Industrial Control and Factory Automation Market Growth Set to Surge Significantly during 2024

The Industrial control and Factory automation is a rising trend in the manufacturing industry which provides smart manufacturing infrastructure. The industrial control and factory automation facilitates cost efficiency, quality of production; standardize manufacturing, reliability and flexibility in the process of manufacturing. Industrial control and factory automation offers perfect mix of mechanical components and devices and Information Technology.

The emerging applications such as heating ventilation air conditioning (HVAC) systems, electronic power distribution systems and human machine interface (HMI) would further spur the demand of industrial controls and automation in the coming years. Technological developments in process monitoring, industrial automation and control over the last decades have contributed immensly towards improvement of productivity of all manufacturing industries globally.

Blend of smart mechanical technology with IT technology has given spur to the industrial controls and factory automation market. These systems are used in the industries create the standardized and reliable production environment. Advantages offered by automation in manufacturing activities includes cost-efficiency, reduced feedback, fast production, waste reduction, production monitoring and management over the conventional manual processes. Several mechanical devices are integrated with IT systems for enhanced outcomes in automation. Software systems such as Enterprise Resource planning (ERP) are assisting the market to broaden its service offerings. It is delivering improved quality, standardized and dependable products within time frame and at moderate cost to the customers.

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The focus by industry players on achieving energy efficiency in manufacturing process is driving the market. In addition, others factors such as internet of things, country and government initiatives towards improving production activities, services blending manufacturing and engineering technologies and shifting production base are driving the market. Other drivers are country wise investment and development plan for production activities and shifting in the manufacturing base. The market is expected to grow substantially in developing economies such as Asia-Pacific, which is primarily attributed to the rise in the factory automation and industry control system implementation.

Factors such as lack of awareness, limited fund generation for re-investment owing to compact working capital cycle, narrow geographical diversity and absence of standardization are restraints for the market. Major number of industrial units function on a compact budget, in particular for small and medium enterprises (SME). This creates limited opportunities for re-investment as profits margins are low. This acts as one of the key restrains for market as not every production facilities can afford to invest in the automation and industrial control systems.

Another restrain for players in the market is less availability of trained professionals who can help the implementation of automation and control processes. Companies in the market are delivering training programs and certifications to the interested individuals so as to overcome this challenge. Although, emerging countries in the area of production, reduction in prices, adoption of latest technology and developing scope of used robots offer immense opportunity for industrial control and factory automation market.

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The market is segmented by application and product. Application include power, automotive, printing and packaging, oil and gas, pharmaceuticals, textile, chemical, plastics, food processing and original equipment manufacturers (OEM). Products include industrial control systems, machine vision, sensors, relay and switches, field devices, manufacturing execution system (MES) and motion and drives. Field devices are further segmented as industrial networks, industrial robotics and control devices.

Key players in the market include Yokogawa Electric Corporation, Ametek Inc., Honeywell International, Bosch Automation, Emerson, Mitsubishi Corporation, Schneider Electric, National Instrument Corporation, General Electric Co, Siemens Ag, Rockwell Automation, Omron Corporation and ABB Ltd.

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