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.
