Press release
North America to Hold Largest Share of Industrial Control & Factory Automation Market Due to Presence of Major Key Players include ABB, General Electric, Honeywell International, Schneider Electric, Endress+Hauser Group Services AG and Others
Industrial Control & Factory Automation
The global industrial control & factory automation market was valued at USD 322.9 million in 2021 and it is estimated to grow to USD 440.05 million in 2028, recording a CAGR of 4.52% during the forecast period. Among the factors propelling the growth of the global industrial control & factory automation market are government initiatives to promote industrial automation, adoption of cutting-edge such as IoT and AI in industrial environments, emphasis on industrial automation and optimal resource utilization, and fiscal policies developed by regional financial institutions to keep manufacturing facilities afloat amid the COVID-19 crisis.
The rising use of smart systems, components, machinery, and equipment for the automation and self-optimization of processes has led to the development of smart factories for planning, supply chain logistics, and product development. A growing number of industrial companies want to transform into smart factories. In many locations, the cost of labor has risen exponentially. Additionally, quality standards are getting stricter. In this situation, factory automation has the potential to lower labor, production, and operating costs.
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North America has traditionally been a major market for industrial control and factory automation, with significant investments in various industries such as automotive, aerospace, and pharmaceuticals. The region is home to some of the world's largest manufacturers and technology providers, making it a significant contributor to the global market.
Key Market Players:
ABB
General Electric
Honeywell International
Schneider Electric
Endress+Hauser Group Services AG
Rockwell Automation, Inc.
Emerson Electric Co.
Mitsubishi Electric Corporation
Siemens
OMRON Corporation
Texas Instruments Incorporated
Bosch Rexroth AG
Yokogawa Electric Corporation
Others
Recent Developments:
• In order to grow the company and strengthen the logistics and supply chain, Sensient Technologies Corporation purchased New Mexico Sensors and Transmitters Products Inc. in March 2021.
Key Players to Invest in Joint Ventures to Grow Their Businesses:
Major companies are investing a significant amount of money in joint ventures, as well as research and development for cutting-edge technologies. For instance, an American water utility business named Suez and Schneider Electric announced the creation of a joint venture in March 2021 with the goal of providing cutting-edge digital solutions for water cycle management. Additionally, industry participants are enhancing the capabilities of automation control systems to facilitate their application in sectors including transportation, mining and metals, aerospace, and defense.
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Programmable Logic Controllers (PLC) Segment to Dominate Market Share Due to Growing Preference Towards Multi-cuisine:
On the basis of the solution, the global Industrial control & factory automation market is segmented into supervisory control and data acquisition (SCADA), product asset management (PAM), product lifecycle management (PLM), programmable logic controller (PLC), and others. The largest market share of global industrial control & factory automation was held by the programmable logic controllers (PLC) segment, which may be ascribed to millennials' enormous preference for multi-cuisine and international cuisine.
Snacks are the most frequently consumed meal as they need minimal preparation time. The demand for the global Industrial Control & Factory Automation market is expected to increase over the coming years as a result of customers' changing lifestyles and workforce shortages in the hospitality and industrial sectors.
By Vertical:
•Automotive
•Chemicals
•Metals & Mining
•Semiconductor & Electronics
•Pharmaceuticals
•Food and Beverage
•Oil & Gas
•Others
Government Initiatives to Support industrial automation to Fuel Market Growth:
To secure the overall development of their countries, governments across the globe support industry growth. The utilization of multiple automation and communication components and technologies is a result of the structural growth of the industries. The development of the discrete and process industries is a priority for governments. The government's national manufacturing policy is driving the expansion of India's manufacturing sector (NMP). One of the initiatives the Indian government has introduced to encourage companies to automate their manufacturing plants is the Make in India program.
The global industrial control & factory automation market is being driven by rising health consciousness among consumers and growing knowledge of different health advantages provided by spices. Industrial control & factory automation are able to treat a variety of allergy symptoms, such as boosting immunity, avoiding allergies and congestion, being anti-inflammatory, detoxifying, enhancing heart health, and others. These are the key elements that are anticipated to drive the industrial control and factory automation industry.
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By Region:
North America- U.S., Mexico, Canada
Europe- UK, France, Germany, Italy, Spain, Rest of Europe
Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
South America- Brazil, Argentina, Colombia, Rest of South America
The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
North America to Lead Market Owing to Presence of Major Key Players in the Region:
North America is predicted to lead the market owing to the greatest global consumption of industrial control and factory automation. Food producers are making significant investments in R&D and new products. The global market for industrial controls and factory automation is expanding as a result of millennials' preference for organic foods and beverages. The global Industrial Control & Factory Automation market is anticipated to have considerable expansion due to the increased demand for meat and poultry products in the region.
Asia Pacific is expected to develop at the quickest CAGR over the coming years owing to the presence of big producers and exporters of various spices worldwide. One major factor driving up demand for diverse spices is the rising popularity of various elements of regional cuisines including Chinese and Thai cuisines. significant multicultural populations in developing countries such as Japan, China, and India. Furthermore, as consumers became more aware of the health advantages associated with the food product, there has been a surge in the demand for organic food items in recent years. In Asia-Pacific, there is no more need for industrial control and factory automation as a result of the combination of these two factors.
TABLE OF CONTENTS:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Industrial Control & Factory Automation Market
Chapter 5. Global Industrial Control & Factory Automation Market Overview, By Com-ponent, 2015 - 2028 (USD Million)Chapter 6. Global Industrial Control & Factory Automation Market Overview, By Solu-tion, 2015 - 2028 (USD Million)
Chapter 7. Global Industrial Control & Factory Automation Market Overview, By Verti-cal, 2015 - 2028 (USD Million)
...TOC Continued
Browse Complete TOC: https://www.extrapolate.com/toc/machinery-equipment/global-industrial-control-and-factory-automation-market/25618
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