However, data from April indicates improvements in PMI to 55.5 this shows that the demand for industrial automation is likely to grow exponentially in the coming years. For instance, in March 2021, the IHS Markit PMI reduced to 55.4 from 57.5 in February 2021. The purchasing manager index (PMI) indicates a decline in the manufacturing industry due to the covid-19 pandemic. Due to the covid-19 pandemic, the manufacturing sector has been affected the most. Expansion of Augmented Reality (AR), Digital Twin, and Industrial IoT is expected to be a significant trend in the global market. The advent of 5G wireless technology and the increasing adoption of industry 4.0 are driving the demand for automation solutions across industries. Similarly, ABB offers automation products including Control Systems, Turbocharging, and Programmable Logic Controllers. offerings automation solutions including Programmable Automation Controllers, Industrial I/O, Motion Control, Automation/Control Software, Panel & Industrial PCs, Industrial Web Panels, and Industrial Monitors. In the market’s report, we have studied the solutions offered by market players such as Emerson Electric Co.
The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The market is projected to grow from USD 191.74 billion in 2021 to USD 355.44 billion in 2028 at a CAGR of 9.2% in the 2021-2028 period. Based on our analysis, the global market exhibited a significant growth of 6.5% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with industrial automation witnessing a steady growth across all regions amid the pandemic. The global industrial automation market size was USD 179.74 billion in 2020.