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Industrial Automation Industry
INDUSTRIAL AUTOMATION SECTOR OVERVIEW-2020
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Summary
Besides, India is moving towards Industry 4.0. Hence, the Industrial Internet of Things (IIoT) will emerge as a game-changer for the manufacturing Industry. Known for its large number of engineering graduates and professionals, India provides a great pool of skilled labour for the Industrial Automation sector. This industry has a great present and future prospect. Companies interested in entering India will find good business opportunities in this sector.
The industrial automation sector has seen a negative impact due to the COVID outbreak and is expected to grow at a CAGR of 10% in the coming years. The industrial automation and instrumentation market in India is expected to grow by USD 2.58 billion during 2020-2024. The virus has since closed factories, with workers across the world sent home coupled with flat capital expenditure and declining industrial production. It has exposed the fact that, despite a lot of hype over the years, advanced factory automation has not been substituted for human workers at scale.
The statistics below are taken from Industry data available pre-Corona virus impact.
Map – Industry Clusters
Growth Drivers
- The Industrial Automation Industry in India is still evolving. This is due to increasing Foreign Direct Investments (FDI) and sustained growth of the manufacturing sector.
- Factory Automation becomes more and more important for competitiveness of companies.
- India emerges as a preferred sourcing destination for Industrial Automation.
- India’s growing manufacturing sector scales up industrial automation equipment demand.
Key Players in India
International
National
Market Stats
- The global Industrial Automation Market size was valued at USD 157.04 Billion in 2018. It is expected to reach USD 296.70 Billion by 2026.
- The Indian Industrial Automation Market size was valued at USD 5 Billion in 2018. It is further expected to grow at a CAGR of 12% by 2023.
- Indian Industrial Automation Market is expected to reach $4.43 billion by 2023.
- The Indian Industrial Automation Market is expected to grow at a CAGR of 11.6% during 2017-2023.
- The country is expected to strengthen its manufacturing sector. It is expected to reach 25% to 30% of the GDP by FY 2030.
- India ranks third worldwide in implementing robotic automation. As of 2018, there are overall 74 robot units per 10,000 employees globally.
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