Industrial Control & Factory Automation Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Global Industrial Control & Factory Automation Market Overview And Statistics For 2024-2033 It will grow to $224.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.”
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LONDON, GREATER LONDON, UNITED KINGDOM, September 26, 2024 /EINPresswire.com/ -- The industrial control & factory automation market has experienced robust growth in recent years, expanding from $150.24 billion in 2023 to $163.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to efficiency and cost reduction goals, adoption of DCS systems, integration of MES systems, human-machine interface (HMI), computer numerical control (CNC).
What Is The Estimated Market Size Of The Global Industrial Control & Factory Automation Market And Its Annual Growth Rate?
The industrial control & factory automation market is projected to continue its strong growth, reaching $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.
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Growth Driver of The Industrial Control & Factory Automation MarketThe 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.
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Which Market Players Are Driving The Industrial Control & Factory Automation Market Growth?Key players in the market include 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.
What Are The Key Trends That Influence Industrial Control & Factory Automation Market Share Analysis?Major companies operating in the industrial control and factory automation market are focused on developing advanced systems such as distributed control systems (DCS) to accelerate digital transformation. A distributed control system (DCS) is a digital automated industrial control system that uses geographically distributed control loops throughout a plant.
How Is The Global Industrial Control & Factory Automation Market Segmented?1) By Component: Industrial Robots, Machine Vision System, Process Analyzer, Field Instruments, Human–Machine Interface (HMI), Industrial PC, Industrial Sensors, Industrial 3D Printing, Vibration Monitoring, Other Components2) 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 Safety3) By Industry: Process Industry, Discrete Industry
Geographical Insights: Asia-Pacific Leading The Industrial Control & Factory Automation MarketAsia-Pacific was the largest region in the market share in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Industrial Control & Factory Automation Market DefinitionIndustrial control and factory automation refer to the process of implementing technologies to automate major industrial control processes and improve production and efficiency.
Industrial Control & Factory Automation Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Macroeconomic factors affecting the market in the short and long run• Analysis of the macro and micro economic factors that have affected the market in the past five years• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global industrial control & factory automation market report covering trends, opportunities, strategies, and moreThe Industrial Control & Factory Automation Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on industrial control & factory automation market size, industrial control & factory automation market drivers and trends, industrial control & factory automation market major players and industrial control & factory automation market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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September 26, 2024, 15:30 GMT
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