The Industrial Control & Factory Automation by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Control & Factory Automation, The industrial control & factory automation market size has grown strongly in recent years. It will grow from $150.24 billion in 2023 to $163.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to efficiency and cost reduction goals, adoption of dcs systems, integration of mes systems, human-machine interface (hmi), computer numerical control (cnc).
The industrial control & factory automation market size is expected to see strong growth in the next few years. It will grow to $224.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to smart manufacturing practices, emphasis on energy efficiency, artificial intelligence and machine learning integration, rapid adoption of iot devices, industry 4.0 evolution.. Major trends in the forecast period include remote and smart manufacturing, energy efficiency and sustainability, predictive maintenance strategies, edge computing in automation, cybersecurity measures.
The emergence of connected enterprises is expected to propel the growth of the industrial control and factory automation market going forward. Connected enterprises are businesses that have digitalized all of their business processes using IoT technology to improve operations. Business process automation is an essential step in making connected enterprises as it helps factories to operate with fewer unskilled resources and allows the organization to utilize these resources for adopting advanced technologies and digitalization systems. For instance, according to the Global Digital Transformation Survey 2021 conducted by Fujitsu, a Japan-based information and communication technology company, which included a survey of 1,200 business leaders across 9 countries, 78% of the respondents effectively responded to COVID-19 pandemic by relying on agility, digitalization, and employee well-being. 44% of the respondents predicted that more than half of their current business processes will be automated by 2025 and business process automation was second on the priority list of the majority of the respondents. Therefore, the increasing number of connected enterprises is driving the growth of the industrial control and factory automation market.
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The industrial control & factory automation market covered in this report is segmented –
1) By Component: Industrial Robots, Machine Vision System, Process Analyser, Field Instruments, Human–Machine Interface (HMI), Industrial PC, Industrial Sensors, Industrial 3D Printing, Vibration Monitoring, Other Components
2) By Solution: Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), Programmable Logic Controller (PLC), Manufacturing Execution System (MES), Product Life Cycle Management (PLM), Plant Asset Management (PAM), Functional Safety
3) By Industry: Process Industry, Discrete Industry
Product innovation is a key trend gaining popularity in the industrial control and factory automation market. Major companies operating in the industrial control and factory automation market are introducing new innovative products to sustain their position in the market. For instance, in February 2021, Schneider Electric, France-based digital automation, and energy management company, launched the EcoStruxure Automation Expert industrial automation system. It is first of its first-of-its-kind software-based industrial automation system that allows the user to distribute applications to any system hardware and to build applications using asset-centric components. The system also allows enterprises to achieve maximum workforce optimization and efficiency.
The industrial control & factory automation market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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. - Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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