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The India - industrial automation and instrumentation market size is estimated to grow at a CAGR of 9.51% between 2023 and 2028. The market size is forecast to increase by USD 26.57 billion. The growth of the market depends on several factors such as the increasing simplification of manufacturing through automation, the shift toward lean manufacturing, and the rising need for efficient use of resources and reduction of emissions. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (process industry and discrete industry), product (industrial automation and industrial instrumentation), and solution (PLC, SCADA, DCS, HMI, and others). It also includes an in-depth analysis of drivers, trends, and challenges.
India Industrial Automation and Instrumentation Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Lean manufacturing is the methodology to reduce waste without sacrificing productivity in a manufacturing system. Automation control systems in discrete manufacturing processes have improved the operations process, leading to sustainable development. Automated solutions and systems are experiencing continuous demand from the process and discrete manufacturers due to their preference for lean manufacturing. In the process industry, automation control systems synchronize manufacturing tasks, monitor inventory movements, ensure security, and enhance quality.
Furthermore, as automation control systems facilitate operations on a real-time basis, they provide updated information to operators on the shop floor. This enables a more detailed recording of process data, conditions, and results; it also controls the manufacturing process, thereby reducing the defect rate. It supports the timely execution of production processes while responding and reporting on plant activities as they occur, thereby reducing and eliminating unnecessary activities. Hence, a shift toward lean manufacturing is expected to drive the growth of the market during the forecast period.
Big data analytics and the IoT are innovative technologies in the manufacturing sector that provide companies with a competitive advantage. The integration of IoT into big data analytics has enhanced production processes. The integration of automation control systems and big data analytics provides the ability to predict future risks and take the required steps for risk mitigation. It helps in proper decision-making as it gives information accurately and identifies the actual cause of a given problem.
Furthermore, automated systems such as SCADA, MES, and DCS generate a lot of data, and the adoption of IoT in manufacturing has raised the total amount of data generated by a single factory. Moreover, the growing digitalization will help the Indian market observe the rising adoption of IoT-enabled devices and big data analytics, which will drive the growth of the market in focus during the forecast period.
The adoption of IIoT and connected technologies has eased the operation process, but they have raised the risks of cybersecurity in operational processes. Industrial automation and instrumentation ease many tasks for manufacturers. However, they are prone to cyber threats. Hackers exploit confidential corporate information by attacking classified networks within organizations. In addition, the primary cyber threats in the discrete industry include operational downtime, manipulation in the product development procedure, and theft of sensitive information.
Moreover, India is a part of the bigger digital world, due to which it remains vulnerable to digital intrusions such as cyber espionage, cybercrime, and digital disruption. Cybercrime in India is rising due to loopholes and complications of new technological platforms, which can become a threat to the industrial automation and instrumentation market in India during the forecast period.
The process industry segment will account for a major share of the market's growth during the forecast period. The growing energy demand has encouraged companies in India to explore new conventional and non-conventional hydrocarbon resources. Such exploration has driven the demand for automation and instrumentation solutions in the oil and gas, chemical and petrochemical, and power industries. The oil and gas industry has the highest share of the country's overall energy mix.
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The process industry segment was valued at USD 24.24 billion in 2018. Process industries such as pharmaceutical, textile and apparel, power, as well as food and beverages, have also observed a strong demand for industrial automation and instrumentation. The increasing energy demand and the need to raise the capacity of the refineries are expected to attract investment in the energy sector, which will drive the demand for industrial automation and instrumentation during the forecast period.
Based on product, the market has been segmented into industrial automation and industrial instrumentation. The industrial automation segment will account for the largest share of this segment.?Industrial automation encompasses a broad spectrum of products and solutions dedicated to streamlining and enhancing processes in industrial environments. This segment includes various product categories that are instrumental in revolutionizing the way industries operate. Such product categories collectively drive increased productivity, improved quality, and cost-effective operations in various industrial sectors, such as manufacturing. Hence, automation in the industrial sector will drive the growth of the India - industrial automation and instrumentation market through the industrial automation segment during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AMETEK Inc., Danfoss AS, Delta Electronics Inc., Eaton Corp. Plc, Emerson Electric Co., Flowserve Corp., Fuji Electric Co. Ltd., General Electric Co., Honeywell International Inc., Keyence Corp., Mitsubishi Electric Corp., Parker Hannifin Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, The Weir Group Plc, and Yokogawa Electric Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The India industrial automation and instrumentation market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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India Industrial Automation And Instrumentation Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.51% |
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Market Growth 2024-2028 |
USD 26.57 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.87 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., AMETEK Inc., Danfoss AS, Delta Electronics Inc., Eaton Corp. Plc, Emerson Electric Co., Flowserve Corp., Fuji Electric Co. Ltd., General Electric Co., Honeywell International Inc., Keyence Corp., Mitsubishi Electric Corp., Parker Hannifin Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, Siemens AG, The Weir Group Plc, and Yokogawa Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Market Segmentation by Solution
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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