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Global Industrial Control and Factory Automation Market to Reach USD 204.6 Billion by 2027, Aided by Emergence of Connected Enterprises

According to a new report by EMR titled, ‘Global Industrial Control and Factory Automation Market Report and Forecast 2022-2027’, the global market reached USD 130 billion in 2021. The industry is expected to grow at a CAGR of 7.90% in the forecast period of 2022-2027 to reach a value of around USD 204.6 billion by 2027.

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.

Market Analysis by Component, Solution, Industry, and Regions:

  • Based on component, the market is categorised into industrial robots, machine vision system, process analyser, field instruments, human–machine interface (HMI), industrial pc, industrial sensors, industrial 3d printing, and vibration monitoring, among others.
  • On the basis of solution, the market is divided into Supervisory Control and Data Acquisition (SCADA), Programmable Logic Controller (PLC), Distributed Control System (DCS), Manufacturing Execution System (MES), industrial safety, and Plant Asset Management (PAM).
  • The major industries are process industry and discrete industry. Process industry is further divided into oil and gas, chemical, pulp and paper, pharmaceutical, metals and mining, food and beverage, energy and power, among others, whereas discrete industry is divided into automotive, machine manufacturing, semiconductor and electronics, aerospace and defence, and medical devices, among others.
  • The regional markets for global industrial control and factory automation include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Government initiatives and policies supporting the digitisation of manufacturing plants and investments in the Internet of Things (IoT) are the major factors boosting the adoption of industrial automation solutions.
  • The rising demand for electronic products and the need to automate production are driving the demand for factory automation.
  • Other drivers which are expected to augment the market growth include the shifting in the manufacturing base, growing population, and rising standards of living. 
  • The market is being driven by the rising adoption of automation technology across all industrial sectors.

Key Offerings of the Report:

  • The EMR report gives an overview of the global industrial control and factory automation market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for components, solution, industry, and major regions of global industrial control and factory automation.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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