The global factory automation and industrial controls market is expected to be worth USD 221.5 billion by 2028 from USD 149.4 billion in 2023, growing at a CAGR of 8.2% from 2023 to 2028.
Factory automation and industrial control facilitate cost efficiency and quality of production; and standardize manufacturing, reliability, and adaptability within the process of production. Factory automation and industrial controls offer a perfect mixture of mechanical components and devices and knowledge Technology. Digitization and the Industry 4.0 revolution have significantly stimulated the expansion of automation among various industries by necessitating the utilization of smarter and automatic solutions, like robotics and control systems, to enhance production processes. The increasing adoption of intelligent systems, components, and smart machinery and equipment, for the development of processes through automation and self-optimization has resulted in the development of smart factories for planning, supply chain logistics, and merchandise development.
Factory Automation and Industrial Controls Market Drivers:
The global industrial control and factory automation market is being propelled forward by the growth of the linked business concept for improved production activities; effective information transfer between different units in industries is critical. With the use of IoT and IP networks, it allows manufacturers to better comprehend the process of converting raw materials into completed commodities. With the help of IoT-enabled systems, field instruments can be tracked, raw material flow can be ensured, inventory status can be tracked, and commodities can be reported as they move through the supply chain. Companies that are connected have simple access to data flowing throughout the supply chain, allowing them to react quickly to changing market conditions. Manufacturers can use real-time data to lower inventory costs, detect cyber-threat issues, and produce in response to market demand.
The demand for advanced equipment and software systems is being driven by an increased need for increased productivity as well as the manufacture of high-quality products. Industrial control and factory automation can help meet this demand by providing contemporary production systems and methods.
Factory Automation and Industrial Controls Market Restraints:
Initial capital inputs and reinvestments for maintenance are significant. When constructing a new automated manufacturing facility, the use of the latest automation technologies such as SCADA, DCS, RTU, PLC, and HMI is essential. SCADA data collection helps to reduce calculation errors while also enhancing product quality and industrial plant performance. To build up these manufacturing units, large financial investments in equipment, software, and training are required. As a result, before installing industrial control and factory automation systems and solutions, these businesses must conduct a thorough analysis of their return on investment, which hinders the global factory automation and industrial controls market growth.
Factory Automation and Industrial Controls Market Opportunities:
Humans can be harmed by a variety of industrial manufacturing processes. Human errors or mechanical faults can result in deadly occurrences throughout the production process. As a result, the industrial sector must implement safety measures in order to avoid workplace accidents. Accidents are less likely when products that automate safety compliance are used. Safety automation devices, for example, alert operators in the event of an emergency and take pre-programmed procedures to reduce the risk to human life. They uncover flaws in various gear and processes and run diagnostics to find cures as rapidly as possible. As a result, these safety instrument systems are designed to react swiftly and reliably (SIS). According to the Occupational Safety and Health Administration (OSHA), the occurrence of significant occupational injuries and illnesses has reduced dramatically from 4.6 per 100 workers in 2019 to 1.6 per 100 workers in 2020, thanks to the deployment of safety components and industrial automation.
Factory Automation and Industrial Controls Market Challenges:
The market for factory automation and industrial control systems is quite competitive, with several prominent manufacturers. The market appears to be divided to a degree. The market's top companies are focusing their efforts on expanding their consumer base to encompass new countries. To enhance their market share and profitability, these companies rely on strategic collaboration ventures. Industry players are also buying start-ups working on factory automation and industrial control systems to increase their product capabilities.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
8.2% |
Segments Covered |
By Application, Component, Solution, Industry and Region |
Various Analyses Covered |
Global, Regional and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), 3D Systems (US), HP (US), FANUC (Japan), STRATASYS (US), Progea (Italy), Hitachi (Japan), Vega (Germany), Danfoss (Denmark), Tegan Innovations (Ireland), Krohne (Germany), Rockwell (US), Chaos Prime (US), and Dwyer (US) |
This research report on the global factory automation and industrial controls market has been segmented and sub-segmented into the following categories.
Factory Automation and Industrial Controls Market - By Application:
Factory Automation and Industrial Controls Market - By Component:
Increased year-on-year robotic automation expenditure is projected to possess a positive impact on the demand for industrial robot systems. The installation of industrial robots reduces the dependence on humans in the manufacturing process, which decreases the production cost and improves quality and production capacity.
Factory Automation and Industrial Controls Market By Solution:
Factory Automation and Industrial Controls Market - By Industry:
Process industries pave the trail for digital data and analytics, which will reduce power grid costs by reducing operations and maintenance prices, improving power station and network efficiency, minimizing unplanned outages and downtime, and increasing the operational lifetime of assets. The mining and metals industry is predicted to witness the best growth rate in process industries during the forecast period. The adoption of automation in this field provides better productivity, ensures safety, minimizes wear, enhances reliability, and improves quality.
Factory Automation and Industrial Controls Market - By Region:
Europe's factory automation and industrial controls market holds a notable share of the global market. Europe is projected to be a serious consumer due to the extensive applications of factory automation and industrial controls in the automotive industry. Despite China accounting for 25% of the world’s manufacturing activities, its manufacturing productivity may be a mere one-fifth of that of the developed economies. As most of the automation equipment is transported from Germany and Japan, the ‘Made in China’ initiative aims to increase the Asia Pacific’s domestic production of automation hardware and equipment. The rest of the world market is projected to account for a relatively small share of the global factory automation and industrial controls market.
KEY MARKET PLAYERS:
Companies playing a noteworthy role in the global industrial control and factory automation market are Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), 3D Systems (US), HP (US), FANUC (Japan), STRATASYS (US), Progea (Italy), Hitachi (Japan), Vega (Germany), Danfoss (Denmark), Tegan Innovations (Ireland), Krohne (Germany), Rockwell (US), Chaos Prime (US), and Dwyer (US).
RECENT HAPPENINGS IN THE MARKET:
FAQ's
The metals and mining, as well as the medical device industries, are likely to be important customers of industrial control and factory automations.
Factors such as the emergence of connected enterprises and the need for mass manufacturing of products, government initiatives to promote industrial automation, adoption of emerging technologies such as IoT and AI in industrial environments, emphasis on industrial automation and resource optimization, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities afloat during the COVID-19 crisis The market for industrial control and factory automation is projected to be lucrative.
For start-up enterprises, the industrial control and factory automation industry offers enormous prospects. These businesses provide cost-effective, versatile, and efficient industrial control and factory automation systems that can be used to keep people comfortable while also conserving energy.
The Factory Automation and Industrial Controls Market is expected to develop at a CAGR of 8.2% during the next five years.
In 2021, North America occupied the most market share.
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