Industrial Control and Factory Automation Market is projected to grow from $150.10 billion to $220.09 billion, at a CAGR of 10.2% in terms of revenue during the forecast period.
Industrial Control & Factory Automation Market is the continuous introduction of advanced technologies like robots, artificial intelligence, and others, the industrial sector has been swiftly evolving with the aid of intelligent manufacturing infrastructure, and automation also facilitates quick manufacturing and material handling activities. In an effort to boost efficiency and save labour costs, industries are implementing industrial automation and control systems. In addition, Industry has accelerated the adoption of new systems and enhanced networking architectures in the manufacturing sector, which is expected to create sizable prospects for industrial control & factory automation market expansion.
There are many different interconnected large-scale work cells dispersed around the manufacturing floor, as well as small standalone units. Every system is made to perform a specific duty, which lowers the costs, improves quality, increases operator safety, and increases output. Technology like analytics, cloud computing, and mobility are assisting businesses in effectively achieving their goals. Additionally, the expansion of smart manufacturing, which embraces and adopts the benefits of internet connectivity, is being driven by the penetration of Internet of Things (IoT) in factory automation.
Market Dynamics:
Drivers:
To secure the overall development of their countries, governments all over the world support industry growth. Use of multiple automation and communication components and technologies is a result of structural growth of the industries. The development of the discrete and process industries is a priority for governments. The government's national manufacturing policy is what's driving the expansion of India's manufacturing sector (NMP). Make in India programme is one of the initiatives the Indian government has introduced to encourage companies to automate their manufacturing plants.
Restraints:
Industrial automation processes are cost-effective, but they also require significant initial capital investments for personnel training and technology deployment. The industrial control & factory automation market fragmentation makes it impossible to forecast the return on investment (ROI). Due to the high initial costs and erratic return on investment, small and medium-sized businesses (SMEs) are hesitant to take advantage of technology. To overcome this obstacle and soon open up new markets for solutions, government programs like the Made in India movement and the Government of India's MSME enterprise financing programme are anticipated.
Opportunities:
In the upcoming years, it is projected that the increase in investment and continued development in the manufacturing sector will fuel industrial control & factory automation market expansion. The production process in several sectors, such as automotive, aerospace, and heavy engineering, is becoming more digitalized. The integration of IoT into manufacturing facilities is essential for linking systems and devices to a network. New automation innovations are aided by technologies like AI, machine learning, cloud computing, and others, which are expected to accelerate market expansion over the projection period.
Key Players:
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ABB Ltd.
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Emerson Electric Co.
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Honeywell International, Inc.
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Kawasaki Heavy Industries, Ltd.
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Mitsubishi Electric Corporation
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OMRON Corporation
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Rockwell Automation, Inc.
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Schneider Electric
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Siemens AG
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Yokogawa Electric Corporation
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General Electric
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Wika
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Fanuc
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Stratasys
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Dwyer
Market Segmentation:
Industrial Control & Factory Automation Market, By Component Type Outlook
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HMI
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Industrial Robots
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Control Valves
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Sensors
Industrial Control & Factory Automation Market, By Control System Outlook
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DCS
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PLC
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SCADA
Industrial Control & Factory Automation Market, By Vertical Outlook
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Aerospace & Defense
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Automotive
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Chemical
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Energy & Utilities
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Food & Beverage
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Healthcare
Industrial Control & Factory Automation Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
The Asia-Pacific region dominated the industrial control & factory automation market with a significant revenue share. The presence of important market participants and emerging firms is what is driving this robust expansion. The rise of the industrial control & factory automation market in Asia pacific region is being driven by the increased need for better industrial plant management systems in China and India.
Also, there is a considerable market share held by Europe. The area's industrial facilities have been forced to implement the newest technological breakthroughs and digital transformation capabilities to optimize their business operations. Industrial automation products are being sold by large organisations and employed in a variety of local industries, including the automotive, healthcare and manufacturing.
Scope of the report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.2% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 150.10 Billion |
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Forecast market growth |
USD 220.09 Billion |
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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