Industrial Control & Factory Automation Market Outlook
What industry-specific factors are fueling the growth of the industrial control & factory automation market?
The rise of interconnected businesses is predicted to stimulate the expansion of the industrial control and factory automation market in the future. These are corporations that have digitized all of their operational processes using IoT technology to enhance efficiency. Essential to the establishment of interconnected businesses is business process automation, which enables factories to function with less inexperienced manpower, while channeling these resources towards the adoption of pioneering technologies and digitalization systems. For example, statistical data from the Australian Bureau Of Statistics in June 2023 revealed that nearly one-third (31%) of businesses stated that they had a 5G mobile wireless internet connection during the year that concluded on 30 June 2022, a rise from previous years. Hence, the growing prevalence of interconnected businesses is spurring the expansion of the industrial control and factory automation market.
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What Is the projected market size and growth rate for the industrial control & factory automation market?
The market size for industrial control and factory automation has noticeably expanded over the past few years. This market is projected to increase from $160.2 billion in 2024 to $172.87 billion in 2025, equating to a compound annual growth rate (CAGR) of 7.9%. The growth experienced in the historic period can be linked to aims of efficiency and cost reduction, the incorporation of Distributed Control Systems (DCS), the integration of Manufacturing Execution System (MES), Human-Machine Interface (HMI), and Computer Numerical Control (CNC).
The market size for industrial control and factory automation is predicted to witness considerable growth in the coming years. It’s projected to reach $246.29 billion by 2029, with a 9.3% compound annual growth rate (CAGR). This upward trajectory over the forecast period is attributed to the deployment of smart manufacturing approaches, focus on energy efficiency, incorporation of artificial intelligence and machine learning, swift uptake of IoT devices, and the advent of industry 4.0. Key trends in the forecast period comprise remote and smart manufacturing, energy efficiency and sustainability, pro-active maintenance tactics, usage of edge computing in automation, and mitigations in cybersecurity.
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What new trends are reshaping the industrial control & factory automation market and its opportunities?
Businesses that are prominent in the realm of industrial control and factory automation are concentrating on innovating novel products to increase operational efficacy, minimize downtime, enhance precision, and satisfy the rising requirement for intelligent manufacturing solutions. This new range of products, called the RCS series, are intended to tackle common difficulties experienced during the installation, calibration, and upkeep of industrial robots. Renishaw, a UK-based engineering firm, for instance, unveiled its solution for the industrial automation market in May 2023 to augment robot setup maintenance. The RCS product range includes the RCS L-90, RCS T-90, and RCS P-series, all of which aim to raise operational accuracy and curtail setup durations. By using sophisticated software for monitoring and diagnostics, these products alleviate existing issues associated with robot performance.
What major market segments define the scope and growth of the industrial control & factory automation market?
The industrial control & factory automation market covered in this report is 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 Components
2) 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 Safety
3) By Industry: Process Industry, Discrete Industry
Subsegments:
1) By Industrial Robots: Articulated Robots, SCARA Robots, Collaborative Robots (Cobots), Cartesian Robots
2) By Machine Vision System: 2D Machine Vision Systems, 3D Machine Vision Systems, Smart Cameras, Vision Sensors
3) By Process Analyzer: Gas Analyzers, Liquid Analyzers, Multi-Parameter Analyzers
4) By Field Instruments: Flow Meters, Pressure Transmitters, Temperature Sensors, Level Sensors
5) By Human-Machine Interface (HMI): Touchscreen HMIs, Software-Based HMIs
6) By Industrial PCs: Rack-Mounted Industrial PCs, Panel PCs, Embedded Industrial PCs
7) By Industrial Sensors: Proximity Sensors, Temperature Sensors, Pressure Sensors, Vibration Sensors
8) By Industrial 3D Printing: Additive Manufacturing Systems, 3D Printers For Prototyping, Industrial 3D Printing Materials
9) By Vibration Monitoring: Portable Vibration Analyzers, Online Vibration Monitoring Systems, Vibration Sensors
10) By Other Components: Programmable Logic Controllers (PLCs), Drives And Motors, Networking Equipment
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Which region dominates the industrial control & factory automation market?
Asia-Pacific was the largest region in the industrial control & factory automation market share in 2024. The regions covered in the industrial control & factory automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the industrial control & factory automation industry growth?
Major companies operating in the industrial control & factory automation 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., Azbil Corporation, Krohne Group, Fuji Electric Co Ltd., Hitachi Ltd., VEGA Grieshaber KG, Inxpect SPA, 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.
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What Is Covered In The Industrial Control & Factory Automation Global Market Report?
• Market Size Forecast: Examine the industrial control & factory automation market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the industrial control & factory automation market for a structured understanding.
• Key Players Overview: Analyze major players in the industrial control & factory automation market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial control & factory automation market.
• Segment Contributions: Evaluate how different segments drive overall growth in the industrial control & factory automation market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial control & factory automation market.
• Industry Challenges: Identify potential risks and obstacles affecting the industrial control & factory automation market.
• Competitive Landscape: Review strategic developments in the industrial control & factory automation market, including expansions, agreements, and new product launches.
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