Attractive Growth of Industrial Control & Factory Automation Industry - Global Forecast (2022-2027)

Chicago, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The report "Industrial Control & Factory Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2027", Growing necessity for predictive maintenance applications, rising demand for integration of AI and IoT in industrial environments, and growing number of initiatives by governments worldwide to promote growth of industrial automation are the key factors driving the industrial control & factory automation market.

“[342 Pages Report] The global industrial control & factory automation market size is estimated to be USD 147.9 billion in 2022 and is projected to reach USD 218.8 billion by 2027, at a CAGR of 8.2%.”

Key players in the Industrial Control & Factory Automation Market

  • Honeywell (US),
  • ABB (Switzerland),
  • Siemens (Germany),
  • Rockwell Automation (US),
  • Schneider Electric (France) among others 

ABB is focusing on partnerships, acquisitions, and product launches for growth. In April 2022, ABB signed a partnership agreement with Samsung Electronics to innovate holistic energy management solutions to drive the growth of smart building technology. The development is aimed at enabling ABB to expand customer access to home automation technologies and device management solutions. In the robotics domain, the company entered a partnership with ETH Zurich for the latter’s robotics research RobotX initiative. The partnership will not only help position ETH as a leading robotics research institution but will also boost ABB’s research & development efforts to innovate industrial robots and stay ahead in the market.

Ask for PDF Brochure:

Browse in-depth TOC on " Industrial Control & Factory Automation Industry"

300 – Tables
66 – Figures
342 – Pages

Siemens spends a significant portion of its revenue on research and development activities. For instance, it spent 7.8%, 8.3%, and 8.0% of its overall revenue on research and development activities in 2021, 2020, and 2019, respectively. In 2022, the company acquired Senseye, a leading global provider of AI-powered solutions for industrial machine performance and reliability. This acquisition will enable Siemens to expand its predictive maintenance and asset intelligence portfolio. The acquisition of Atlas 3D, Inc. is aimed at broadening the company’s additive manufacturing/industrial 3D printing offerings in the industrial control & factory automation market.

Schneider Electric implements multiple strategies including partnerships and geographical expansions to maintain its financial performance. In 2021, Schneider Electric entered a partnership with Prisma Photonics, a provider of next-generation fiber sensing for smart infrastructure. The company is continuously expanding to global markets. Currently, it has operations in more than 100 countries across North America, Western Europe, Asia Pacific, and Rest of the World. The company’s wide presence enables it to introduce customer-centric products and solutions in each country based on local needs and sentiments. Its expanding global footprint ensures that the company is not overdependent on any market for revenue generation, reducing the risk of operating in a highly volatile industry.

Inquiry Before Buying:

Industrial Control & Factory Automation Market Dynamics

DRIVERS: Government initiatives to promote industrial automation

Across the world governments are supporting the development of industries to ensure the holistic development of their countries. This has led to the adoption of various automation and communication components and technologies for the structural development of industries. Governments are focusing on the expansion of process and discrete industries. For instance, the Government of Singapore has partnered with various associations such as the Singapore Food Manufacturing Association (SFMA) and the Food Innovation Resource Centre to adopt the latest automation solutions such as SCADA, PLC, DCS, robots, and cables in the food & beverage industry. The Government of India’s national manufacturing policy (NMP) is driving the development of the country’s manufacturing sector. The Government of India has also undertaken initiatives, such as the Make in India policy, to encourage companies to implement automation in their manufacturing plants.

RESTRAINT: Fluctuations in end-use industries

According to the BP Statistical Review of World Energy 2021, the oil price averaged at USD 41.84/bbl in 2020, which is the lowest since 2004. Global oil consumption fell by a record 9.1 million barrels per day (b/d) or 9.3%, the lowest since 2011. Oil demand fell across major economies such as the US, the entire European Union (EU), and India. Global oil production shrank by 6.6 million b/d. Consequently, refinery utilization fell by a record 8.0 percentage points to 74.1%, the lowest since 1985. There is a growing shortage of semiconductor chips in the market, mainly due to the continuing trade war between the US and China, which is adversely affecting the manufacturing of variety of products and equipment, including electronic products. Other major geopolitical events such as the Russia-Ukraine war and relocation of major manufacturing hubs from China to other countries, has disrupted the entire supply chain.

Field instruments and other factory automation solutions are widely used across industries such as oil & gas and semiconductor & electronics for multiple applications including measurement of process parameters such as pressure, level, and flow of oil and gas; thus, any effect on the global petroleum and semiconductor market is consequently expected to impact the growth of the industrial control & factory automation market.

OPPORTUNITIES: Adoption of Industry 4.0 principles for manufacturing

The industrial control & factory automation market is growing rapidly owing to the adoption of Industry 4.0 principles in the manufacturing, oil & gas, food & beverage, chemical, and automotive industries. Most processes and systems in the manufacturing sector are being automated with the adoption of Industry 4.0, which allows production units to operate 24/7 with zero human errors. This decreases the total production cycle time, as well as maintains the quality of processes, right from the raw material procurement stage to the development of final products. Machines deployed in manufacturing plants can be operated and controlled by automation solutions such as SCADA, HMI, DCS, and PLC.

Industry 4.0 is a combination of cyber-physical systems, IoT, and cloud computing. It supports the manufacturing industry by enabling remote manufacturing operations, as well as intelligent collection of data in real time. Industry 4.0 enables improvement in operational efficiency, productivity, product quality, asset utilization, supply chain management, workplace safety, and environmental sustainability. Thus, the adoption of Industry 4.0 principles for automation in a number of industries is expected to create lucrative opportunities for market players during the forecast period.

CHALLENGES: Lack of skilled workforce to operate industrial automation devices and systems

Only skilled personnel can operate industrial automation devices and systems as the complexity of the manufacturing processes can be misinterpreted by unskilled personnel, thereby leading to errors and faults. Limited availability of appropriate content, human resources, and financial resources; usability issues; and technical difficulties can hinder the operation of industrial automation devices . Thus, the lack of expertise acts as a barrier to the adoption of automation in many industries. It also acts as a challenge for the growth of the industrial control & factory automation market.

Related Reports:

Smart Manufacturing Market

Process Automation and Instrumentation Market

Power Management IC (PMIC) Market


Contact Data