Industrial Control & Factory Automation Market Worth $218.8 Billion by 2027
Northbrook, IL 60062 -- (SBWire) -- 09/28/2022 --The global industrial control & factory automation market size is expected to grow from USD 147.9 billion in 2022 to USD 218.8 billion by 2027, at a CAGR of 8.2%.
The growth of the industrial control & factory automation market can be attributed to the growing necessity for real-time data analysis across process and discrete industries, increasing number of government initiatives to support adoption of industrial adoption, and rising integration of AI and IoT in industrial environments along with rising adoption of augmented reality and virtual reality across industries such as pharmaceutical and automotive are driving the growth of the industrial control & factory automation market. However, significant initial capital investment and subsequent investments for maintenance are major restraints for the growth of the market.
Download PDF Brochure:
The industrial control & factory automation market is witnessing steady growth owing to several factors including increasing demand for safety compliance automation solutions and increasing integration of machine vision systems with deep learning. Increasing potential of automotive and chemicals industry, especially in Asia Pacific, and increasing emphasis on optimum utilization of resources are other major factors contributing to the growth of the industrial control & factory automation market.
Based on component, type, the industrial control & factory automation market is segregated into industrial robots, machine vision systems, process analyzers, human-machine interface, field instruments, industrial PC, industrial sensors, industrial 3D printing, and vibration monitoring. Industrial sensors held the largest share of the market in 2021. However, industrial 3D printing is expected to register the highest growth during the forecast period. In the food & beverage industry, 3D printing technology is used for manufacturing molds for different types of food items, such as chocolates, hard candies, or cakes. The ability of 3D printers to produce lightweight and cost-effective parts accurately and precisely makes them a preferred choice in the aerospace & defense industry.
Based on solution, the industrial control & factory automation market is segregated into supervisory control and data acquisition (SCADA), programmable logic controller (PLC), distributed control system (DCS), manufacturing execution system (MES), industrial safety, and plant asset management (PAM). DCS held the largest share in 2021. However, PAM is expected to register the highest growth during the forecast period. The deployment of DCS in the energy & power industry enables companies to reduce downtime and improve their production using optimal resources. DCS helps energy & power plant operators to improve the effectiveness of their operations, optimize maintenance routines at the plant level, and ensure the safety and reliability of their plants. The application of DCS in the oil & gas industry has also increased significantly with the rise in oil & gas exploration activities globally. The growth of this segment can be attributed to the increasing deployment of PAM solutions in the food & beverage industry to build a comprehensive and complete data record related to different equipment installed in plants, from their uptime performance to life cycle cost assessment.
Based on industry, the industrial control & factory automation market is segregated into process industry (oil & gas, chemicals, pulp & paper, pharmaceuticals, metals & mining, food & beverage, energy & power, and others which included fast-moving consumer goods (FMCG), HVAC, recycling, plastics, printing, cement, glass, rubber, furniture & wood, textile, and water and wastewater industries) and discrete industry (automotive, aerospace, semiconductor & electronics, machine manufacturing, medical device, and others which included ceramics, fabricating, and packaging industries). Among discrete industries, the automotive industry held the largest share of the market in 2021. Advancements in automobile manufacturing technologies and increased investments in technology by key automobile manufacturers are among the factors expected to drive the growth of the automotive industry during the forecast period.
The industrial control & factory automation market is segmented into four regions, North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2021, Asia Pacific held the largest share of the market and is expected to register the highest growth rate during the forecast period. The market in North America held the second largest share and is expected to register the second highest growth rate during the forecast period. Japan's Ministry of International Trade & Industry (MITI), along with scientists and civil servants from the world's biggest industrial nations, has been working on the development of industrial control and factory automation technologies of the future.
Request Free Sample Report:
Technological innovations and developments in the manufacturing sector are fueling the growth of the industrial control & factory automation market in the country. Towering labor costs in China will fuel the demand for industrial robotics and other automation technologies. Both domestic and foreign-based manufacturers in China are endeavoring to boost their productivity by using automation technologies. This is increasing the demand for industrial robots, computerized numerical control (CNC) systems, and other automation technologies. In India, the large population translates into high electricity consumption and the government is adopting SCADA systems to ensure efficient transmission and distribution of power in various substations. The growth of various industries in the US is dependent on the effective use of industrial automation in different processes. The need for quality control, safety, and sanitation has also led to the widespread adoption of industrial control and factory automation solutions. The country's economy is heavily dependent on its transportation and telecommunications sectors. The industrial control & factory automation market in the country has witnessed tremendous growth due to its flourishing discrete industries that are adopting automation solutions extensively.
Media Relations Contact
View this press release online at: http://rwire.com/1364226