Modular Automation Market worth $7.0 billion by 2029 at a CAGR of 7.9%

(IT-NEWSWIRE.COM, June 28, 2024 ) The Modular Automation Market is expected to be valued at USD 4.8 billion in 2024 and is projected to reach USD 7.0 billion by 2029 and grow at a CAGR of 7.9% from 2024 to 2029. The Modular Automation Market is experiencing growth due to the adoption of advanced technologies such as IoT and AI and the drive towards Industry 4.0 and smart manufacturing. These elements fuel the demand for more advanced Modular automation systems across different industries.

Download PDF Brochure @

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=10649136

The Modular Automation Market by Component has been segmented into Hardware and Software. The Hardware components include Robot Controllers, Input/Output (I/O) Modules, Drives & Motors, Sensors and Actuators, and Safety Components. The hardware segment is poised to experience the highest growth rate based on type during the forecast period, driven by technological advancements and increasing demand for robust automation solutions. This growth is fueled by the escalating adoption of various industries of hardware components such as sensors, actuators, controllers, and robotic arms. These components form the backbone of automation systems, enabling precise control, data collection, and integration with other industrial processes.

The Modular Automation Market based on Mobility has been segmented into Semi-automatic and Fully Automatic systems. Fully automatic systems are projected to capture the highest market share based on mobility during the forecast period, driven by their advanced capabilities and operational efficiencies. This growth is primarily propelled by the increasing adoption of automation technologies across industries seeking to enhance productivity and reduce labor costs.

The Modular Automation Market, based on type, has been segmented into Modular Type Packages (MTP) and Modular Distributed Control Systems (DCS). The Modular Type Packages (MTP) have been divided into Standardized Solutions and Application-specific Solutions. The Modular-type package is expected to hold the largest market share during the forecast period. Modular-type packages dominate the market share during the forecast period due to their versatility and efficiency in addressing diverse consumer needs. This growth is primarily driven by the modular design's ability to adapt to varying product requirements swiftly and cost-effectively. Such packages enable businesses to streamline operations, scale production, and respond promptly to market changes.

The Modular Automation Market has been segmented into four regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW). The Asia Pacific region is expected to lead the Modular Automation Market, expanding at the highest CAGR during the forecast period. The market growth is driven by several key factors contributing to its growth and dominance. Asia Pacific is experiencing rapid industrialization and technological advancements across various sectors, including automotive, electronics, and manufacturing. This economic expansion fosters increased investments in automation solutions to enhance productivity, reduce operational costs, and meet rising consumer demands.

Ask for Sample Report @

https://www.marketsandmarkets.com/requestsampleNew.asp?id=10649136

Key Market Players:

Major players operating in the Modular Automation Market are ABB (Switzerland), Festo Inc. (Germany), Yokogawa Electric Corporation (Japan), Siemens (Germany), HIMA (Germany), and others. From North America to Asia, these companies operate multinational, offering a comprehensive array of products and services. The competitive landscape is characterized by the strategies adopted by the market players between 2021 and 2023 to expand their global presence and increase their market share in the Modular Automation Market.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

MarketsandMarkets™

Mr. Rohan Salgarkar

1-888-600-6441

sales@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com

Technology News & Search Engine

Modular Automation Market worth $7.0 billion by 2029 at a CAGR of 7.9%