Industrial Controls Market Forecast Report 2024-2033: Key Trends and Strategies for Expansion

Overview and Scope

Industrial control refers to electronic control systems that can control, monitor, and automate industrial processes with high precision, improved product quality, and reliability.

Sizing and Forecast

The industrial controls market size has grown strongly in recent years. It will grow from $146.43 billion in 2023 to $153.85 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to automation and efficiency improvements, regulatory compliance, globalization of production, maintenance and asset management.

The industrial controls market size is expected to see steady growth in the next few years. It will grow to $181.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to iot and industry 4.0 integration, energy efficiency and sustainability, cybersecurity concerns, remote monitoring and control, artificial intelligence and machine learning integration. Major trends in the forecast period include edge computing, digital twins, cloud-based solutions, sustainability focus, human-machine collaboration.

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Segmentation & Regional Insights

The industrial controls market covered in this report is segmented –

1) By Control system: Distributed Control System (DCS), Supervisory Control & Data Acquisition System (SCADA), Manufacturing Execution System (MES)

2) By Component: Modular Terminal Block, Relays and Optocouplers, Surge Protectors, Marking Systems, Printing, Ferulles Cable Lugs, Handtools, Testers, Enclosure Products, PCB Connetors and Terminals, Heavy Duty Connectors, Analog Signal Conditioner, Electronics Housings, Power Supplies, Industrial Ethernet, Remote IO

3) By End User: Automotive, Utility, Electronics & Semiconductor, Mining, Other End Users

Asia-Pacific was the largest region in the industrial controls market in 2023. Western Europe was the second-largest region in the industrial controls market. The regions covered in the industrial controls market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The growth of manufacturing industries, especially in developing economies is expected to support the growth of the industrial controls market. Industrial controls are monitor and automate industrial processes with high precision, improved product quality, and reliability. For instance, in April 2022, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector had growth of 210% in the fiscal year 2021–2022, compared to the fiscal year 2020–21, as well as a substantial increase in new investment and ordering activity post the pandemic. Compared to 2019–20, the manufacturing sector saw a 460% increase in 2021–22. Similarly, in March 2022, according to the United Nations Industrial Development Organization (UNIDO), an Austrian based agency that assists in economic and industrial development, global manufacturing production increased by 9.4% in 2021. Thus, the growth of manufacturing industries will support the growth of the industrial controls market.

Key Industry Players

Major companies operating in the industrial controls market include Mitsubishi Electric Factory Automation, Siemens AG, Honeywell International Incorporation, Emerson Electric Company, Schneider Electric SA, ABB Ltd, Omron Corporation, Rockwell Automation, Yokogawa Electric Corporation, Endress+Hauser Group, WIKA Alexander Wiegand SE & Co. KG, Azbil Corporation (formerly known as Yamatake Corporation), Fuji Electric Co. Ltd., 3D Systems Corporation, HP Inc., FANUC Corporation, Stratasys Ltd., Progea Srl, Hitachi Ltd., Vega Grieshaber KG, Danfoss Group, Tegan Innovations Inc., Krohne Group, Chaos Prime, Dwyer Instruments Inc., Kawasaki Heavy Industries Ltd., General Electric Company (GE), Johnson Controls International plc, Eaton Corporation plc, Phoenix Contact GmbH & Co. KG, Parker Hannifin Corporation, WAGO Kontakttechnik GmbH & Co. KG, Yokohama Industries Inc., B&R Industrial Automation GmbH, Beckhoff Automation GmbH & Co. KG, Bosch Rexroth AG, Delta Electronics Inc., Festo AG & Co. KG, IDEC Corporation, Keyence Corporation, National Instruments Corporation, Pepperl+Fuchs GmbH

The industrial controls market report table of contents includes: