The research report titled, “Industrial Controls and Factory Automation Market , Industrial Controls and Factory Automation , Industrial Controls and Factory Automation Market Share , Industrial Controls and Factory Automation Market Forecast” offers a descriptive analysis of the industrial control and factory automation market on the grounds of solution, component, industry, and geography. It well evaluates all the enabling technologies which support the manufacturing industries in industrial control and factory automation and accordingly provides detailed information with respect to the key factors that stimulate the growth of industrial control and factory automation market.
Automation aids in reducing the costs, ensuring fast production, standardizing manufacturing, ensuring product quality, minimizing waste, and supervising production, along with offering reliant and flexible solutions in manufacturing plants. The global automation market based on the product, is namely segregated as- Supervisory Control and Data Acquisition (SCADA), Manufacturing Execution System (MES), Distributed Control System (DCS), Programmable Logic Controller (PLC), Drives, Relays and Sensors. All such devices are widely used by process industries and discrete industries around the world.
The industrial control and factory automation market across the globe majorly consists of automation companies namely- Rockwell (US), General Electric (US), Yokogawa (Japan), Omron (Japan), and Honeywell (US), which offer many solutions including SCADA, DCS, and PLC and various components and technologies that supplement automation processes. Apart from these companies, the key market players of industrial control and factory automation global market include- Siemens (Germany), ABB (Switzerland), Emerson (US), Mitsubishi (Japan), and Schneider (France), Bosch Automation as well as associations such as IEEE Robotics and Automation Society (RAS) and International Federation of Robotics (IFR).
The Global Industrial Controls and Factory Automation Market had registered a valuation of somewhere around USD 145.51 Billion in 2016 and it has been expected to augment at a decent CAGR of around 7.4% by 2023 recording a valuation approximately for USD 239.11 Billion. The market has witnessed a consistent growth over the years. The developing demand of automation for streamlining of processes via real time gathering and control in Chemical, Oil & gas, Water treatment, Automotive industries has bolstered the market growth to a next level.
The key demand driving factors in the industry have been noticed as: the extensive use of developing technologies in manufacturing; persistent innovation in industrial robotics spurring its adoption in manufacturing; need for mass production and well managed supply chain to cater to the growing population; and government initiatives regarding adoption of industrial automation in various industries.
Industrial Internet of Things (IIoT) is being used in manufacturing plants which is altogether an amalgamation of machine learning, big data, sensor data, and machine-to-machine (M2M) communication; generally used for better connectivity with other connecting devices. Not only this, it also ensures predictive and proactive maintenance, real-time monitoring, resource optimization, and remote diagnosis. This support is anticipated to expand in the coming years due to advancements in technology and emerging applications which will include electronic power distribution systems, heating ventilation air conditioning (HVAC), and human machine interface (HMI) wherein this IIoT is foreseen to prove itself as much more beneficial for effective and efficient functioning of the industry.
Geographically, Europe and North America are forecasted to account for the maximum share in this industry since an increase in the focus towards renewable energy in European countries is expected which will surely drive the demand for automation solutions over the years. Moreover, there has been an amplifying demand for building smart factories in manufacturing based countries like China and Germany which is further creating an emerging ecosystem for automation of existing manufacturing facilities. Thereby, the Asia Pacific region is also projected to evolve as a promising market as a result of increasing industrialization and mushrooming awareness for automation control with supportive government policies in countries like China, Japan, and India.
In the coming years, the Manufacturing Execution System of this industry is expected to acquire the majority share because of its association with various tasks of production management in a comprehensive software system. Even, industrial robots are re-shaping manufacturing industries currently by reducing the manual labor and these robots undoubtedly offer various benefits like accuracy, flexibility, lower labor cost, high speed, less product damage, and quiet operation. Hence, the advent of technological innovations coupled with rising demands for efficient automated systems will trigger the industry to register massive revenues in future and relish an overall success globally.
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Ankur Gupta, Head Marketing & Communications