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Industrial Automation And Control Systems Market 2024 - By Size, Share, Growth, Analysis, Trends And Forecast To 2033
Industrial Automation And Control Systems Market
According to The Business Research Company's, The industrial automation and control systems market size has grown rapidly in recent years. It will grow from $194.38 billion in 2023 to $215.78 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to cost reduction, increasing demand for efficiency, regulatory compliance, globalization of supply chains, rise of plcs (programmable logic controllers).
The industrial automation and control systems market size is expected to see rapid growth in the next few years. It will grow to $334.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to industry 4.0 and iot integration, demand for flexibility and customization, cybersecurity concerns, energy efficiency requirements, integration of robotics. Major trends in the forecast period include digital transformation, cybersecurity, edge computing, cloud integration, collaborative robots, digital twins for virtual modeling.
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Market Drivers and Trends:
The increasing adoption of automation is expected to propel the growth of the industrial automation and control systems market going forward. Automation describes technical applications that require less human involvement. This includes personal applications such as home automation, business process automation (BPA), and information technology automation. Industrial automation and control systems are utilized to improve precision and overall factory operations by using computer software and robotics to operate machinery and processes that substitute humans in executing specific duties. For instance, in November 2021, according to Association for Advancing Automation, Robot orders increased 67% in the second quarter of 2021 compared to the same period in 2020, indicating a return to pre-COVID-19 pandemic demand for automation in manufacturing. In Q2 2021, North American companies ordered 9,853 robots for $501 million, up from 5,196 sold in Q2 2020. Therefore, the increasing adoption of automation is driving the growth of the industrial automation and control systems market.
Technological advancement is a key trend gaining popularity in the industrial automation and control systems market. Major companies operating in industrial automation and control systems are focused on developing innovative solutions to strengthen their position in the market. For instance, in September 2021, Honeywell International Inc., a US-based multinational conglomerate corporation, introduced a smart flexible depalletizer, which is a new robotic technology, to help industrial automation warehouses boost productivity and reduce injuries. This technology solution offers the latest in machine learning and gripping technologies to help unload pallets without requiring any pre-programming or operator intervention.
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Major Key Players of the Market:
ABB Ltd.; Emerson Electric Co.; Honeywell International Inc.; Kawasaki Heavy Industries Ltd.; Mitsubishi Electric Corporation; Omron Corporation; Rockwell Automation Inc.; Schneider Electric SE; Siemens AG; Yokogawa Electric Corporation; Texas Instruments Inc.; Robert Bosch GmbH; Fortive; Ametek EIG; Phoenix Contact GmbH & Co. KG; General Electric Company; Johnson Controls International plc; Fanuc Corporation; Advantech Co. Ltd.; Bosch Rexroth AG; Beckhoff Automation GmbH & Co. KG; Eaton Corporation plc; National Instruments Corporation; Keyence Corporation; Delta Electronics Inc.; Pilz GmbH & Co. KG; Danaher Corporation; Endress+Hauser Group; Pepperl+Fuchs AG; WAGO Kontakttechnik GmbH & Co. KG
Industrial Automation And Control Systems Market 2024 Key Insights:
• The industrial automation and control systems market will grow to $334.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Rising Automation Adoption Boosts Growth In Industrial Automation And Control Systems Market
• Technological Advancement In Industrial Automation And Control Systems Market
• Asia-Pacific was the largest region in the industrial automation and control systems market in 2023 and is expected to be the fastest-growing region in the industrial automation and control systems market during the forecast period
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