Industrial Automation And Control Systems Industry Overview
The global industrial automation and control systems market size was valued at USD 146.79 billion in 2020 and is expected to reach USD 288.93 billion by 2028, registering a CAGR of 8.9% during forecast period.
The market is anticipated to witness substantial growth over the forecast period on account of the rising adoption of process automation solutions across various industries, such as automotive, chemical, and energy utilities. Process automation helps companies reduce labor and operational expenses. It also offers benefits such as increased efficiency and reliability to help reduce human errors. Moreover, the rising adoption of industrial robots across the manufacturing sector to cater to complex customer demands is expected to boost the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Industrial Automation And Control Systems Market
Industry leaders are implementing various control systems for process optimization and controlling different industrial procedures, such as additive manufacturing, molding, paint works, and metalworking. These control systems comprise single or multiple control loops that carry out numerous automation processes using meters and sensors, eliminating human intervention. Such techniques are used to control the pressure, level, temperature, and flow, which is an essential process in any industrial facility. Owing to their benefits, control systems are extensively used in the oil and gas, power generation, chemical, telecommunications, and pulp & paper sectors for accomplishing partial or entire automation.
The rapid shift of industries toward smart manufacturing is another factor responsible for spurring the market growth. Industries that adopt automation systems largely prefer to leverage proven standards and technologies to ensure safe, secure, and consistent operations. Furthermore, the advent of Industry 4.0 has resulted in the manufacturing sector experiencing a rapid acceptance of new and augmented networking architectures and systems. However, issues such as high deployment costs of these systems, privacy and security concerns, lack of standards and regulations pertaining to Industry 4.0, and the resultant downsize of the workforce owing to automation are among the major challenges posed before the industry players.
The industry is also driven by technology proliferation, growing economic opportunities, and increasing demand for operational efficiency. This ecosystem is expected to enhance any country’s innovation front by introducing a new phase of economic growth. Additionally, it is anticipated to significantly impact a wide range of businesses, stakeholders, and business models, leading to a favorable regulatory landscape to promote the adoption across industries worldwide. Growing awareness regarding the benefits of cloud computing platforms and technological advancements in semiconductors and electronic devices are expected to offer substantial growth prospects to the industry in the near future.
Industrial Automation And Control Systems Market Segmentation
Based on the Components Insights, the market is segmented into HMI, industrial robots, control valves, sensors and others
Based on the Vertical Insights, the market is segmented into aerospace & defense, automotive, chemical, energy & utilities, food & beverage, healthcare, manufacturing, mining & metal, oil & gas, transportation and others
Based on the Control System Insights, the market is segmented into DCS, PLC, SCADA and others
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Share Insights:
Key Companies Profile:
Market incumbents are implementing aggressive strategies such as joint ventures, technology collaborations, and mergers and acquisitions to expand their outreach. Additionally, key market participants are expected to focus on cost reduction, thereby making entry into the market difficult for new entrants.
Some of the prominent players operating in the global industrial automation and control systems market are:
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