Industrial Control and Factory Automation Market

Market Leader - Industrial Controls and Factory Automation Market

The industry 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%. Industry control and factory automation is the control of industrial processes and machinery that are used in process and discrete industries by autonomous systems with the help of different technologies. Factors driving the market for industrial control and factory automation are 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, and government initiatives toward the adoption of industrial automation in various industries.

The market for industrial 3D printing is expected to grow at the highest CAGR during the forecast period, among components of industrial control and factory automation. 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 improving parts through CAD and comparison of parts at different phases of development is a key factor 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. Because of these benefits and features of industrial 3D printing, the industry control and factory automation market is expected to grow at a high CAGR during the forecast period.

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Based on the solutions provided by industrial control and factory automation, MES is expected 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.

The industrial control and factory automation market for the discrete industry is expected to grow at a higher rate during the forecast period. In the manufacturing process, discrete manufacturers use automation systems such as distributed control systems (DCS) and programmable logic controllers (PLCs) to operate and control motors, robots, and conveyors. Automation used in the discrete industry provide several benefits such as consistency of processes, increased throughput, high quality, reduced operation and work-handling time, reduced manual work, and high degree of safety. The discrete industry includes automotive, machine manufacturing, semiconductor & electronics, aerospace & defense, medical devices, and others. Demand for industrial control and factory automation solutions can be attributed to the increase in the need for industrial automation in monitoring, analysis, and controlling the process.

Among different discrete industries, aerospace & defense is expected to grow at the highest rate during the forecast period. The adoption of industry control and factory automation solutions in the aerospace & defense industry ensures the proper functioning of the entire manufacturing activity in the plant. It offers real-time visibility of the plant floor and thus helps manufacturers in the aerospace and defense industry to analyze production processes, equipment conditions, and process defects if any.

APAC is likely to be the fastest-growing market for industry control and factory automation from 2018 to 2024. APAC is growing at a high rate with the increasing adoption of industrial automation technologies among industrial sectors, especially across China and India. The factory automation is increasing in China due to rising labor wages and presence of a large number of automotive manufacturing plants. Major auto-manufacturing companies from APAC such as Toyota (Japan), Kia (China), Tata (India), and Mahindra and Mahindra (India) have made investments in automating their production sites.

Related Reports:

Industrial Control and Factory Automation Market by Solution (SCADA, PLC, DCS, MES, PLM, PAM, Functional Safety), Component (Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, HMI), Industry and Geography - Global Forecast to 2023

Mr. Shelly Singh
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Report Code
SE 2505
RI Published ON
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