The global factory automation and industrial controls market is anticipated to reach a value of US$ 216.65 Bn in 2032, with the market expanding at a moderate CAGR of 5.2% from the forecast period of 2022 to 2032. Valued at an estimated US$ 130.84 Bn in 2022, the factory automation and industrial controls market is positively influenced by the heightened requirement for better productivity. Factory automation and industrial controls aid in standardizing the manufacturing process for better quality and reducing the operational costs of manufacturing. This factor fosters an environment of growth for the target market during the projected period.
The rapid adoption of automation in multiple industry verticals is a primary growth driver of the factory automation and industrial controls market. Many industries are keen on using advanced technology which leads to a surge in demand for factory automation and industrial controls.
This system not only ensures enhanced quality but also optimizes the production process and reduces operational costs which increase the overall profitability and contributes to the increasing adoption of factory automation and industrial controls. Energy efficiency, the need for higher yield and production, scarcity of labor, and increasing demand for efficiency and accuracy to accomplish high yield and productivity are some other factors that promote the adoption of factory automation and industrial controls.
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With automation swiftly becoming a crucial part of different industries like power, mining, manufacturing, oil & gas, railway, shipping industries, and others, the opportunities for the target market are expected to multiply. These industries are constantly growing and evolving which generates profitable prospects for the target market. Additionally, governments across the globe are taking measures to support industries and ease their adoption of newer technologies. This is expected to bode well for the factory automation and industrial controls market over the forecast period.
“The rising adoption of automation coupled with a greater need for improved productivity is expected to bolster the market growth of the factory automation and industrial controls over the forecast period,” says an FMI analyst.
Key Takeaways:
- High initial installation cost of the product may stunt the market growth.
- North America will likely exhibit significant market growth over the assessment period, accounting for 32% of the market share in 2022.
- Europe is expected to hold 21% of the market share in 2022.
- By product type, the industrial control systems segment will dominate the market.
- Growing FDI investments to drive the market growth in Asia Pacific.
- Start-ups in the market are focusing catering to on consumer demands.
Competitive Landscape
Honeywell International Inc., ABB Ltd, Siemens AG, Aspen Technology Inc., Emerson Electric Company, Bosch Automation, Rockwell Automation Inc., Schneider Electric, General Electric Co., Mitsubishi Electric Corporation, and Yokogawa Electric Corporation among others are some of the major players in the factory automation and industrial controls market profiled in the full version of the report.
Leading market players are concentrating on tactics like mergers and acquisitions to expand their product portfolios and improve their existing products.
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More Insights into Factory Automation and Industrial Controls Market Report
In its latest report, FMI offers an unbiased analysis of the global factory automation and industrial controls market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (field devices, industrial control systems, manufacturing execution systems, enterprise resource planning, product lifecycle management), end use (automotive, oil & gas, plastic, power, chemical & petrochemical, mining & metals, others), and region.
According to the latest FMI reports, based on region, the factory automation and industrial controls market in North America is anticipated to display substantial growth over the forecast period. The regional market is predicted to account for a 32% market share in 2022 and will continue to maintain its growth. This growth can be attributed to the contributions of the markets in the U.S. and Canada. Easy adoption of advanced technologies like robotics technology, the expanding automotive sector, and a strong presence of key manufacturers also supplement this growth. Europe and the Asia Pacific, too, will witness considerable market growth during the forecast period.
Based on segmentation, by product type, the industrial control systems segment is predicted to dominate the market due to the increasing usage of cloud computing services in different industries.
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