New market research report published by MarketsandMarkets, the market is expected to be valued at USD 239.11 bn by 2023 from USD 155.26 bn in 2017, at a CAGR of 7.4% between 2017 and 2023.
Market research reports and trends
Pune, October 3, 2017 (PRNewswire) – According to the new market research report "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", published by MarketsandMarkets™, the market is expected to be valued at USD 239.11 Billion by 2023 from USD 155.26 in 2017, at a CAGR of 7.4% between 2017 and 2023. Factors that are driving the growth of the market include the extensive use of enabling technologies in manufacturing, continuous innovation in industrial robotics boosting its adoption in manufacturing, need for mass production and connected supply chain to cater to the growing population, and government initiatives toward the adoption of industrial automation in various industries.
DCS to hold largest share as single automation system
Distributed Control System (DCS) handles the entire control structure of a plant as a single automation system. The installation of DCS in the power generation industry enables the companies to reduce downtime and improve production using optimal resources. The application of DCS in the oil & gas industry has also increased significantly with the rise in exploration activities in the oil fields. There are many benefits of using DCS systems in manufacturing plants such as ensuring decision integrity, simplifying complex operations, and increasing productivity. These benefits are influencing the growth of the industrial control and factory automation market.
IIoT to hold largest share of enabling technology
Industrial Internet of Things (IIoT) used in manufacturing plants is an amalgamation of machine learning, big data, sensor data, and machine-to-machine (M2M) communication. The several processes in the manufacturing industries, such as shipping/logistics/transportation, assembly, packaging, and warehousing, use IIoT for better connectivity with the other connecting devices. The advantages include predictive and proactive maintenance, real-time monitoring, asset/resource optimization, and remote diagnosis. The IIoT supports the industrial control and factory automation market by providing real-time connectivity in the production process.
Industrial robots rule in industrial control and factory automation
Industrial robots are re-shaping manufacturing industries by decreasing the manual labor. Industrial robots are used in industrial plants to provide the best outcome with no errors from a remote location. Using the automated robots in industrial production line reduces the time, cost, and waste, as well as helps in producing high-quality products with precision. Industrial robots offer various benefits such as accuracy, flexibility, lower labor cost, high speed, less product damage, and quiet operation. Different types of robots are used for various purposes in the industries. These factors drive the growth of the industrial control and factory automation market for industrial robots.
APAC to hold the largest share
The major application industries for the industrial control and factory automation market in Asia Pacific (APAC) are food, automotive, paper, textile, packaging, and printing. APAC is preferred as a manufacturing hub and hence motor vehicle suppliers such as Volkswagen (Germany), Toyota Motor (Japan), Renault (France), Daimler (Germany), and the local manufacturers such as Tata Motors (India), and Mahindra and Mahindra (India) have made investments in automation to support the growth of the market in this region. Adoption of automation in the automotive industry in APAC drives the growth of the industrial control and factory automation market in this region.
The major players in the industrial control and factory automation market are Siemens (Germany), ABB (Switzerland), Emerson (US), Mitsubishi (Japan), and Schneider (France), Rockwell (US), General Electric (US), Yokogawa (Japan), Omron (Japan), and Honeywell (US).