openPR Logo
Press release

With 8.2% CAGR, Industrial Control & Factory Automation Market Growth to Surpass USD 218.8 billion

09-28-2022 11:48 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

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 @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=541

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.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=541

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. Technological innovations and developments in the manufacturing sector are fuelling 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.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release With 8.2% CAGR, Industrial Control & Factory Automation Market Growth to Surpass USD 218.8 billion here

News-ID: 2751431 • Views:

More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to Surpass USD 36.7 billion
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth. Download PDF Brochure @
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMarkets
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2030 | Leading key players are ABB, Schneider Electric, Eaton, Vertiv
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of

All 5 Releases


More Releases for DCS

Distributed Control System (DCS) Market Trends, Growth Drivers, and Future Outlo …
As per the Market Research Future (MRFR)'s analysis, the Distributed Control System Market is Projected to reach a market value of USD 33.28 billion while flourishing at a CAGR of 6.12% by 2032. The Distributed Control System (DCS) Market has emerged as a vital component of modern industrial automation. With the growing need for seamless, real-time control of processes across diverse industries, DCS solutions are witnessing robust demand globally. These systems
DEPARTMENT OF NAVY AWARDS the DCS Corporation (DCS) and SST Team a 5-year contra …
Spectrum Software Technology, Inc. (SST) as subcontractor to DCS Corporation (DCS), is proud to have been recently awarded a 5-year, Indefinite Delivery/Indefinite Quantity (IDIQ) award and task order by the Naval Air Warfare Center Aircraft Division (NAWCAD) for Technical, Engineering Products, and Software Services (TEPSS). The scope of this procurement includes research, design, engineering, development, analysis, prototyping, fabrication, integration, installation, test and evaluation, training, and logistic support for the hardware
Gas Distributed Control Systems (DCS) Market Manufacturers, Countries, Type and …
Global Gas Distributed Control Systems (DCS) Market Report illustrates the present development status of Gas Distributed Control Systems (DCS) along with the expected growth during the forecast period during 2019-2024. The industry study analyses different factors like Gas Distributed Control Systems (DCS) market size, growth trends, consumer volume, and demand and supply status. This is a beneficial research material which conducts a competitive analysis of the Gas Distributed Control Systems
Gas Distributed Control Systems (DCS) Market Manufacturers, Countries, Type and …
Global Gas Distributed Control Systems (DCS) Market Report illustrates the present development status of Gas Distributed Control Systems (DCS) along with the expected growth during the forecast period during 2019-2024. The industry study analyses different factors like Gas Distributed Control Systems (DCS) market size, growth trends, consumer volume, and demand and supply status. This is a beneficial research material which conducts a competitive analysis of the Gas Distributed Control Systems
Europe Distributed Control System (DCS) Industry 2016 Market Research Report
The Europe Distributed Control System (DCS) Industry 2016 Market Research Report is a professional and in-depth study on the current state of the Distributed Control System (DCS) industry. The report provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Distributed Control System (DCS) market analysis is provided for the Europe markets including development trends, competitive landscape analysis, and key regions development status. Request Sample Report
2X RAS Selected As A Finalist For DCS Award
Dallas, TX and London, UK March 25th, 2015 – 2X by Parallels, a global leader in virtual desktop and application delivery solutions, today announced that 2X Remote Application Server has been selected as a finalist for the Datacentre ICT Management Product of the Year in the 2015 edition of the DCS awards. 2X RAS is in the running for another honor at the DCS awards The DCS awards are designed to reward