market is segregated into electronics, automotive, pharmaceuticals, food & beverages, and logistics segments.

Moreover, the automotive segment, which led the global market size in 2023, will propel the global market expansion in the upcoming years.

The segmental expansion can be due to escalating demand for automation in the automotive sector and complex production processes in the automotive manufacturing sector. Additionally, surging demand for electric vehicles and strict quality controls can impel the segmental surge.

Machinery and Industrial Automation Market: Report Scope

Machinery and Industrial Automation Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the analysis period

Asia-Pacific, which contributed for about 37% of the global machinery and industrial automation market size in 2023, is slated to establish a leading position in the global market in the assessment period.

Furthermore, the regional market expansion in the coming few years can be due to swift industrialization, supportive government policies, and rising labor charges.

Apart from this, the Industry 4.0 revolution aiding automation will spearhead the market surge in the region. Presence of key players in Japan, South Korea, and China will steer the progression of the market in APAC.

The North American machinery and industrial automation industry is expected to register the highest CAGR in the prognosis timespan. The elevation of the industry in the region can be subject to a high focus on research activities related to the development of new automated techniques.

In addition to this, the presence of a strong manufacturing base and key players in aviation, pharmaceuticals, and automotive sectors in countries such as the U.S. is likely to augment the regional industry growth in the ensuing years.

Machinery and Industrial Automation Market: Competitive Space

The global machinery and industrial automation market profiles key players such as:

• Siemens AG
• Rockwell Automation Inc.
• Honeywell International Inc.
• Schneider Electric SE
• Omron Corporation
• ABB Ltd
• Yokogawa Electric Corporation
• Emerson Electric Co.
• Fanuc Corporation
• Mitsubishi Electric Corporation.

The global machinery and industrial automation market is segmented as follows:

By Component

• Hardware
• Software

By Technology

• Artificial Intelligence & Machine Learning
• Robotics
• Internet of Things

By End-User

• Electronics
• Automotive
• Pharmaceuticals
• Food & Beverages
• Logistics

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa