1Lattice Forecasts Major Shifts in Industrial Automation: Global and Indian Markets Set to Surge
1Lattice,
a tech-enabled market intelligence firm, has released its latest report, "Navigating the Indian and Global
Outlook in Industrial Automation." This comprehensive
report provides an in-depth analysis of the evolving landscape of industrial
automation, highlighting key market trends, investment scenarios, and the
competitive landscape both in India and globally.
The report
emphasizes the critical role of industrial automation in enhancing operational
efficiencies and driving technological advancements across various sectors. It
categorizes industrial automation by application—process industry automation,
discrete factory automation, and warehouse automation—and by types of
automation systems, including fixed, programmable, flexible, and integrated systems.
The Indian
industrial automation market is projected to grow from approximately US$ 13
billion in CY23 to US$ 26 billion by CY28, at a compound annual growth rate
(CAGR) of around 14%. This growth is fueled by increased adoption of
Human-Machine Interfaces (HMIs), Industry 4.0 technologies, and the use of IoT,
supported by government initiatives like the Production Linked Incentive (PLI)
Scheme and the National Strategy for Robotics.
The global
market is expected to expand from approximately US$ 210 billion in CY23 to US$
325 billion by CY28, with a CAGR of around 9%. The growth drivers include the
increasing need for mass manufacturing, real-time analysis, and lead time
reduction, with the automotive sector emerging as the most automated industry
globally.
Commenting
on the release of the report, Abhishek Maiti, Director of 1Lattice, said, "The
rapid evolution of industrial automation presents unparalleled opportunities
for industries worldwide. Our latest report underscores the transformative potential
of automation technologies in driving efficiency, productivity, and economic
growth. At 1Lattice, we are committed to equipping our clients with the
insights and strategies needed to navigate this dynamic landscape and
capitalize on emerging trends."
1Lattice’s
report projects a robust future for industrial automation, with key
opportunities arising from the global and Indian markets. The adoption of
automation is expected to create new job opportunities, stimulate innovation,
and drive economic growth. In India, the share of the manufacturing sector in
GDP is anticipated to double by CY30, largely due to the adoption of automation
technologies.
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