Press release
Automation in Industry: The Power of Industrial Control Systems
According to The Business Research Company's, The industrial control for process automation market size has grown strongly in recent years. It will grow from $34.53 billion in 2023 to $37.93 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the demand for operational efficiency increased, the complexity of industrial processes, the need for real-time monitoring, increased focus on safety, and labor costs.
The industrial control for process automation market size is expected to see rapid growth in the next few years. It will grow to $55.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increasing adoption of the Internet of Things, rising demand for edge computing, growing emphasis on cybersecurity measures, rising importance of digital twins, and growing need for autonomous systems. Major trends in the forecast period include automation, wearables, integration of AI, technological advancements, cybersecurity, and adoption of edge computing.
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Market Drivers and Trends:
The increasing adoption of cloud-based solutions is expected to propel the growth of industrial control in the process automation market going forward. Cloud-based solutions are services or applications hosted and supplied via the Internet rather than on local servers or personal devices. The increasing adoption of cloud-based solutions is due to scalability, cost-efficiency, and security. Adopting cloud-based solutions in industrial control for process automation offers numerous benefits, including scalability, cost-effectiveness, remote accessibility, advanced analytics, integration with IoT technologies, and enhanced security and compliance. For instance, in December 2023, Eurostat, a Luxembourg-based governmental organization of the European Union operating as the statistical office, reported that in 2023, the adoption rate of cloud computing services among small and medium-sized enterprises grew to 59%, up from 53% in 2021. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the industrial control for the process automation market.
Major companies operating in industrial control for process automation market are focused on developing automation software solutions, such as software-centric industrial automation systems, to enable remote monitoring and management of industrial processes. A software-centric industrial automation system emphasizes the importance of software in controlling and managing industrial processes, utilizing modern platforms for data analysis, real-time monitoring, and decision-making. For instance, in December 2022, Schneider Electric, a France-based automation company, launched EcoStruxure Automation Expert, a software-centric industrial automation system that, by allowing automation software to be isolated from hardware, offers a novel method for developing, constructing, running, and maintaining industrial automation systems. It provides a comprehensive suite of capabilities aimed at enhancing industrial automation processes. Its features include expanded libraries catering to segment functions and energy management devices, bolstering operational efficiency. The build time tool boasts an improved user experience, facilitating smoother workflows. The platform ensures robust protection against cyber threats with fortified built-in cybersecurity measures.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Danaher Corporation, Johnson Controls International plc, Emerson Electric Co., Rockwell Automation Inc., Fuji Electric Co. Ltd., Danfoss A/S, Keyence Corporation, Bosch Rexroth AG, Omron Corporation, Fanuc Corporation, Dassault Systemes SE, Endress+Hauser Group, Phoenix Contact GmbH & Co. KG, Rittal GmbH & Co. KG, B&R Industrial Automation GmbH, Pilz GmbH & Co. KG, Aspen Technology Inc., Wago Kontakttechnik GmbH & Co. KG, Yokogawa Electric Corporation.
Industrial Control For Process Automation Market 2024 Key Insights:
• The industrial control for process automation market size is expected to see rapid growth in the next few years. It will grow to $55.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Cloud-Based Revolution Fueling Growth In Industrial Control For Process Automation
• Key Players Revolutionizing Industrial Control With A Software-Centric Approach
• Asia-Pacific was the largest region in the industrial control for process automation market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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