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Industrial Automation Market to Grow by USD 107.1 Billion (2024-2028) as AI Drives Market Transformation – Technavio Report

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NEW YORK, Sept. 5, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global industrial automation market  size is estimated to grow by USD 107.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.45%  during the forecast period. Changing market dynamics is driving market growth, with a trend towards increasing need for open platform architecture for automation software. However, technical challenges  poses a challenge. Key market players include ABB Ltd., Azbil Corp., Danfoss AS, Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, OmniVision Technologies Inc., OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, WIKA Alexander Wiegand SE and Co. KG, and Yokogawa Electric Corp..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (SCDA, PLC, DCS, Drives, and Sensors), End-user (Process industry and Discrete industry), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

ABB Ltd., Azbil Corp., Danfoss AS, Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, OmniVision Technologies Inc., OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, WIKA Alexander Wiegand SE and Co. KG, and Yokogawa Electric Corp.

Key Market Trends Fueling Growth

Industrial automation solutions play a crucial role in managing manufacturing plant functions. Open-platform automation software enables users to customize and modify its functionality, benefiting Original Equipment Manufacturers (OEMs) by enhancing product operational capabilities and connectivity options. This architecture offers flexibility through the use of various runtime platforms and third-party tools, ensuring interoperability and reducing project costs. Open-source SCADA systems, such as WinCC Open Architecture by Siemens and Open Enterprise V3 by Emerson Electric, are examples of this technology, providing operational efficiency and cost savings. 

The industrial sector is embracing automation and technology to boost productivity and reduce labor costs. Automation processes in manufacturing are trending with the integration of robotics, artificial intelligence, and machine learning. Material handling is being transformed through the use of sensors like temperature, humidity, and torque sensors. Networking architectures, analytics, cloud, mobility, and IoT technology are revolutionizing industrial automation. Strategic partnerships and the adoption of 5G wireless technology and IIoT are driving growth in sectors like healthcare, transportation, mining and metal, aerospace and defense. Automation technologies like AC motors, labeling equipment, Human Machine Interface, Programmable Logic Controllers, and Input/Output Sensors are essential components. Technological advancements in AI, machine learning, and automation processes are enhancing safety compliance and real-time data analysis. Augmented reality (AR) and Virtual reality (VR) are also gaining traction in the industry. Computer software solutions for quality control and automation technologies are essential for businesses to stay competitive. Efficiency and productivity are the key benefits of these technological advancements. 

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Market Challenges

In the realm of industrial controls and factory automation, the integration of the Industrial Internet of Things (IIoT) or Industry 4.0 brings about numerous advantages, such as real-time communication and heightened reliability. However, these benefits come with intricate design challenges, particularly at the control level. The control level, consisting of Programmable Logic Controllers (PLCs), Supervisory Control and Data Acquisition (SCADA) systems, motor drives, controllers, and Distributed Control Systems (DCS), faces complexities due to the need for real-time data communication and an escalating number of nodes. Moreover, continuous product development and advanced machinery adoption in Industry 4.0 further complicate industrial automation design, specifically in factory automation and smart factories. Despite vendors’ efforts to create flexible machine designs by collaborating with OEMs, manufacturers, and system integrators, the dynamic nature of the automation solutions industry influences the investment landscape and raises Capital Expenditures (CAPEX) for industrial operators. These factors may hinder the market growth in the forecast period.The Industrial Controls and Factory Automation market is experiencing significant growth due to the increasing adoption of digital technologies. Key challenges include integrating AI and machine learning for predictive maintenance, ensuring temperature, humidity, torque sensors’ accuracy in healthcare, transportation, mining and metal, aerospace and defense sectors. AC motors and labeling equipment require advanced automation technologies for efficiency and productivity. Human Machine Interface, Programmable Logic Controllers, and Input/Output Sensors need real-time data and safety compliance. Robotics, Computer Software, and Quality Control benefit from technological advancements, strategic partnerships, and digital technologies like 5G wireless, IoT, AR, and VR. AI and machine learning training programs are crucial for workforce development. DC motors also require automation for optimal performance. Overall, the market focuses on improving efficiency, productivity, and ensuring technological compliance. 

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Segment Overview 

This industrial automation market report extensively covers market segmentation by

Product 1.1 SCDA1.2 PLC1.3 DCS1.4 Drives1.5 SensorsEnd-user 2.1 Process industry2.2 Discrete industryGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 SCDA-  SCADA (Supervisory Control and Data Acquisition) systems play a crucial role in monitoring and optimizing industrial processes in various sectors. The primary functions of SCADA include real-time data acquisition, device interaction, and event logging. In manufacturing, diverse field instruments such as valves, drives, relays, switches, and sensors are used across different locations. Real-time analysis of data from these devices is essential for data-driven decision-making, enhancing operational efficiency and cost optimization. Cloud computing and cloud-based Software-as-a-Service (SaaS) have revolutionized SCADA systems, offering benefits such as scalable server space, off-site IT support, low cost, and easy accessibility from remote locations. Cloud-based SCADA systems store and maintain software and data in the cloud, providing users with benefits like flexibility and ease of upgrading applications. However, storing mission and process safety-related data on a cloud-platform comes with risks, such as dependency on communication network reliability and potential productivity losses. Despite these risks, the benefits of cloud-based SCADA systems outweigh the challenges, making them an attractive option for manufacturers. This trend is expected to drive growth in the SCADA market, particularly in end-user industries, providing opportunities for vendors.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Industrial Controls and Factory Automation market is experiencing significant growth due to the increasing demand for automation in various industries, including manufacturing and healthcare. Robotics and artificial intelligence are key technologies driving automation processes, enabling increased productivity and efficiency while reducing labor costs. Networking architectures, analytics, cloud, mobility, and the Internet of Things (IIoT) are also playing crucial roles in enhancing industrial automation. Sensors, such as temperature, humidity, torque, and others, are essential components of industrial automation systems, providing real-time data for monitoring and control. The market spans various sectors, including transportation, mining and metal, aerospace and defense, and healthcare, with 5G wireless technology set to revolutionize communication and data transfer in industrial automation applications. Automation in manufacturing is a major focus, with AI and machine learning enabling predictive maintenance and optimizing production lines. The integration of IIoT and cloud technologies is enabling remote monitoring and control, providing real-time insights and reducing downtime. The future of industrial automation is bright, with continued innovation and advancements expected to drive growth and efficiency in various industries.

Market Research Overview

The Industrial Controls and Factory Automation market is witnessing significant growth due to the increasing demand for automation in various industries, including manufacturing, healthcare, transportation, mining and metal, aerospace and defense, and more. Robotics, artificial intelligence (AI), and machine learning are key technologies driving automation processes in this sector. Productivity enhancement, labor cost reduction, and safety compliance are primary factors fueling the market’s growth. Networking architectures, IoT technology, 5G wireless technology, and digital technologies are essential components of modern industrial automation systems. Advanced sensors, such as temperature sensors, humidity sensors, torque sensors, and others, play a crucial role in real-time data collection and analysis. Automation technologies, including computer software, human-machine interface, programmable logic controllers, input/output sensors, and robotics, are essential for optimizing manufacturing processes and improving efficiency. Quality control and safety compliance are also critical aspects of industrial automation, ensuring the production of high-quality goods and adherence to regulatory standards. Strategic partnerships, technological advancement, and training programs are essential for companies to stay competitive in this rapidly evolving market. The use of AI, machine learning, and other digital technologies is transforming the way industries operate, from predictive maintenance to remote monitoring and control. Labeling equipment, AC and DC motors, and various automation components are essential parts of the industrial automation ecosystem. The integration of augmented reality (AR) and virtual reality (VR) technologies is also gaining popularity, offering new possibilities for remote training and maintenance. In conclusion, the Industrial Controls and Factory Automation market is a dynamic and innovative sector, driven by the need for productivity, efficiency, and safety in various industries. The integration of advanced technologies, such as AI, machine learning, IoT, and digital technologies, is transforming the way industries operate and compete in today’s global economy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductSCDAPLCDCSDrivesSensorsEnd-userProcess IndustryDiscrete IndustryGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VIAIM,  an AI technology hardware company deeply rooted in the smart office sector, is marking the inaugural World Cleanup Day 2024, which falls on September 20, with the official launch of a service package upgrade, reinforcing its dedication to both innovation and environmental responsibility.

This upgrade introduces Malay and Thai language support, expanding the total number of supported languages from 11 to 13. With these additions, VIAIM is taking another step towards making seamless cross-cultural communication more accessible, especially for users across Southeast Asia. At the same time, the Company continues to align its operations with sustainability efforts, lowering the usage threshold for customers and offering environmentally friendly solutions that contribute to a greener planet.

As part of VIAIM’s latest service package upgrade, users enjoy enhanced features designed to make their work and daily lives more efficient. These include free transcription and translation time, along with increased access to To-do List and Summary functions, providing customers with more comprehensive functionality at no additional cost.

These upgrades not only reflect the brand’s core philosophy of “user-first”, but also emphasize VIAIM’s commitment to continuously enhancing user experiences. Now, users can manage tasks more effectively, saving time and reducing the need for additional services, making their workflow more streamlined and productive.

Beyond product and service innovations, VIAIM remains committed to its environmental goals, aligning with global best practices in environmental, social, and governance (ESG) initiatives. VIAIM believes that, just as its users seek to improve their daily lives through technology, the company must contribute to a better world for future generations.

VIAIM is fully committed to environmental protection and sustainable development through its use of molded pulp, an environmentally friendly material for packaging while maintaining a laser focus on technology upgrades that reflect its customer-centric philosophy. The company utilizes molded pulp, an eco-friendly packaging material, to minimize environmental impact, while its smart office solutions contributes to a paperless workplace, further reducing waste. This dual focus on customer convenience and sustainability enhances the overall value that VIAIM delivers to its global customer base.

“Innovation serves as a breakthrough in technology and is also a cornerstone of environmental and social responsibility,” said TOM, Product Manager of VIAIM. “With our latest service upgrades, we not only improve the user experience but also make it easier for our customers to participate in sustainable practices. By embracing these advancements, users can contribute to environmental preservation, while enjoying the benefits of advanced cross-language support and smarter office tools. VIAIM’s mission is to bridge technological innovation with social responsibility, inviting our customers to join us in creating a brighter, more sustainable future.”

About VIAIM

VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.

CONTACT:
Qian Wang
wangqian@vision-intelligence.tech

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SOURCE VIAIM

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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