Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Latin America Factory Automation and Industrial Controls Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive analysis reveals that the Latin America factory automation and industrial controls market has demonstrated significant growth, with expectations to surge at a compound annual growth rate (CAGR) of 7.54%. This robust expansion is projected to propel the market from a valuation of USD 16.13 billion to an impressive USD 24.71 billion over the forecast period from 2023 to 2028.
Central to this growth is the increasing integration of the Internet of Things (IoT) and advanced Machine-to-Machine (M2M) technologies across manufacturing sectors, boosting the demand for factory automation and sophisticated control mechanisms. The shift towards digital transformation and the adoption of Industry 4.0 practices are pivotal in streamlining manufacturing processes, optimizing supply chains, and enhancing overall operational efficiency within the region's industries.
Factory automation, which plays a critical role in manufacturing sectors, significantly contributes to cost reduction, waste elimination, and error minimization, thereby optimizing the use of resources. Automation technology's impact is especially noted in areas such as material handling and inventory management, where it releases labor resources for more strategic tasks, further driving demand within the sector.
Brazil's Prominent Role in Market Growth and Industry Leaders' Strategic Moves
Automotive Industry to Capture Major Market Share
With smart factories offering the automotive industry greater responsiveness to market changes and productivity enhancements, this sector is expected to hold a significant share of the market. The shift towards electric vehicles is anticipated to further intensify the demand for automation within the automotive industry. Robust figures from Brazil and Mexico's automotive production in 2022 highlight the burgeoning opportunities in this domain.
Harnessing Brazil's Industrial Potential
Brazil's manufacturing prowess is deeply ingrained in its economy, notably within the appliances and electrical goods sectors. The country's adoption of industrial robots, particularly in the automotive sector, underscores its potential and readiness for automation advancements. The burgeoning oil and gas production is also slated to offer expansive opportunities for further market growth.
Strategic developments such as Nestlé and Ericsson's collaborative efforts to implement 5G technology in Brazilian smart factories exemplify the country's commitment to leveraging cutting-edge solutions to enhance industrial operations.
Market Players Leverage Strategic Initiatives to Bolster Growth
The Latin America factory automation and industrial controls market is characterized by significant fragmentation, with key players such as Rockwell Automation Inc., Honeywell International Inc., General Electric Company, ABB Limited, and Dassault Systemes SE. These organizations focus on strategic partnerships and acquisitions to enhance their offerings and secure a competitive advantage in the market.
Recent strategic moves, such as ABB's expansion of its XIO series for remote input/output controllers and Rockwell Automation's partnership with Avid Solutions to improve Green Hydrogen production processes, underscore industry players' commitment to innovation and market leadership.
Key Market Insights: Unveiling the Future of Industrial Automation
- Growth trends indicate a substantial advancement of automation technologies in the Latin American landscape.
- Emerging market strategies adopted by industry leaders shaping the future of industrial controls and factory automation.
- Comprehensive insights into industry trends, drivers, and challenges offer valuable intelligence for stakeholders.
The detailed research offers an in-depth analysis of the market, revealing the key factors poised to drive growth within the Latin American factory automation and industrial controls industry. The forecast period promises significant advancements and opportunities for businesses operating in this dynamic market.
A selection of companies mentioned in this report includes
- ABB Limited
- Aspen Technology Inc.
- Autodesk Inc.
- Bosch Rexroth AG (Robert Bosch Gmbh)
- Dassault Systemes SE
- Emerson Electric Company
- General Electric Company
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/3im26p
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