Automation refers to the use of information technology in combination with mechanical technology for manufacturing processes to create an efficient and smart manufacturing infrastructure
Valley Cottage, NY -- (SBWIRE) -- 06/13/2019 -- Automation refers to the use of information technology in combination with mechanical technology for manufacturing processes to create an efficient and smart manufacturing infrastructure. Factory automation & industrial controls systems can help in decreasing the operational cost of manufacturing. They also help in standardizing the manufacturing process for improving quality. The initial front end cost of the setup is high. However, in the long run, investment in automation can help any firm save on manpower cost by reducing labour in factories and quality control and auditing and minimizing the cost of rework as robots are highly effective and low on errors. Use of automation also increases the goodwill of the company as the end product almost always has a quality finish.
However, due to high capital expenditure and backlash from worker unions, the penetration of factory automation and industrial controls is not growing at an expected pace. Since the developed nations, especially US and Europe, are witnessing a slowing down, the sales of most of the traditional manufacturing companies has slowed down too. This is precisely why many companies are in two minds regarding the decision to invest in automation.
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Factory Automation & Industrial Controls Market:Market Dynamics
The main factor behind the growth of the factory automation & industrial controls market is growing use of automation in industries. The growing need to use better technology equipment to gain better results is leading to the growth of the factory automation and industrial controls market. Products made using automation do not only have improved quality, they are also produced at a decreased operational cost, increasing the overall profitability margin of the product. Automation also helps in saving energy. Other factors promoting the growth of factory automation & industrial controls market are need for high yield and production, scarcity of labour and enhanced focus on increasing efficiency and accuracy to achieve high yield and productivity. Automation has become an important component of the manufacturing, power, oil & gas, mining, railway and shipping industries and thus, the growth of these industries will also contribute towards the growth of the global factory automation & Industrial Controls market. Moreover, government initiatives to help industries adopt new technologies will also boost the market of factory automation & industrial controls market over the forecast period.
However, the high initial cost of installation of factory automation & industrial controls systems and lack of awareness regarding the quality of finished products made using automation can act as a restraint for the global factory automation & industrial controls market. Other than this, the limited availability of skilled professionals for the implementation of automation and control processes can also act as a restraint for this market.
Factory Automation & Industrial Controls Market:Market Segmentation
The automation & industrial controls market can be segmentedon the basis of the product used as follows:
Industrial Control Systems
Manufacturing Execution Systems (MES)
Enterprise Resource Planning (ERP)
Product Lifecycle Management (PLM)
The segmentation of Factory Automation & Industrial Controls Market can be doneon the basis of End-User Industry as follows:
Oil & Gas
Chemical & Petrochemical
Mining & Metals
Factory Automation & Industrial Controls Market: Regional Outlook
Europe holds a major share in the global Factory Automation & Industrial Controls market. It is followed by Asia-Pacific, North America and Latin America. Europe is projected to be a major consumer owing to the extensive applications of Factory Automation & Industrial Controls in the automotive industry. Similarly, rising automotive and manufacturing industries in APAC region, especially in countries such as China, India and Japan, are also expected to give a significant boost to factory automation and industrial control market. With increasing country integration or globalisation, which is evident from the increase in international trade and inbound-outbound FDI, positive growth in one economy leads to positive growth in correlated economies. Increase in industrial production in countries, such as China, India and Germany and strong growth purchase manager index numbers from Australia, China and UK will influence the growth of end-user industries in Asia Pacific, which in turn, will influence the demand for Factory Automation & Industrial Controls systems in the region during the forecast period. Rest of the world market is estimated to account for a relatively small share of the Factory Automation & Industrial Controls market.
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Factory Automation & Industrial Controls Market: Market Participants
Some of the examples of the market participants identified across the value chain of the global Factory Automation & Industrial Controls Market are:
Honeywell International Inc
Aspen Technology Inc.
Emerson Electric Company
Rockwell Automation, Inc
General Electric Co
Mitsubishi Electric Corporation
Yokogawa Electric Corporation