New York, USA, April 29, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automation and Control Market” Research Report: By Product, Applications, Region - Forecast Till 2032, the market is anticipated to acquire a valuation of approximately USD 273.32 Billion by the end of 2032. The reports further predict the market to flourish at a robust CAGR of over 10.41% during the assessment timeframe.
Automation and Control Market Overview:
The global automation and control market is likely to garner significant traction. The rising pressure among industries to improve quality, quantity, and production reliability while reducing the overall manufacturing cost would drive market growth.
The market witnesses increased demand from the manufacturing industries. Digital transformation is helping industries to advance productivity, efficiency, and sustainability. Moreover, the growing industrialization and developments in IoT foster market growth. Also, the increasing adoption of automation among large & small enterprises drives market growth.
Industry players are strategically focused on broadening the product offering. Constant technological upgrades in automation & control capabilities foster the market demand. The COVID-19 disruptions positively impacted industries, accelerating digitization and the modern manufacturing industry worldwide. New automation & control technologies offering higher wages and increased efficiency became inevitable.
Industries across the globe have started to increase their automation investments. Also, manufacturing sectors worldwide are preparing themselves for Industry 4.0/5.0 changes. Additionally, challenges in IoT and industrial automation remain major challenges for SMEs due to the limitations of knowledge and funds.
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Key Players
Key players active in the market are
- Dwyer Instruments Inc. (US)
- Endress+Hauser Management AG (Switzerland)
- Stratasys Ltd (US)
- Schlumberger Limited (US)
- Bosch Rexroth AG (Germany)
- ABB Group (Switzerland)
- OMRON Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Fanuc Corporation (Japan)
- Rockwell Automation (US)
- KUKA AG (Germany)
- Schneider Electric SE (France)
- Honeywell International Inc. (US)
- General Electric Company (US)
- Siemens AG (Germany)
- Yokogawa Electric (Japan)
- Emerson Electric Co. (US)
- Ametek Inc. (US)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 273.32 Billion |
| Growth Rate | CAGR of 10.41% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | Government initiatives that favor manufacturing and economic diversity in emerging nations. |
| Key Market Drivers | Rising need for automation and control as a result of Industry 5.0's expansion and to lower wage hikes |
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Industry Trends
Rising industrial automation and adaptation challenges of industry 4.0 are major industry trends influencing market growth. Other trends, such as the shortage of skilled workers and the need to minimize manufacturing costs drive market growth, impacting the modern manufacturing industry. Additionally, growing digital transformation across the industries, such as automotive manufacturing, healthcare, O&G, and retail, is a key driving force for market growth.
On the other hand, compatibility issues and high installation costs are major factors slowing down industrial automation. Also, the lack of awareness and technical expertise are major challenges affecting the growth of the market. Changing the technology landscape challenges the growth of the automation and control industry.
Segments
The automation and control market forecast is segmented into type, technology, end-user, and region. The type segment is sub-segmented into fixed automation and programmable automation. The technology segment is sub-segmented into programmable automation controllers (PAC), supervisory control & data acquisition (SCADA), programmable logic controllers (PLC), distributed control systems (DCS), human-machine interface (HMI), and others. The end-user segment is sub-segmented into machine manufacturing, oil & gas, aerospace & defense, electronics, automotive, pharmaceuticals, and others.
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Regional Analysis
Europe leads the global automation and control market, witnessing the high penetration of automated technologies and AI, machine learning, and IoT-based systems. Favorable government initiatives and focus on reducing the waste generated in various industry verticals to improve production activities foster market growth. Besides, the high adoption of automation & control systems in the rapidly growing automotive and power generation industries in this region fuels the market demand.
North America holds the second-best position globally in terms of automation and control market revenue. Rapid growth in the modern manufacturing market, high demand for semiconductor products, and flourishing manufacturing sectors in the region positively impact the automation and control market size. Additionally, the rising demand for better efficiency and productivity of overall processes and the spurring rise in manufacturing sectors boost the region's automation and control market size.
Technological advancement is also an important factor supporting North American automation and control market growth. Besides, factors such as the augmenting demand for advanced data analytics platforms and quality video & image processing drive the region's automation and control market share.
With its high demand for advanced robotic technologies in manufacturing, the US accounted for the largest share of the North American market. Due to favorable government policies that favor factory automation and the increased demand for intelligent and automated manufacturing systems, Mexico is expected to register the highest CAGR during the assessment period.
The Asia Pacific is witnessing significant growth in the automation and control market value due to government initiatives for digitalization and foreign direct investments (FDI) in manufacturing. The increasing adoption of AI, IoT, data analytics, and other technologies & solutions in various industries pushes the market growth. Moreover, the spurring rise in Smartphone markets and demand for automated systems and fast networks & processors drives the automation and control industry in the region.
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Competitive Analysis
The automation and control market is estimated to witness several strategic partnerships alongside other strategic initiatives such as expansion, collaboration, mergers & acquisitions, and product & technology launches. Leading industry players invest significantly to drive research and development activities and expansion plans.
For instance, on Feb. 27, 2023, Schneider Electric, Qualcomm Tecnologies, Inc., and Capgemini announced their collaboration to develop a unique 5G-enabled automated hoisting solution. At MWC Barcelona 2023, the three companies announced they would jointly design, build, and install the solution at Schneider Electric's hoisting lab in Grenoble, France.
The 5G Private Network solution can simplify and optimize digital technology deployment at scale across industrial sites from steel plants to ports, replacing wired connections with wireless and unifying existing wireless connections from the industrial automation system at Schneider Electric.
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