Industrial Control & Factory Automation Market Forecasts to 2028 - Global Analysis By Component, Solution (Industrial Safety, Plant Asset Management and Other Solutions), Application, End User, and By Geography

According to Stratistics MRC, the Global Industrial Control & Factory Automation Market is accounted for $147.9 billion in 2022 and is expected to reach $264.8 billion by 2028 growing at a CAGR of 10.2% during the forecast period. Industrial automation is the use of control systems like robotics, computers, and information technology to manage various industrial activities and minimise the need for human labour. Industrial control and factory automation are used in hazardous work conditions to lower risk and improve safety. Internal and external work processes are both improved by automation, and time is also saved.

According to Oxford Economics, 34% of the manufacturers said investments in AI were their priority, while 27% said they prioritize predictive analytics and 19% were firmly focused on initiatives involving ML.

Market Dynamics:

Driver:

Government initiatives to promote industrial automation

Governments all across the world are assisting in the growth of industries to ensure the comprehensive development of their nations. For the structural development of industries, this has resulted in the use of numerous automation and communication components and technologies. Governments are concentrating on the growth of discrete and process industries. For instance, the growth of India's manufacturing industry is being fuelled by the government's national manufacturing policy (NMP). The Make in India policy is one of the measures the Indian government has launched to encourage businesses to automate their manufacturing facilities.

Restraint:

High initial capital expenditures

Industrial automation processes are cost-effective, but they also require significant initial capital investments for personnel training and technology deployment. The market's fragmentation makes it impossible to forecast the return on investment (ROI). Due to the high initial costs and erratic return on investment, small and medium-sized businesses (SMEs) are hesitant to take advantage of technology. To overcome this obstacle and soon open up new markets for solutions, government programmes like the Make in India movement and the Government of India's MSME enterprise finance programme are anticipated.

Opportunity:

Implementing industry 4.0 manufacturing concepts

Industry 4.0 has altered the digital supply chain across industries. Businesses must adopt industry 4.0 because to changing consumer demands, such as those for quick and individualised service. Businesses are focusing on using industry 4.0, 5G, digital transformation, and software capabilities through partnerships and collaborations to assist manufacturers in scaling up their businesses and realising the promise of these technologies and solutions. These partnerships and alliances are expected to boost demand for automation solutions across industries in the coming years.

Threat:

Lack of skilled workforce

The intricacy of the production processes can be misunderstood by inexperienced individuals, who can result in errors and malfunctions, hence only skilled personnel should operate industrial automation devices and systems. Industrial automation devices may have trouble operating due to a lack of adequate content, human and financial resources, usability problems, and technological concerns. Therefore, in many businesses, a lack of competence prevents the implementation of automation. It poses a problem for the market for industrial controls and factory automation as well.

COVID-19 Impact:

The COVID-19 outbreak had a huge negative influence on the market's expansion for industrial control and factory automation systems, which in turn had a significant negative impact on the key firms operating along the supply chain. The COVID-19 pandemic presented a number of difficulties for the market, including a shortage of experienced workers and project delays or cancellations as a result of partial or total lockdowns around the world. However, one of the key elements that significantly contributed to the market growth during the COVID-19 epidemic was the expansion of the industrial internet of things adoption across manufacturing industries.

The plant asset management (PAM) segment is expected to be the largest during the forecast period

The plant asset management (PAM) segment is estimated to have a lucrative growth, due to the growing need for real-time tracking across various end-use industries to increase returns, boost production, and increase efficiency. Additionally, the expanding use of cutting-edge technologies like automation and the Internet of Things (IoT) across a variety of industries is supporting market expansion.

The discrete industry segment is expected to have the highest CAGR during the forecast period

The discrete industry segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its capacity to produce complicated products in small quantities. Due to technical development and innovation in the healthcare industry, the medical device industry is also helping the market's revenue grow. Additionally, the demand for inventive industrial and factory automation to boost quality and cut down on time is expanding, which is assisting market expansion.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the emphasis placed by several industrial verticals on enhancing process effectiveness and reducing production costs throughout emerging nations. Additionally, to satisfy the demands of a growing population advances in robotic technology, the need to make goods in a single batch and a connected supply chain.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the expanding customer demand and advancing technologies. Additionally, the market is expanding due to the main players' increasing use of cutting-edge technologies to improve their business processes' productivity and efficiency in order to keep up with the fiercer competition.

Key players in the market:

Some of the key players profiled in the Industrial Control & Factory Automation Market include ABB Ltd, Emerson Electric Co., Siemens AG, Mitsubishi Electric Corporation, Rockwell Automation, Inc., 3D Systems, Honeywell International Inc., Dwyer, Endress + Hauser, Omron, Stratasys, Schneider Electric SE, General Electric, Yokogawa Electric Corporation. and Fanuc.

Key Developments:

In June 2022, Dwyer Instruments introduced the Series 685 differential pressure transmitter targeted for installers and maintenance professionals. They feature a user-configurable response time and can be mounted in any orientation. They do not require any separate calibration devices.

In April 2022, Yokogawa introduced the OpreX Vortex Flowmeter VY Series. These flowmeters are designed to handle a wider range of temperatures, fluid types, and pressure. They have the ability to perform precise temperature and pressure-compensated calculations by utilizing the data from pressure gauges and readings from a built-in temperature sensor.

In March 2022, Emerson launched MTConnect, an industrial control platform driver for enabling easy integration of computer numerical control (CNC) machines with modern data analysis automation environments. This allows collection of data from machines, robots, tools, and devices, which could not previously be cumulatively analyzed in one platform. The new driver offers reduced downtime, improved efficiency, and increased productivity.

Components Covered:

• Tubs, Human Machine Interface
• Vibration Monitoring
• Industrial Robots
• Industrial Sensors
• Machine Vision
• Industrial 3D Printing
• Field Instruments
• Industrial PC
• Process Analyzer
• Other Components

Solutions Covered:

• Industrial Safety
• Plant Asset Management (PAM)
• Supervisory Control And Data Acquisition (SCADA)
• Military Engineer Services (MES)
• Programmable Logic Controllers (PLC)
• Distributed Control System (DCS)
• Other Solutions

Applications Covered:

• Flow
• Level
• Pressure
• Other Applications

End Users Covered:

• Discrete Industry
• Process Industry
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances