Industrial Control and Factory Automation Market: Overview
Industrial control and factory automation system may consist of equipment, computers, and IT software that reduce human interaction in carrying out different processes in any industry. The automation system helps in streamlining the processes, eliminating errors, increasing productivity, and enhancing the overall operational efficiency. Increasing focus toward cost reduction and the soaring need for precision in various processes have led to the intensive demand of these equipment. The industrial control and factory automation systems include distributed control systems (DCS), supervisory control and data acquisition (SCADA), conveyer belts, programmable logic controllers (PLC), robotic arms, conveyance systems, manufacturing execution systems (MES), and enterprise resource planning (ERP) solutions.
The report on the global industrial control and factory automation market provides an in-depth insight into the current market scenario, key product offerings of players, the current and emerging technology trends, restraining factors, and market share and size of major segments. The factors influencing the demand for industrial automation systems across various sectors are highlighted in the report, which help stakeholders fully comprehend the key elements of the competitive dynamics. Prepared with the help of inputs from a wide spectrum of companies, global industry associations, thought leaders, and forward-looking business executives, the research report analyzes a wealth of data to offer valuable insights. The strategically important insights help market players identify emerging opportunities and capitalize on the imminent investment pockets.
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Industrial Control and Factory Automation Market: Key Drivers, Trends, and Opportunities
The global industrial control and factory automation market is primarily driven by the increased focus on enhancing process efficiencies and reducing the cost of production across various industry verticals. Coupled with this, the increasing initiatives of the governments of various countries toward the adoption of automation systems have propelled the growth of the global market. Continuous advancement in industrial Internet technologies has spurred the demand for industrial control and factory automation systems. The need for smart manufacturing processes and connected supply chains has led to the persistent demand for automation systems for businesses.
Considerable capital investment required for installing industrial control and factory automation equipment and the lack of expertise in handling these equipment are likely to impede the growth of the global industrial control and factory automation market to some extent. However, the introduction of user-friendly and intuitive automation system and the cost-effective models of adopting industrial control and factory automation systems are expected to create exciting growth opportunities for market players. Furthermore, the mass customization of factory automation products is anticipated to stimulate the demand for automation systems. In addition, the initiatives to reduce the risks of exposure to different production hazards for workers are expected to offer momentum to the market.
Industrial Control and Factory Automation Market: Regional Outlook
America and Europe are the major markets for industrial control and factory automation. The growth of the market in these regions is driven by the demand for enhancing operational efficiency and streamlining the production processes across diverse industry verticals such as pharmaceuticals, petrochemicals, materials and chemicals, mining, pulp and paper, oil and gas, and power generation. Asia is rapidly emerging as a promising market for industrial control and factory automation. The Asia Pacific market is expected to expand at an impressive CAGR due to low manufacturing cost, increased industrialization in various countries, such as China, Japan, and India, rise in awareness of the benefits of automation, and supportive policies of the regional governments.
Industrial Control and Factory Automation Market: Competitive Landscape
The market players are actively involved in the mass standardization of products that will reduce adoption cost. Leading vendors and developers of ERP solutions are offering on-demand customization to meet the specific requirements of different businesses. To bring down the implementation cost, they are increasingly providing automation solutions as cloud-based offering. Global manufacturers and suppliers are merging with the regional players in emerging regions, particularly Asia Pacific, to capitalize on the immense opportunities in the industrial control and factory automation market.
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Major players in the global the industrial control and factory automation market include ABB, Schneider Electric, Siemens, Rockwell Automation, Emerson Process Management, Yokogawa, Honeywell, Ametek Inc, Aspen Technology Inc, and Omron.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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