by The Industrial Automation and Control Systems Market is estimated to be valued at US$ 174.53 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial automation and control systems are used across various industries for monitoring, controlling, and optimizing processes and machineries. These systems comprise industrial robots, control valves, drives, sensors, machine vision systems, and human-machine interface (HMI) that help to improve productivity and quality of products. In the manufacturing industry, automation systems are widely used for material handling, welding, assembly line operations, packaging, and quality check processes. The demand for industrial automation is growing from industries such as automotive, food & beverages, oil & gas, chemicals, and semiconductors, in order to enhance their production capabilities and reduce production costs.
Market Dynamics:
The growing adoption of Industry 4.0 standards across manufacturing industries is a major driver of the industrial automation and control systems market. Industry 4.0 technologies such as Internet of Things (IoT), big data analytics, cloud computing, and cyber-physical systems can connect manufacturing machines, sensors, and other devices to derive real-time insights. This enables predictive maintenance, remote monitoring, and reduces downtime of equipment. Additionally, the advancement of smart technologies such as machine learning, artificial intelligence, and augmented reality are allowing machines and robots to sense environment, learn patterns, and perform human-like decision making autonomously. Industrial automation solutions integrated with these technologies make the manufacturing process more efficient by improving flexibility, productivity, and quality of products.
Additionally, continuous technological advancements in industrial automation is another key factor fueling the market growth. Equipment manufacturers are increasingly developing next-generation automation solutions integrated with advanced capabilities like predictive maintenance, high-speed processing, enhanced cybersecurity, customizability, and remote access. This allows industries to efficiently upgrade their existing infrastructure and leverage new opportunities.
Segment Analysis
The industrial automation and control systems market is dominated by the discrete automation segment. This segment encompasses automated manufacturing and assembly systems used in industries like automotive, electronics, food & beverages, etc. The demand for discrete automation solutions is high due to the need for flexibility, efficiency, and precision in production processes of these industries.
PEST Analysis
Political: Industry standards and regulations across regions impact the demand for industrial automation solutions. Supportive government policies tend to boost adoption.
Economic: Economic growth drives the need for enhanced productivity and output. Investments in automation help reduce costs and improve competitiveness.
Social: As incomes rise, demand increases for products made via automated processes. This provides opportunities to automate newer sectors.
Technological: Advancements in robotics, IoT, AI, machine learning, etc. facilitate development of smarter, adaptive automation systems. This fuels innovation.
Key Takeaways
The Global Industrial Automation And Control Systems Market Demand is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing productivity demands from various process and discrete industries. By 2023, the market size is projected to reach US$ 174.53 Bn.
Regional analysis: North America dominates currently due to early industrialization and significant technological adoption. Asia Pacific is expected to grow the fastest owing to heavy investments in industrial infrastructure and expanding manufacturing capacities in countries like China and India.
Key players operating in the industrial automation and control systems market include ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric. These players are focusing on developing innovative and integrated solutions to gain more customers in different industry verticals and geographical regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
