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India Industrial Automation Market Forecasts 14.2% CAGR growth till 2027

India Industrial Automation Market Forecasts 14.2% CAGR growth till 2027

May 16, 2022 5:28 pm

Industrial Internet of Things (IIoT) and the Industrial 4.0 are at the center of the new technological approaches.

India’s industrial automation sector has been revolutionized by combining digital and physical aspects of manufacturing to deliver optimum performance. The India Industrial Automation Market was valued at USD 10.72 billion in 2021 and is expected to reach USD 23.09 billion by 2027 and grow at a CAGR of 14.26% over the forecast period (2022 – 2027) according to Mordor Intelligence report.

The focus on achieving zero waste production and a shorter time to reach the market has augmented the market’s growth. The Industrial Internet of Things (IIoT) and the Industrial 4.0 are at the center of the new technological approaches for developing, producing, and managing the entire logistics chain, otherwise known as smart factory automation. They are dominating the trends in the industrial sector, with machinery and devices being connected via the internet.

In India, the government is trying to create a conducive ecosystem for manufacturing and exporting electronics goods like TVs, closed-circuit TVs, and air conditioners with the help of the members of the Electronics and Computer Software Export Promotion Council. The manufacturing sector contributes 17% of the GDP, with the vision statement aiming to increase the share to 25% by this year-end.

Moreover, the adoption of e-commerce in India has brought a massive volume of business to the warehouse industry and several challenges. Further, the implementation of artificial intelligence, 5G, and 3D printing/additive manufacturing is also expected to provide more significant opportunities for market growth over the forecast period. In January 2022, Simple Energy, an India-based Electric vehicle maker, partnered with global technology leader Siemens to drive digital transformation in Electric Vehicle (EV) space.

Automated Material Handling Solutions Set to Drive the Market in the Country

Automated Material Handling Solutions refer to the automated transport of materials or commodities within a manufacturing unit. This defines the manufacturing timeline and expenses for the manufacturing industry. The automated material handling solutions can be implemented through hardware and software. The hardware comprises conveyor/sortation systems, mobile robots, automated storage and retrieval systems, and others. The software solutions include warehouse management systems or warehouse control systems, contributing to active management of inventory and warehouse maintenance.

GST application forced the companies to consolidate their warehouses for tax benefits and business efficiency. This encouraged industries to deploy mobile automated vehicles (AGVs). AGVs are also used in outbound and inbound handling for replenishment and picking. For instance, AGVs transport inventory components from source to storage locations or from long-term storage locations to forward picking locations to replenish stocks. Moving inventory from long-term storage to forward picking locations ensures that adequate inventory is accessible to pickers, making the order picking process more efficient.

The Indian manufacturing industry is constantly inviting newer robotics applications in its processes. For instance, Autonomous Mobile Robots (AMRs) offers secure, error-free delivery, short time to market, reduced costs, and end-to-end trackability. Autonomous mobile robots (AMRs) differ from AGVs by their degree of autonomy. Robotics for distribution centers (DCs), such as AMRs and collaborative picking arms, are proliferating.

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