Industry: Semiconductor & Electronics | Publish Date: 19-Oct-2024 | No of Pages: 123 | No. of Tables: 89 | No. of Figures: 54 | Format: PDF | Report Code : SE991
Sweden Industrial Process Automation Market size was valued at USD 367.8 million in 2023, and is predicted to reach USD 446.4 million by 2030, at a CAGR of 2.2% from 2024 to 2030.
The industrial process automation market refers to the industry that provides technologies and systems designed to monitor, control, and optimize industrial operations. It involves the integration of advanced computer technology, hardware, and software solutions to automate key processes such as inventory management, manufacturing, production, and quality control.
The key technologies include sensors, programmable logic controllers (PLCs), human-machine interfaces (HMIs), and supervisory control and data acquisition (SCADA) systems. This market serves industries such as oil and gas, chemical processing, food and beverage, and pharmaceuticals, where automation is crucial for improving operational efficiency, product quality, and workplace safety.
By reducing costs and minimizing human error, industrial process automation market enables companies to streamline their production processes, ensuring higher output with greater precision. The demand for industrial process automation solutions continues to grow as businesses seek to enhance productivity and remain competitive in an increasingly automated global manufacturing environment.
Sweden’s leadership in Industry 4.0 is evident through its advanced automation capabilities and commitment to sustainable energy. The country’s energy grid is predominantly reliant on renewable sources, with 98% of its energy being fossil-free and over 60% of electricity coming from renewable sources. Sweden's focus on renewable energy, clean technology, and recycling has created significant opportunities for sustainable industrial practices. The implementation of Distributed Control Systems (DCS) solutions has been crucial in managing and optimizing Sweden’s renewable energy infrastructure.
Additionally, the nation’s plans to expand its nuclear and wind power capabilities further boost the Sweden industrial process automation market demand for advanced DCS solutions. For example, the January 2023 announcement of new nuclear power plants aims to address high electricity prices and enhance carbon-free energy production. Sweden’s strategic move to integrate more zero-emission energy sources reflects its commitment to sustainability and industrial efficiency.
Sweden’s pharmaceutical sector has become a major economic driver, bolstering the nation’s industrial process automation market. The industry has seen a significant surge in exports, with a 60% increase over the past decade. Pharmaceutical exports from Swedish facilities amounted to approximately USD 6.7 billion in the first half of 2022.
This growth is attributed to substantial investments in production and advancements in industrial control and automation solutions. The sector’s strong performance highlights Sweden’s role as a leading exporter of pharmaceutical goods, contributing to its overall economic growth. The ongoing investments and automation improvements in the pharmaceutical industry support Sweden’s position as a key player in the global market and drive the Sweden industrial process automation market expansion of industrial process automation within the country.
The absence of standardization presents a major challenge to the growth of the industrial process automation market. Without established standards, vendors might create proprietary systems that are hard to replace or upgrade. This situation can lead to vendor lock-in, where companies become reliant on a specific vendor's technology, limiting their ability to switch providers. Vendor lock-in can result in higher costs, reduced flexibility, and decreased innovation, all of that impede Sweden industrial process automation market growth. Companies may hesitate to invest in automation systems if they fear being tied to a particular vendor, that further hinder market development.
The advancements in industry 4.0 technologies, such as the internet of things (IoT), cloud computing, and artificial intelligence (AI), are opening up significant opportunities for the industrial process automation market. These technologies allow companies to gather and analyse large amounts of data in real-time, offering valuable insights into their operations and highlighting areas for improvement. As technology evolves quickly, market participants are partnering with tech-focused companies to create new solutions based on established technologies.
Several key players operating in Sweden industrial process automation industry include Siemens AG, Honeywell International, Schneider Electric, Mitsubishi Electric, Rockwell Automation, Emerson Electric Co., ABB Ltd., Omron Corp., Fanuc Corp., Toshiba Corp., and others.
Manufacturing Execution Systems
Hardware
Software
Services
Distributed Control Systems
Hardware
Software
Services
Programmable Logic Control
Hardware
Software
Services
Supervisory Control and Data Acquisition (SCADA)
Hardware
Software
Services
Field Instruments
Industrial Robots
Process Analyzers & Drives
Oil & Gas
Chemical & Refining
Energy & Power
Pulp & Paper
Metals & Mining
Pharmaceutical
Cement & Glass
Others
Siemens AG
Honeywell International
Schneider Electric
Mitsubishi Electric
Rockwell Automation
Emerson Electric Co.
ABB Ltd.
Omron Corp.
Fanuc Corp.
Toshiba Corp.
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 367.8 Million |
Revenue Forecast in 2030 |
USD 446.4 Million |
Growth Rate |
CAGR of 2.2% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Million (USD) |
Growth Factors |
|
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |