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Industrial Controls Global Market Report 2024 - By Trends, Key Factors, Growth, Top Opportunities, Forecast To 2033
The Business Research Company's Industrial Controls Global Market Report 2023 identifies industrial controls market as the major driver for the Industrial Controls market's growth in the forecast period. Industrial controls are being designed using artificial intelligence (AI) and the internet of things (IoT) that can support energy, telecommunications, surveillance, and other services. Smart city technologies are integrated with electrical and electronic components, thereby benefitting the companies operating in this market. According to the Indian Brand Equity Foundation (IBEF) report in March 2021, India-based government agency for providing economic information, the government of India announced the investment of $ 28.31 billion for the 'Smart City Mission' in 2020 and additionally, by 2020, 176,059 crores (US$ 24.31 billion), or 86% of the total, will have been offered to complete projects.
The industrial controls market size has grown strongly in recent years. It will grow from $146.43 billion in 2023 to $153.85 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to automation and efficiency improvements, regulatory compliance, globalization of production, maintenance and asset management. The industrial controls market size is expected to see steady growth in the next few years. It will grow to $181.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
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Major competitors in the Industrial Controls market are Mitsubishi Electric Factory Automation, Siemens AG, Honeywell International Incorporation, Emerson Electric Company, Schneider Electric SA.
A key trend in the Industrial Controls market includes advanced industrial automation solution. The NX502 is a machine automation controller that can accommodate ten EtherNet/IP networks, making it suitable for large-scale systems. For instance, in April 2023, Omron Corporation, a Japan-based electric company, launched the NX502 automation controller as part of the OMRON NX-Series. This controller enables large-scale and high-speed safety, reducing lead times when changing production lines. The NX502 combines integrated control technology with NX-EIP201 to allow users to control large-scale production lines with module divisions. In addition, the NX502 features advanced motion and safety control, which can help achieve high production, quality, and energy productivity. The controller is designed to be user-friendly, with a simple and intuitive interface that allows for easy programming and operation.
Read More On The Global Industrial Controls Market Report Here: https://www.thebusinessresearchcompany.com/report/industrial-controls-global-market-report
The Industrial Controls market is segmented -
• By Control system: Distributed Control System (DCS), Supervisory Control & Data Acquisition System (SCADA), Manufacturing Execution System (MES)
• By Component: Modular Terminal Block, Relays and Optocouplers, Surge Protectors, Marking Systems, Printing, Ferrules Cable Lugs, Handtools, Testers, Enclosure Products, PCB Connectors and Terminals, Heavy Duty Connectors, Analog Signal Conditioner, Electronics Housings, Power Supplies, Industrial Ethernet, Remote IO
• By End User: Automotive, Utility, Electronics & Semiconductor, Mining, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Industrial Controls market.
The Business Research Company's "Global Industrial Controls Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Industrial Controls Market Include:
1. Executive Summary
2. Industrial Controls Market Characteristics
3. Industrial Controls Market Trends And Strategies
4. Industrial Controls Market - Macro Economic Scenario
5. Global Industrial Controls Market Size and Growth
.................
31. Global Industrial Controls Market Competitive Benchmarking
32. Global Industrial Controls Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Industrial Controls Market
34. Industrial Controls Market Future Outlook and Potential Analysis
35. Appendix
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