Electrical Automation Market - Forecast(2024 - 2030)

The Electrical Automation Market size is estimated to reach $54.2 billion by 2030, growing at a CAGR of 5.3% from 2024 to 2030. The Electrical Automation Market has witnessed significant growth driven by advancements in technology, increasing demand for energy-efficient solutions, and automation across various industries. This market encompasses a wide range of products and services aimed at streamlining processes, enhancing productivity, and improving operational efficiency.

One major trend in the Electrical Automation Market is the adoption of Industrial Internet of Things (IIoT) technologies. IIoT enables seamless connectivity between devices, sensors, and systems, facilitating data exchange and real-time monitoring. This connectivity allows for predictive maintenance, remote monitoring, and optimization of industrial processes, leading to improved asset utilization and reduced downtime. Another prominent trend is the integration of artificial intelligence (AI) and machine learning (ML) into electrical automation systems. AI and ML algorithms analyze vast amounts of data generated by automation systems to identify patterns, optimize processes, and make intelligent decisions. This integration enhances the efficiency and effectiveness of automation solutions, driving better performance and outcomes for businesses.

Furthermore, there is a growing focus on sustainability and environmental responsibility in the Electrical Automation Market. Manufacturers and industries are increasingly adopting eco-friendly automation solutions to reduce energy consumption, minimize waste, and lower carbon emissions. This shift towards sustainability aligns with global efforts to combat climate change and promote sustainable development.

                                            

The report: “Electrical Automation Industry Outlook – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Electrical Automation industry.

By Type: Fixed or Hard Automation, Programmable Automation, Flexible or Soft Automation.

By Process: Sensors, Actuators, Controllers, and Others.

By EA Tools: Human Machine Interface (HMI), Distributed Control System (DCS), Robotics, and Others.

By Functional Area: Industrial Electrical Automation, Building Electrical Automation, and Others.

By Application: Lift Control, Robotics, Energy & Emissions, Gas Measurement & Regulation, Traffic, Industrial Security, Lighting, Marine, Mobile Machinery, Commercial Vehicles, Production Systems and lines, Boilers and Power Plants.

By Geography: North America (U.S., Canada, Mexico), South America (Brazil, Argentina, Chile, Colombia, and Rest of South America), Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe), APAC (China, Japan, South Korea, India, Australia & New Zealand, Thailand, Malaysia and Rest of APAC) and RoW (Middle East and Africa).

                            

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Based on Functional Area, the Building Electrical Automation segment in the Electrical Automation Market report is analyzed to grow with the highest CAGR of 5.94% during the forecast period 2024-2030. Building automation is an example of a distributed control system, it’s an amalgamation of electrical hardware and communication network technology aimed at monitoring and controlling the mechanical, security, fire and flood safety, lighting, HVAC and humidity control and ventilation systems in a building. It is an effective tool for energy conservation and at the same time to regulate electric power distribution throughout the infrastructure. As per the Global Alliance for Building and Construction, energy demand in buildings could increase by 50%, while global building floor area is expected to double by 2050. Thus, leveraging the global issue of energy security, electrical automation in buildings is forecast to submit substantial demands in the market.

In the segmentation of the Electrical Automation Market by process, the controllers segment dominates the market with a major share. Controllers play a crucial role in electrical automation systems by regulating and coordinating various components such as sensors, actuators, and other devices. They act as the brain of automation systems, processing input data, executing control algorithms, and generating output signals to achieve desired outcomes. With the increasing adoption of automation across industries such as manufacturing, automotive, and healthcare, the demand for advanced controllers continues to rise. As a result, the controllers segment holds a significant share in the Electrical Automation Market, driving innovation and growth in the industry.

Asia-Pacific dominated the global market for Electrical Automation Market with a market share of around 38% in 2023 and is also analyzed to have significant growth over the forecasting period. Renowned for its technological advancements and robust industrial infrastructure, the region serves as a key hub for the adoption of electrical automation solutions across various sectors, including manufacturing, energy, and healthcare. Factors such as increasing investments in smart manufacturing technologies, growing emphasis on industrial efficiency and productivity, and the presence of leading automation solution providers contribute to the region's leadership in the market. Moreover, favourable government initiatives and policies aimed at promoting automation further bolster the market's growth trajectory in Asia-Pacific, solidifying its position as a powerhouse in the global Electrical Automation Market.

Continuous advancements in electrical automation technologies, such as artificial intelligence, machine learning, and Internet of Things (IoT), are driving the growth of the market. These innovations enable enhanced automation capabilities, improved efficiency, and real-time monitoring and control of electrical systems. For instance, IoT integration allows for predictive maintenance, reducing downtime and optimizing operational performance. Additionally, advancements in robotics and automation software empower industries to streamline production processes, minimize human intervention, and achieve higher levels of productivity and accuracy.

With growing environmental concerns and regulatory requirements, there is a rising demand for energy-efficient solutions in various industries. Electrical automation technologies offer opportunities for optimizing energy consumption, reducing waste, and enhancing sustainability. By implementing automation systems for lighting, HVAC, and power management, organizations can effectively monitor and control energy usage, leading to cost savings and environmental benefits. Moreover, the integration of renewable energy sources with automation systems further promotes sustainable practices and supports the transition towards a greener future.

A major factor restraining the electrical automation market is its expensive cost of implementation with economically marginalized vendors deprived of its application. Majority of the electrical automation demand is from technologically developed economies with the larger markets of under-developed nations not being capitalized. However, with influx of investments into R&D targeting commercializing of electrical automation is foreseen to expand the market size and converge is with untouched arcades globally. And also, with global population expanding unrestrainedly, automation is an imperative asset for efficient production demand otherwise industries will fall short of production as per the requirements.

Product launches, collaborations, and R&D activities are key strategies adopted by players in the Electrical Automation Market. Electrical Automation's top 10 companies include

1. ABB Ltd

2. Siemens AG

3. Schneider Electric

4. Emerson Process Management

5. Rockwell Automation

6. Honeywell process solutions

7. Yokogawa electric

8. Omron automation

9. Mitsubishi Electric

10. Danaher Industrial Ltd.