“The industrial control and factory automation industrial control and factory automation market to exhibit significant growth from 2018 to 2024”
The industrial control and factory automation market is expected to grow from USD 160.0 billion in 2018 to USD 269.5 billion by 2024, at a CAGR of 9.08%. The growth of this market can be attributed to the the increasing use of enabling technologies in manufacturing, rising adoption of industrial robots in manufacturing sector, connected supply chain along with mass production to cater rising population, government initiatives towards, the adoption of industrial automation in various industries. However, the fluctuating market trend observed in end-user industries is likely to hamper the demand for field instruments and significant capital investment required for automation solutions are the restraints for the market.
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“Industrial 3D printers optimize end-use parts manufacturing and prototype production for a wide range of products”
The market for 3D printers in components is expected to grow at a high rate from 2018 to 2024. Industrial 3D printing comprises scanning and printer software. Scanning software has a huge potential owing to its use at various stages of product development, such as concept phase, design, prototype, engineering, production, and quality control. Capturing physical measurements of any physical object to add or improve the parts through CAD and comparison of parts at different phases of development are key factors expected to drive the market for scanning software. Scanning software allows the manufacturing of tools by 3D printing without working on the design by simply scanning the tool that has already been developed using traditional methods.
“Cost-saving and operation optimization drive the market for MES”
The industrial control and factory automation market for MES solution is likely to grow at the highest rate from 2018 to 2024. Manufacturers are adopting the MES technology to reduce cost and provide opportunities in the operation and deliverance of high-performance production assets across the supply chain. This is leading toward high growth rate for the MES segment.
“APAC to be fastest-growing market for industrial control and factory automation during the forecast period”
Among all regions, the market in APAC is expected to grow at the highest rate from 2018 to 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption of the automation technologies in various industries. Key industries for the industrial control and factory automation market in APAC are chemicals, oil & gas, water, semiconductor, electronics, food, automotive, APAC is an auto-manufacturing hub, and hence motor vehicle suppliers such as Volkswagen (Germany), Toyota Motor Corporation (Japan), Renault-Nissan Alliance (Netherlands), Daimler (Germany), and local manufacturers such as Tata Motors (India) and Mahindra and Mahindra (India) have made investments in automating their production sites in the coming years.
Break-up of profiles of primary participants for the report:
- By Company Type – Tier 1 – 35%, Tier 2 – 30%, and Tier 3 – 35%
- By Designation – C-Level Executives – 50%, Directors – 30%, and Others – 20%
- By Region – North America - 38%, Europe – 25%, APAC – 30%, and RoW – 7%
Key players operating in the industrial control and factory automation market are Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), 3D Systems (US), HP (US), FANUC (Japan), STRATASYS (US), Progea (Italy), Hitachi (Japan), Vega (Germany), Danfoss (Denmark), Tegan Innovations (Ireland), Krohne (Germany), Rockwell (US), Chaos Prime (US), and Dwyer (US).
This global industrial control and factory automation market has been segmented on the basis of components, solutions, industry, and geography. The industrial control and factory automation market based on components has been segmented into industrial robots, field instruments, machine vision, industrial 3D printing, control valves, HMI, industrial PC and sensors. By solutions, the industrial control and factory automation market has been split into SCADA, DCS, MES, PAM, functional safety, PLC, and PLM. Industries that implement industrial control and factory automations are process industries and discrete industries. The industrial control and factory automation market, by geography, has been segmented into 4 regions North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast for markets based on component, solutions, industry, and region have been included to give an overall view of the industrial control and factory automation market.
- Major drivers, restraints, opportunities, and challenges for the industrial control and factory automation market have been detailed in this report.
- The report includes a detailed information on competitive landscape, along with key players, in-depth analysis, and revenue of key players.