NEW YORK, Oct. 18, 2023 /PRNewswire/ — The industrial automation control market is expected to grow by USD 39.34 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 5.46% during the forecast period. The market is segmented by product (sensors, drives, DCS, SCADA, and plc), end-user (process industry and discrete industry), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
The increasing focus on smart factories is a key factor driving market growth. Intelligent factories entail a gradual transition from traditional automation to fully interconnected and flexible systems. In addition, a smart factory is, in essence, a device that links all devices together through the network and can use the information available from each device for learning purposes as well as adapting to new customer demands. The market growth is driven by a range of factors, including ongoing technological advances, rising complexity in the supply chain, and intensifying competition around the world. Hence, these factors are expected to drive market growth during the forecast period.
- The report recognizes the following as some of the key players in the industrial automation control market: ABB Ltd., Beckhoff Automation GmbH and Co. KG, Bosch Rexroth AG, Eaton Corp. Plc, Electrical4U, Endress Hauser Group Services AG, Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Industrial Automation Control, Keyence India Pvt. Ltd., NNIT AS, OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, TOSHIBA CORP, Yokogawa Electric Corp., Emerson Electric Co., and Honeywell International Inc.
- Industrial Automation Control Market is fragmented in nature.
- Market to observe 3.63% YOY growth in 2023.
- Virtualization of automation control systems is a major trend in the market.
- Virtualization of industrial automation control systems with software known as hypervisors, which create and operate a virtual machine can be achieved.
- In addition, there’s an operating system and software in the virtual machine. Using Virtual Machines, different operating systems are being used in conjunction with the primary operating system.
- The lack of effective interoperability is a significant challenge restricting market growth.
- If the interface does not support new Industrial automation control systems, end users are faced with interoperability problems.
- As a result of the deployment of several devices and systems that vary in their configuration, new industrial machinery and facilities become increasingly complex.
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- The industrial automation market share growth by the sensors segment will be significant during the forecast period. In industrial automation and process control, it is essential to monitor and maintain operational variables at an appropriate level. Continuous or even periodic monitoring of vital parameters is carried out by a sensor in accordance with its operation.
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The industrial automation services market size is estimated to grow at a CAGR of 17.66% between 2022 and 2027 and the size of the market is forecast to increase by USD 74.36 billion.
The substation automation market size is estimated to grow at a CAGR of 6.47% between 2022 and 2027. The market size is forecast to increase by USD 15,173.09 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Market Segmentation by Geography
Drivers, Challenges, & Trends
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