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The demand for high yield and production, shortage of labour, and increased focus on boosting efficiency and accuracy to attain high yield and productivity are the major drivers driving the growth of the global industrial control and factory automation market. Manufacturing, power, oil and gas, mining, railways, and shipping industries have adopted automation, and the rise of these industries will contribute to the growth of the factory automation and industrial controls market. The increased adoption of the Industry 4.0 trend and IoT enabled smart technologies has boosted the demand for factory automation. In the future years, new applications such as heating, ventilation, and air conditioning (HVAC) systems, electronic power distribution systems, and human-machine interface (HMI) systems will drive up the demand for industrial controls and automation. Technological developments in-process monitoring, industrial automation, and control over the last decades are contributing immensely towards the improvement of productivity of all manufacturing industries globally. The rising need for accuracy in industrial processes along with the strong focus on cost-efficiency is contributing to the market growth.
The major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. For example, in April 2021, Google Cloud and Siemens (ETR: SIE) collaborated to streamline production operations and boost shop floor efficiency. Siemens plans to integrate Google Cloud's top data cloud and artificial intelligence/machine learning (AI/ML) capabilities with its factory automation solutions to assist manufacturers in the manufacturing process.
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The major players in the global industrial control and factory automation market are ABB Ltd, Emerson Electric Co., Siemens AG, Mitsubishi Electric Corporation, and Rockwell Automation, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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