by The Industrial Automation and Control Systems market is estimated to be valued at US$ 174.53 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial automation and control systems include a wide range of machines, equipment, tools and software used to manage and control industrial operations through monitoring, supervising and central processing of machines, industrial processes and equipment. They are utilized across industries such as oil & gas, chemicals, automobile, food and beverages and others to optimize production, improve quality and reduce time and costs.
Market Dynamics:
Growing demand for quality products and minimal operational downtimes from various end-use industries are driving the adoption of advanced industrial automation and control systems. Industrial automation and control systems help minimize human errors and improve overall productivity by offering centralized monitoring and control over manufacturing processes. The rising focus on predictive maintenance is also fueling the demand for industrial IoT and analytics solutions integrated with automation and control systems. Furthermore, initiatives towards development of smart factories and Industry 4.0 are encouraging manufacturers to invest in futuristic automation technologies for superior process control, asset performance management and enhanced decision making.
SWOT Analysis
Strength: Industrial automation helps improve productivity and efficiency. It reduces human errors and decreases operational costs. Industrial automation systems offer seamless integration, remote access capabilities, and scalability.
Weakness: High initial investment costs associated with installing industrial automation systems. Require skilled workforce for operating advanced automation equipment which increases labor costs. Dependence on technologies increases vulnerabilities to cyber threats.
Opportunity: Growing adoption of Industry 4.0 technologies in manufacturing industries. Increasing focus on predictive maintenance using IoT and analytics. Rising need for industrial robotics in factories to enhance production.
Threats: Rising data and network security concerns can hamper the growth. Lack of standardization across automation equipment from different vendors increases integration challenges. Trade policies and geopolitical risks affect global supply chains.
Key Takeaways
The Global Industrial Automation And Control Systems Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing need for operational efficiency and productivity improvements in process and discrete industries.
Regional analysis: North America dominates the market currently due to large presence of automated factories. Asia Pacific is projected to grow at the fastest rate owing to rising industrialization in China, India, and Southeast Asian countries. countries are investing heavily in smart factory automation to gain competitive edge.
Key players: Key players operating in the industrial automation and control systems market are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric. They are focusing on developing advanced IoT-enabled solutions for predictive maintenance, remote operations, and enhanced productivity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
