Inovance scales new heights with record revenue in 2024

By Staff Report June 10, 2025 3:20 pm IST

Inovance, a global leader in industrial automation, reported a strong performance in 2024 with USD 5.2 billion in revenue.

Inovance, a global leader in industrial automation, has announced exceptional results for the year 2024, achieving USD 5.2 billion in global revenue, representing a 22% year-on-year growth. This milestone underscores the company’s commitment to delivering innovative, reliable automation solutions to customers worldwide.

The growth led by strong performance in general industrial automation, where Inovance’s broad portfolio of products—ranging from AC drives and servo systems to motion control and PLCs—continues to support customers in diverse manufacturing sectors with advanced automation technologies.

Inovance also made a significant investment in research & development, allocating USD 442 million, or 8.5% of total revenue, to drive continuous innovation and development of next-generation products and solutions.

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India continues to play a vital role in Inovance’s global expansion strategy. Inovance Technology India now employs over 200 professionals and operates through a strong network of five branch offices located in Noida, Mumbai, Ahmedabad, Hyderabad, and Surat. The company runs a dedicated service and repair centre in Surat, ensuring timely support and maintenance for customers across the region.

The company’s head office is located in Chennai, with a manufacturing facility situated at MM Nagar, Chennai, supporting local operations and further strengthening Inovance’s presence in the Indian market.