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Industrial Control & Factory Automation Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : ABB Ltd., Emerson Electric Co., Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, General Electric Compan
Industrial Control & Factory Automation Global Market Report 2024
The industrial control & factory automation market size is expected to see strong growth in the next few years. It will grow to $224.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to smart manufacturing practices, emphasis on energy efficiency, artificial intelligence and machine learning integration, rapid adoption of iot devices, industry 4.0 evolution.. Major trends in the forecast period include remote and smart manufacturing, energy efficiency and sustainability, predictive maintenance strategies, edge computing in automation, cybersecurity measures..
Market Overview -
Industrial control and factory automation refer to the process of implementing technologies to automate major industrial control processes and improve production and efficiency.
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Connected Enterprises Fuel Growth In Industrial Control And Factory Automation Market
The emergence of connected enterprises is expected to propel the growth of the industrial control and factory automation market going forward. Connected enterprises are businesses that have digitalized all of their business processes using IoT technology to improve operations. Business process automation is an essential step in making connected enterprises as it helps factories to operate with fewer unskilled resources and allows the organization to utilize these resources for adopting advanced technologies and digitalization systems. For instance, according to the Global Digital Transformation Survey 2021 conducted by Fujitsu, a Japan-based information and communication technology company, which included a survey of 1,200 business leaders across 9 countries, 78% of the respondents effectively responded to COVID-19 pandemic by relying on agility, digitalization, and employee well-being. 44% of the respondents predicted that more than half of their current business processes will be automated by 2025 and business process automation was second on the priority list of the majority of the respondents. Therefore, the increasing number of connected enterprises is driving the growth of the industrial control and factory automation market.
Competitive Landscape -
Major companies operating in the industrial control & factory automation market report are ABB Ltd., Emerson Electric Co., Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, General Electric Company, Rockwell Automation Inc., Honeywell International Inc., Yokogawa Electric Corporation, Omron Corporation, Endress+Hauser Group, FANUC Corporation, WIKA Alexander Wiegand SE & Co KG, Dwyer Instruments Inc., Stratasys Ltd., 3D Systems Corporation, Azbil Corporation, Krohne Group, Fuji Electric Co Ltd., Hitachi Ltd., VEGA Grieshaber KG, PINpoint Information Systems Inc, Inxpect SPA, Algolux Inc., Yaskawa America Inc., Roboze SPA, Seiko Epson Corporation, Advantech Co Ltd., RS Americas Inc., Applied Materials Inc., Aspen Technology Inc., Beckhoff Automation GmbH & Co KG, Bosch Rexroth AG, Cognex Corporation, Danaher Corporation, Delta Electronics Inc. .
Product Innovation Gaining Popularity In Industrial Control And Factory Automation Market
Product innovation is a key trend gaining popularity in the industrial control and factory automation market. Major companies operating in the industrial control and factory automation market are introducing new innovative products to sustain their position in the market. For instance, in February 2021, Schneider Electric, France-based digital automation, and energy management company, launched the EcoStruxure Automation Expert industrial automation system. It is first of its first-of-its-kind software-based industrial automation system that allows the user to distribute applications to any system hardware and to build applications using asset-centric components. The system also allows enterprises to achieve maximum workforce optimization and efficiency.
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Key Segments -
The industrial control & factory automation market covered in this report is segmented -
1) By Component: Industrial Robots, Machine Vision System, Process Analyser, Field Instruments, Human-Machine Interface (HMI), Industrial PC, Industrial Sensors, Industrial 3D Printing, Vibration Monitoring, Other Components
2) By Solution: Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), Programmable Logic Controller (PLC), Manufacturing Execution System (MES), Product Life Cycle Management (PLM), Plant Asset Management (PAM), Functional Safety
3) By Industry: Process Industry, Discrete Industry
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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