New York, United States, Nov. 03, 2022 (GLOBE NEWSWIRE) -- The phrase "industrial automation and control systems" refers to a collection of people, objects, and software that can affect or impact how an industrial process is reliably, securely, and safely. The majority of IACS can be remotely managed or controlled. However, different dangers and challenges may be involved depending on the type of technology and its intended use. The Industrial Internet of Things (IIoT) and Industrial 4.0 are at the forefront of new technical approaches for creating, producing, and controlling the entire logistics chain due to equipment and devices being connected via the internet.
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Growing Demand for Energy Efficiency and Cost Reduction Are Drives the Global Market
The primary issues the industrial sector faces are the rising costs of materials, labor, and demand to lower prices. The fluctuating unit labor costs further indicate inconsistent productivity in the US. As a result, the industrial sector's adoption of automation moved along more quickly, and manufacturing prices decreased. Companies are learning more about the characteristics that make technology a profit driver at different points in the industrial cycle, so risk management is becoming less of a mystery.
Additionally, because of the material savings from increased labor efficiency, the exposure to changes in material costs has lessened. Automation allows flexibility in response to altering demand levels, improving overall profitability and competitiveness, mainly when low prices are low. The same cyclical effects are taken into account when doing this. The Manufacturing Business Survey Committee of the Institute for Supply Management reports that industrial material costs rose in 2020 after falling the year before. There is more rivalry for the same resources and goods due to increased jobs, employees, consumers, and consumers. Price hikes have sparked a recession and threatened growth.
Report Scope
| Report Metric | Details |
| Market Size | USD 503.86 Billion by 2030 |
| CAGR | 9.60% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End-User Industry, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Schneider Electric SE, Rockwell Automation Inc., Honeywell International Inc., Emerson Electric Company, ABB Ltd, Mitsubishi Electric Corporation, Siemens AG, Omron Corporation, Yokogawa Electric Corporation, General Electric Co., Texas Instruments Inc., Robert Bosch GmbH. |
| Key Market Opportunities | Increases Productivity and Accuracy |
| Key Market Drivers | Growing Importance of Energy Efficiency and Cost Reduction |
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Increased Productivity and Accurate Results Creates Tremendous Opportunities
Robots can perform several positions on the manufacturing floor, including handling raw materials, cleaning equipment, operating high-pressure systems, and more. For instance, a company that manufactures vehicles employs many press operating stations to cut and shape the various auto parts. The parts are then gathered in one spot and put together by a robot to make the vehicle. As a result of process automation, the manufacturing time frame can be cut in half.
Data automation is built on accurate data connectivity and integration. When reliable sources of data are employed in manufacturing, precision is ensured. Accurate information can be gleaned from comprehensive data with the help of AI and ML technologies and analyzed using data analytics applications. Deep learning algorithms build self-healing digital grids that control energy production through data analytics and conservative energy estimates. Software for machine learning has been used to construct a self-learning quality control system for assembly lines. ML and AI systems are both scalable and capable of teaching themselves. Combining these two aspects makes it possible for automated systems to produce accurate results reliably.
Regional Analysis
North America is the most significant shareholder in the global factory automation and industrial controls market and is expected to grow at a CAGR of 8.65% during the forecast period. Additionally, there have been a lot of mergers and acquisitions in North America, injecting money into the business under investigation and unintentionally aiding the growth of several end-user sectors. There have been a lot of partnerships and collaborations around the country to promote and establish apprenticeship programs and to aid workers who deal with industrial automation in developing their skills. Such programs are expected to contribute to the market's overall growth by providing the necessary skills and encouraging more enterprises to use the technology.
Europe is anticipated to grow at a CAGR of 9.20%, generating USD 129.83 billion during the forecast period. The manufacturing sector provided around 25% of the UK's GDP in 2020. Despite being one of the world's top industrial nations, the country's manufacturing sector is constantly increasing. Due to rapid advancements in digital and disruptive manufacturing technologies, the government can put its manufacturing expertise to use, highlighting the industry's importance for economic growth. The UK is one of the world's top 5 most innovative nations. The region intends to expand total R&D spending to 2.4% of GDP by 2027 to improve its idea generation and concept implementation capacity and become the most creative economy.
China has dominated the market for industrial robots, paving the way for factory automation in the area. Increased industrial robot imports into the country and the widespread use of various Industrial Control System software enable scaled industry automation. According to the study, the number of operating industrial robots increased by 21% to 783,000 units in 2019 compared to 2018. A good improvement is projected as the country moves the focus from skilled manual labor to industrial robots, while the rate of new installations in China slowed in 2019.
Key Highlights
- The global factory automation and industrial controls market size is projected to reach USD 503.86 billion by 2030, growing at a CAGR of 9.60% during the forecast period (2022-2030).
- Based on product, the global factory automation and industrial controls market is bifurcated into field devices and industrial control systems. The field devices segment is the highest contributor to the market and is expected to grow at a CAGR of 15.40% during the forecast period.
- Based on the end-user industry, the global factory automation and industrial controls market is bifurcated into automotive, chemical and petrochemical, utility, pharmaceutical, food and beverage, oil and gas, and other end-user industries. The oil and gas segment owns the market share and is expected to grow at a CAGR of 8.40% during the forecast period.
- North America is the most significant shareholder in the global factory automation and industrial controls market and is expected to grow at a CAGR of 8.65% during the forecast period.
The global factory automation and industrial controls market’s major key players are
- Schneider Electric SE
- Rockwell Automation Inc.
- Honeywell International Inc.
- Emerson Electric Company
- ABB Ltd
- Mitsubishi Electric Corporation
- Siemens AG
- Omron Corporation
- Yokogawa Electric Corporation
- General Electric Co.
- Texas Instruments Inc.
- Robert Bosch GmbH.
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Market Segmentation
By Product
- Field Devices
- Industrial Control Systems
By End-User Industry
- Automotive
- Chemical and Petrochemical
- Utility
- Pharmaceutical
- Food and Beverage
- Oil and Gas
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Factory Automation and Industrial Controls Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Product Overview
- Introduction
- Market Size & Forecast
- Field Devices
- Market Size & Forecast
- Industrial Control Systems
- Market Size & Forecast
- Introduction
- End-User Industry Overview
- Introduction
- Market Size & Forecast
- Automotive
- Market Size & Forecast
- Chemical and Petrochemical
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Product
- By End-User Industry
- Canada
- By Product
- By End-User Industry
- Mexico
- By Product
- By End-User Industry
- Latin America
- By Product
- By End-User Industry
- Europe
- Market Size & Forecast
- Germany
- By Product
- By End-User Industry
- France
- By Product
- By End-User Industry
- U.K.
- By Product
- By End-User Industry
- Italy
- By Product
- By End-User Industry
- Spain
- By Product
- By End-User Industry
- Rest of Europe
- By Product
- By End-User Industry
- Asia Pacific
- Market Size & Forecast
- Japan
- By Product
- By End-User Industry
- China
- By Product
- By End-User Industry
- Australia
- By Product
- By End-User Industry
- India
- By Product
- By End-User Industry
- South Korea
- By Product
- By End-User Industry
- Rest of Asia-Pacific
- By Product
- By End-User Industry
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Product
- By End-User Industry
- South Africa
- By Product
- By End-User Industry
- Kuwait
- By Product
- By End-User Industry
- Rest of Middle East & Africa
- By Product
- By End-User Industry
- Introduction
- Company Profile
- Schneider Electric SE
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Rockwell Automation Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Honeywell International Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Schneider Electric SE
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/factory-automation-and-industrial-controls-market/toc
Market News
- In June 2022, Mitsubishi Electric Corporation invested roughly INR 2.2 billion ($45.7 million) in its Indian subsidiary, Mitsubishi Electric India Pvt. Ltd., to fund the construction of a new factory. As a result, the facility will increase the company's capacity to meet the expanding demand in India for inverters and other products related to factory automation (FA) control systems. Factory operations are anticipated to begin in December 2023.
- In May 2022, Honeywell and DENSO Corporation collaborated on an electric motor for the Lilium Jet. This is the first joint venture between the two companies and marks DENSO's entry into the aerospace industry. The first ever eVTOL (electric vertical takeoff and landing) jet was created by Lilium. Companies will work together to integrate the electric motor into Lilium's aircraft engines.
News Media
Robust Demand from Automotive Industry to Bolster the Blind Bolts Market Growth
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