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Industrial Automation Market to Grow by USD 107.1 Billion (2024-2028) as AI Drives Market Transformation – Technavio Report

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2 years ago

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NEW YORK, Sept. 5, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global industrial automation market  size is estimated to grow by USD 107.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.45%  during the forecast period. Changing market dynamics is driving market growth, with a trend towards increasing need for open platform architecture for automation software. However, technical challenges  poses a challenge. Key market players include ABB Ltd., Azbil Corp., Danfoss AS, Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, OmniVision Technologies Inc., OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, WIKA Alexander Wiegand SE and Co. KG, and Yokogawa Electric Corp..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (SCDA, PLC, DCS, Drives, and Sensors), End-user (Process industry and Discrete industry), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

ABB Ltd., Azbil Corp., Danfoss AS, Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., KROHNE Messtechnik GmbH, OmniVision Technologies Inc., OMRON Corp., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, WIKA Alexander Wiegand SE and Co. KG, and Yokogawa Electric Corp.

Key Market Trends Fueling Growth

Industrial automation solutions play a crucial role in managing manufacturing plant functions. Open-platform automation software enables users to customize and modify its functionality, benefiting Original Equipment Manufacturers (OEMs) by enhancing product operational capabilities and connectivity options. This architecture offers flexibility through the use of various runtime platforms and third-party tools, ensuring interoperability and reducing project costs. Open-source SCADA systems, such as WinCC Open Architecture by Siemens and Open Enterprise V3 by Emerson Electric, are examples of this technology, providing operational efficiency and cost savings. 

The industrial sector is embracing automation and technology to boost productivity and reduce labor costs. Automation processes in manufacturing are trending with the integration of robotics, artificial intelligence, and machine learning. Material handling is being transformed through the use of sensors like temperature, humidity, and torque sensors. Networking architectures, analytics, cloud, mobility, and IoT technology are revolutionizing industrial automation. Strategic partnerships and the adoption of 5G wireless technology and IIoT are driving growth in sectors like healthcare, transportation, mining and metal, aerospace and defense. Automation technologies like AC motors, labeling equipment, Human Machine Interface, Programmable Logic Controllers, and Input/Output Sensors are essential components. Technological advancements in AI, machine learning, and automation processes are enhancing safety compliance and real-time data analysis. Augmented reality (AR) and Virtual reality (VR) are also gaining traction in the industry. Computer software solutions for quality control and automation technologies are essential for businesses to stay competitive. Efficiency and productivity are the key benefits of these technological advancements. 

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Market Challenges

In the realm of industrial controls and factory automation, the integration of the Industrial Internet of Things (IIoT) or Industry 4.0 brings about numerous advantages, such as real-time communication and heightened reliability. However, these benefits come with intricate design challenges, particularly at the control level. The control level, consisting of Programmable Logic Controllers (PLCs), Supervisory Control and Data Acquisition (SCADA) systems, motor drives, controllers, and Distributed Control Systems (DCS), faces complexities due to the need for real-time data communication and an escalating number of nodes. Moreover, continuous product development and advanced machinery adoption in Industry 4.0 further complicate industrial automation design, specifically in factory automation and smart factories. Despite vendors’ efforts to create flexible machine designs by collaborating with OEMs, manufacturers, and system integrators, the dynamic nature of the automation solutions industry influences the investment landscape and raises Capital Expenditures (CAPEX) for industrial operators. These factors may hinder the market growth in the forecast period.The Industrial Controls and Factory Automation market is experiencing significant growth due to the increasing adoption of digital technologies. Key challenges include integrating AI and machine learning for predictive maintenance, ensuring temperature, humidity, torque sensors’ accuracy in healthcare, transportation, mining and metal, aerospace and defense sectors. AC motors and labeling equipment require advanced automation technologies for efficiency and productivity. Human Machine Interface, Programmable Logic Controllers, and Input/Output Sensors need real-time data and safety compliance. Robotics, Computer Software, and Quality Control benefit from technological advancements, strategic partnerships, and digital technologies like 5G wireless, IoT, AR, and VR. AI and machine learning training programs are crucial for workforce development. DC motors also require automation for optimal performance. Overall, the market focuses on improving efficiency, productivity, and ensuring technological compliance. 

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Segment Overview 

This industrial automation market report extensively covers market segmentation by

Product 1.1 SCDA1.2 PLC1.3 DCS1.4 Drives1.5 SensorsEnd-user 2.1 Process industry2.2 Discrete industryGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 SCDA-  SCADA (Supervisory Control and Data Acquisition) systems play a crucial role in monitoring and optimizing industrial processes in various sectors. The primary functions of SCADA include real-time data acquisition, device interaction, and event logging. In manufacturing, diverse field instruments such as valves, drives, relays, switches, and sensors are used across different locations. Real-time analysis of data from these devices is essential for data-driven decision-making, enhancing operational efficiency and cost optimization. Cloud computing and cloud-based Software-as-a-Service (SaaS) have revolutionized SCADA systems, offering benefits such as scalable server space, off-site IT support, low cost, and easy accessibility from remote locations. Cloud-based SCADA systems store and maintain software and data in the cloud, providing users with benefits like flexibility and ease of upgrading applications. However, storing mission and process safety-related data on a cloud-platform comes with risks, such as dependency on communication network reliability and potential productivity losses. Despite these risks, the benefits of cloud-based SCADA systems outweigh the challenges, making them an attractive option for manufacturers. This trend is expected to drive growth in the SCADA market, particularly in end-user industries, providing opportunities for vendors.

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Research Analysis

The Industrial Controls and Factory Automation market is experiencing significant growth due to the increasing demand for automation in various industries, including manufacturing and healthcare. Robotics and artificial intelligence are key technologies driving automation processes, enabling increased productivity and efficiency while reducing labor costs. Networking architectures, analytics, cloud, mobility, and the Internet of Things (IIoT) are also playing crucial roles in enhancing industrial automation. Sensors, such as temperature, humidity, torque, and others, are essential components of industrial automation systems, providing real-time data for monitoring and control. The market spans various sectors, including transportation, mining and metal, aerospace and defense, and healthcare, with 5G wireless technology set to revolutionize communication and data transfer in industrial automation applications. Automation in manufacturing is a major focus, with AI and machine learning enabling predictive maintenance and optimizing production lines. The integration of IIoT and cloud technologies is enabling remote monitoring and control, providing real-time insights and reducing downtime. The future of industrial automation is bright, with continued innovation and advancements expected to drive growth and efficiency in various industries.

Market Research Overview

The Industrial Controls and Factory Automation market is witnessing significant growth due to the increasing demand for automation in various industries, including manufacturing, healthcare, transportation, mining and metal, aerospace and defense, and more. Robotics, artificial intelligence (AI), and machine learning are key technologies driving automation processes in this sector. Productivity enhancement, labor cost reduction, and safety compliance are primary factors fueling the market’s growth. Networking architectures, IoT technology, 5G wireless technology, and digital technologies are essential components of modern industrial automation systems. Advanced sensors, such as temperature sensors, humidity sensors, torque sensors, and others, play a crucial role in real-time data collection and analysis. Automation technologies, including computer software, human-machine interface, programmable logic controllers, input/output sensors, and robotics, are essential for optimizing manufacturing processes and improving efficiency. Quality control and safety compliance are also critical aspects of industrial automation, ensuring the production of high-quality goods and adherence to regulatory standards. Strategic partnerships, technological advancement, and training programs are essential for companies to stay competitive in this rapidly evolving market. The use of AI, machine learning, and other digital technologies is transforming the way industries operate, from predictive maintenance to remote monitoring and control. Labeling equipment, AC and DC motors, and various automation components are essential parts of the industrial automation ecosystem. The integration of augmented reality (AR) and virtual reality (VR) technologies is also gaining popularity, offering new possibilities for remote training and maintenance. In conclusion, the Industrial Controls and Factory Automation market is a dynamic and innovative sector, driven by the need for productivity, efficiency, and safety in various industries. The integration of advanced technologies, such as AI, machine learning, IoT, and digital technologies, is transforming the way industries operate and compete in today’s global economy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductSCDAPLCDCSDrivesSensorsEnd-userProcess IndustryDiscrete IndustryGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Seatrium and Karpowership Sign Contract for a Series of Whale Class Powership Conversion and Integration Projects

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11 minutes ago

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October 23, 2026

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SINGAPORE, Oct. 23, 2026 /PRNewswire/ — Seatrium Limited and its strategic partner, floating power leader Karpowership, have strengthened their longstanding collaboration with the award of a contract for the development, major conversion and integration of Karpowership’s third-generation hydrogen-ready Whale Class Powerships, reinforcing both companies’ commitment to delivering reliable, flexible and sustainable energy solutions to meet growing global electricity demand.

Under the contract, Seatrium will undertake the major conversion work and integration of five Whale Class Powerships. Seatrium’s scope of work encompasses equipment integration, mechanical completion and pre-commissioning works. Engineering activities are currently underway – both parties are working closely to advance the project’s execution phase progressively, with the first vessel in the series targeted for arrival in Seatrium Tuas Boulevard Yard in December 2027.

Powerships are floating power plants equipped with hydrogen-ready multi-fuel generation systems and integrated onboard substations that connect directly to national electricity grids. Leveraging Karpowership’s plug-and-play design, they can begin generating electricity in as little as 30 days. The next-generation Whale Class offers Karpowership’s highest capacity, engineered to deploy up to 600 MW of immediate, grid-ready power using an ultra-efficient footprint optimised for seamless, continuous fuel supply.

By combining advanced power generation technologies with maritime engineering excellence, these vessels will enhance energy security while providing the flexibility to support diverse market requirements.

Mr Alvin Gan, Executive Vice President, Repairs and Upgrades, Seatrium, said, “This significant milestone marks Seatrium’s first major conversion work and integration of Karpowership’s Whale Class Powerships. We are proud to support Karpowership’s drive to pioneer innovative floating power solutions and the next phase of its fleet development, bringing our capabilities in complex vessel integration and offshore engineering to the project. We thank Karpowership for the continued trust and look forward to advancing cutting-edge floating solutions that bolster energy resilience worldwide.”

Building on a strategic relationship established in 2018, Seatrium and Karpowership share an ambition to deepen their partnership and shape the next generation of energy infrastructure, strengthening energy resilience in Singapore and worldwide.

Mr Gokhan Kocak, Chief Technical Operations Officer, Karpowership, said, “Karpowership has transformed global power generation with its innovative Powership model, delivering fast-track and dependable electricity solutions to millions worldwide. The next-generation Whale Class Powerships demonstrate our continued commitment to innovation, operational excellence and energy security. We are pleased to build on our strong partnership with Seatrium, whose proven expertise in complex vessel integration make them an ideal partner.”

The contract marks the next step following an earlier Letter of Intent (LOI) signed in August 2025, solidifying the long-term partnership between the two companies. The LOI had provided for three FSRU conversions and the potential integration of up to six new-generation Powerships. Since 2018, Seatrium has successfully delivered seven FSRU conversion projects to Karpowership, with the eighth and ninth FSRU conversion projects secured this year.

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SOURCE Karpowership

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Scage Future Announces Effective Date for ADS Ratio Change

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October 23, 2026

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NANJING, China, Oct. 22, 2026 /PRNewswire/ — Scage Future (“Scage Future” or the “Company”) (Nasdaq: SCAG), a provider of new energy and zero-emission heavy-duty commercial vehicles and e-fuel solutions, today announced the effective date and new CUSIP number for the previously announced change in the ratio of its American Depositary Shares (“ADSs”) to its ordinary shares (the “ADS Ratio”), from the current ADS Ratio of one (1) ADS to one (1) ordinary share to a new ADS Ratio of one (1) ADS to fifteen (15) ordinary shares (the “ADS Ratio Change”). The ADS Ratio Change will be effective on October 27, 2026 (the “Effective Date”).

For Scage Future’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-fifteen reverse ADS split. On the Effective Date, holders of ADSs will be entitled to receive one (1) new ADS for every fifteen (15) existing ADSs then held, and the exchange will occur automatically, with the then-held ADSs being cancelled and new ADSs being issued by Citibank, N.A., as the depositary bank for the Company’s ADS program (the “Depositary Bank”). Holders of ADSs will not be required to take any action in connection with the ADS Ratio Change.

No fractional new ADSs will be issued in connection with the change in the ADS Ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the Depositary Bank, and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the Depositary Bank.

The change in the ADS Ratio will have no impact on Scage Future’s underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the change in the ADS Ratio. Scage Future’s ADSs will continue to be traded on the Nasdaq Global Market under the symbol “SCAG.” In connection with the ADS Ratio Change, the CUSIP number for the ADSs will change from 80590A105 to a new CUSIP number of 80590A204, effective as of the Effective Date.

As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be equal to or greater than fifteen times the ADS trading price before the change.

About Scage Future

Scage Future is a leading zero-emission technology provider in China, dedicated to decarbonizing global commercial transportation through its portfolio of advanced heavy-duty NEV trucks and innovative e-fuel systems. Through strategic partnerships with top-tier vehicle manufacturers and a strong quality control framework, the Company delivers intelligent, high-performance NEVs addressing the transport needs across logistics, mining and port operations. The Company has a proven track record in the design, production, and testing of next-generation heavy-duty NEVs, including the Dragon II plug-in hybrid dump truck, Galaxy II plug-in hybrid truck, and autonomous tractor trailer.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the completion of the ADS Ratio Change on the Effective Date, the anticipated effects of the ADS Ratio Change on the trading price of the Company’s ADSs, and the Company’s expectations regarding the treatment of fractional ADS entitlements and the exchange of existing ADSs for new ADSs. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequently occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Scage Future
Investor Relations
Emily Wang
Head of Investor Relations
Email: scageIR@scagefd.com

 

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Hanwha Power Receives ABS Approval in Principle for 1,700 TEU Battery-Powered Containership Design

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October 23, 2026

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Fully electric propulsion design featuring approximately 151 MWh of energy storage strengthens capabilities in zero-carbon maritime transportIntegrated solution combines electric propulsion, and containerized battery energy storage systemsExpanded eco-friendly marine propulsion portfolio lays the groundwork for entry into the next-generation zero-carbon vessel market

SEOUL, South Korea, Oct. 23, 2026 /PRNewswire/ — Hanwha Power announced that it had received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for its design of a 1,700 TEU battery-powered containership.

The certificate presentation ceremony took place on October 22, local time, at the MHE (Maritime Hybrid, Electric & Hydrogen Fuel Cells) Conference & Exhibition 2026 in Bergen, Norway. Jong-kyu Hwang, Vice President, Technology Solutions at Hanwha Power, attended the ceremony alongside senior representatives from ABS. The event runs from October 21 to 23 at the Scandic Hotel Bergen City.

The newly approved design concept features a fully electric container vessel powered by a large-scale 151 MWh Energy Storage System (ESS). Electrical energy stored in containerized battery units serves as the vessel’s primary propulsion source, enabling operation without direct carbon emissions through the use of port charging infrastructure.

The use of containerized batteries, which can be handled and stowed like standard cargo containers, enhances space efficiency, maximizes cargo capacity, and optimizes overall vessel performance. This approach also supports flexible battery replacement and scalable operation, offering a practical pathway for the decarbonization of short-sea and regional container transport.

The AiP strengthens Hanwha Power’s capabilities in fully electric vessel design using large-scale battery energy storage and expands its portfolio of marine propulsion solutions. The company plans to build on this achievement to pursue opportunities in the next-generation zero-carbon maritime transport market.

Alongside the approval, Hanwha Power has also completed the basic design of a 1,000 TEU battery-powered container vessel. Building on its expertise in vessel design across multiple ship classes, the company aims to develop a comprehensive lineup of electric-propulsion vessels tailored to a wide range of operating conditions and customer needs.

“This AiP from ABS marks an important step in extending Hanwha Power’s marine technology capabilities to fully electric vessels powered by large-scale battery systems,” said Jong-kyu Hwang, Vice President, Technology Solutions at Hanwha Power. “We will address the needs of the next-generation zero-carbon maritime transport market with integrated solutions that combine electric propulsion and containerized battery system technologies.”

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