Global Factory Automation & Industrial Controls Market - Segmented by Product (Field Devices, Industrial Control Systems), End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global factory automation & industrial controls market was valued at USD 164.04 billion in 2017 and is expected to reach USD 261.88 billion by 2023, at a CAGR of 8.4% during the forecast period, 2018 - 2023. With the rapid increase in competition, customer requirements, and manufacturing units around the world are forced to adopt newer technological innovations and digital transformation solutions to make their business process as efficient as possible. Industry 4.0 is transitioning industries from having legacy systems to smart components & smart machines to facilitating digital factories, and later to an ecosystem of connected plants and enterprises. According to a recent study, over 45% of activities individuals are paid to perform can be automated. In public transit, SCADA systems are enabled by industrial automation products to ensure trains and traffic grids remain fluid and decongested.
Emphasis on Cost-Cutting and Business Process Improvement is Driving Market Growth
The developments in wireless technology have opened-up new avenues for the market, with improved quality, increase in production and savings on labor cost. With technologies, like DCS, PLC, SCADA, and MES, automation equipment has become more sophisticated, performing more complex actions at less operating cost. In addition, coupled with the advances in sensor technology, the technologies have started the era for smart manufacturing, resulting in business process improvement. Improved efficiency and reduction in production costs, compared to conventional manufacturing process is enhancing the growth of the market.
Robotics is the Fastest Growing Segment in the Field Devices
Industrial robots provide a wide range of benefits, such as enhancing efficiency, improving safety and ergonomics, optimize cost, speed-up the processes, and increase reliability. Increased need for automation and aging population has spurred a demand in the industrial robotics. China has shown a rapid investment in the industrial automation, which is observed by the increased need in the industrial robotics and machine tools. The largest scope for the robotics investment in the future is observed in Asia-Pacific region except Japan, which is the fastest growing market for manufacturing output.
North America has the Largest Market Share
With an enormous presence of manufacturing and production units in the North American region, the advent of IoT in various industries has enhanced the production capacity and led to the optimization of manufacturing processes. US is the major market for factory automation and Industrial control within the North American region. The demand for advanced manufacturing robotic technologies would help a long way for the growth of the market in the region. The increased competiveness among the vendors and manufacturers is expected to bring about interesting growth prospect in the world of industrial automation, resulting in growth of the market.
Key Developments in The Market
- February 2018 - Honeywell collaborated with Equate Petrochemical Company, a global producer of petrochemicals. The companies signed MOU for development of technologies to support operations at EQUATE
- February 2018 - ABB Ltd was set to develop smart city solutions for Vasteras, Sweden’s fifth largest city. The company’s Ability digital technologies and expertise will allow in increasing sustainability, resiliency, and efficiency
Major Players - Rockwell Automation Inc., Honeywell International Inc., General Electric Company, ABB Ltd., Emerson Electric Company, Dassault Systems SE, Autodesk Inc., Mitsubishi Electric Corporation, Siemens Ag, Aspen Technology Inc., Robert Bosch Gmbh And Texas Instruments Inc., among others.
Reasons To Purchase the Report
- Current and future factory automation and industrial controls market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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