by Industrial automation and control systems provide enhanced operational efficiency and productivity by integrating hardware and software for various industrial processes and discrete manufacturing. These systems allow remote monitoring and management of industrial machinery and equipment.
The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 201.06 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for effective industrial production processes is one of the major factors driving the growth of the Global Industrial Automation And Control Systems Market Size. Advanced automation and control solutions help optimize processes, reduce downtime, and enhance productivity across various industries. Growing automation in factories has resulted in higher demand for integrated hardware and software systems that can remotely monitor equipment performance, detect technical faults, and ensure continuity of operations. Furthermore, industrial IoT technologies are enabling the development of smart factories with connected machinery and real-time data collection. This is expected to significantly boost the adoption of industrial automation and control systems over the forecast period.
SWOT Analysis
Strength: Industrial automation and control systems provide improved productivity, reduced costs, and enhanced quality control. They optimize plant operations and increase production output.
Weakness: Transitioning to industrial automation systems requires high initial investments. Legacy systems also need to be upgraded or replaced to integrate new automation technologies.
Opportunity: The demand for Industrial IoT and cloud-based remote access of industrial control systems is growing. Emerging technologies like AI, machine learning, and predictive maintenance also offer new opportunities.
Threats: Cybersecurity threats to networked control systems pose risks. Technological obsolescence is also a challenge as systems need frequent upgradations to keep pace with changing requirements.
Key Takeaways
The global Industrial Automation and Control Systems Market is expected to witness high growth. The global Industrial Automation and Control Systems Market is estimated to be valued at US$ 201.06 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031.
Regional analysis comprises. The Asia Pacific region dominates the market currently due to rapid industrialization in China, India, and other developing Asian countries. Countries like China, Japan, and South Korea are major contributors to the regional market.
Key players operating in the Industrial Automation and Control Systems Market are LG Chem, Hanmi Pharmaceutical Co., Ltd., Boryung Pharmaceutical Co., Ltd., Novartis AG, EirGenix, Inc., Biocon Limited, G.L. Pharma GmbH, Daewoong Pharmaceutical Co., Ltd., Sandoz International GmbH, Boryung Pharmaceutical Co., Ltd., VHB Life Sciences Limited, HanAll Biopharma, Taiba Healthcare, Huons Co., Ltd., Dong-A ST Co., Ltd. Upgrades to existing systems and convergence of IT and operational technologies continues to offer new opportunities to these players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
